Every week our Money team explains what you need to know about an area of personal finance. Today we're looking at student loans.
Basically, student finance is a government-financed loan that covers university students' tuition fees and living costs for the duration of their study. There are two main types of loan, tuition and maintenance - we'll take each in turn. Tuition fees Undergraduate courses in England generally cost students about £9,250 a year. That's a lot for a young person to cover, so the government offers to pay that outright, direct to the university, on their behalf.
With those thresholds in mind, you'll repay either: 9% of your income over the threshold if you're on Plan 1, 2, 4 or 56% of your income over the threshold if you're on a postgraduate loan If you're on multiple plans, the rules are slightly different. If you don't have a postgraduate loan, you'll repay 9% of your income over the lowest threshold out of the plan types you have.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Newcastle in London talks today as triple-your-money deal offeredThe inside track on the football stories that matter
Read more »
Four step budgeting routine will save you money after every paydayThese four steps can help you save money every month after each payday, according to an finacial expert
Read more »
Warning issued about 'forgotten' £500 bills being drained from bank accountsMany of us could be losing money every year without even noticing, Citizens Advice has warned.
Read more »
Donald Trump’s fate in ‘hush money’ trial in the hands of 12 New YorkersAlso in today’s newsletter, where will Nikki Haley’s donors will park their money?
Read more »
What are your rights when deliveries and returns don't arrive - and what common act could see you lose them all?Every week our Money team gets an expert to answer your money problems or consumer disputes - this week's concerns your rights if deliveries or returns don't turn up.
Read more »
'My mortgage lender is ending my two-year fix and I haven't been in the house for two yearsEvery week our Money team gets an expert to answer your money problems or consumer disputes - this week's concerns fixed mortgage deals.
Read more »