There are two types of student loan to help you cover the costs of university: your tuition fee loan and maintenance loan. You pay these loans back when you finish your course and earn over £21,000 per year.
Tuition fee loan
Who can get this loan? Undergraduate students from the UK or EU.
How much am I entitled to? Any amount up to the maximum, which equals the cost of fees per year (ie £9,000)
Tuition fee loans are paid directly to your university or college by the Government.
Who can get this loan? Undergraduate students from the UK.
How much am I entitled to? The loan is dependent on household income. If you prefer not to be means-tested then the maximum loan is £3,575 per year. The maximum loan you can receive is £5,555 per year.
Maintenance loans are available to full-time students to help pay for living costs such as food, travel and accommodation.
You do not have to pay back your tuition fee or living cost loan until after you leave your course and are earning over £21,000 a year.
You repay your loans back at a rate of nine per cent of your income over £21,000. So if your salary is £25,000 a year, you pay nine per cent of £4,000, which is £6.92 a week.Your repayments will be deducted automatically each month from your pay.