Students are charged interest from the day we make their first student finance payment until their loan is repaid in full or cancelled. The interest rate is based on the UK Retail Price Index (RPI) and will vary depending on their circumstances.
They have to repay any loan they borrow but not until the April after they finish or leave their course.
How much they repay each month depends on their income, not how much they borrowed.
They’ll repay 9% of their income over the repayment threshold, which is currently £25,000 a year, £2,083 a month or £480 a week.
If their income drops below the threshold, all repayments will stop automatically.
Visit our Repayment Quick Start Guide for more information about repaying a Maintenance Loan.