Repaying your student loan

You will only start to repay your tuition fee loan and maintenance loan after you have left higher education and your annual income is at least £21,000.

You will only start repaying in the April after you leave higher education, even if you already earn over £21,000.

Repayments will be 9% of income above £21,000, so the amount repaid each month will depend on what you earn. For example:

  • If you earn £22,000 – currently the salary of a newly-qualified teacher – you would initially make repayments of just £7 per month
  • If you earn £25,000 per year the repayment would be £29 a month
  • If you earn £27,000 per year the repayment would be £45 a month
  • And if you earn £30,000 per year it would be £67 a month

These amounts will be deducted automatically from your pay through the tax system if you're in employment, and if for any reason your income falls below £21,000 your repayments will be suspended. Separate arrangements will be made if you become self-employed, move overseas or retire.

What's more, there will be no charge for graduates repaying their loan early.

What are the details of the repayment scheme?

All outstanding repayments will be written off after 30 years.

Interest on your loan will be charged at inflation plus 3% while you are studying, and up until the April after you leave university.

From the April after you leave university if your annual income is below £21,000, interest will be applied at the rate of inflation.

Graduates with an annual income of between £21,000 and £41,000 will be charged interest on a sliding scale up to a maximum of inflation plus 3%.

Graduates with an annual income of above £41,000 will be charged interest at the full rate of inflation plus 3%.

More information

For more information about repaying your student loans please contact us using the details below.

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