A Postgraduate Master's Loan has to be repaid and interest will be charged from the day the first payment is made to the student. Interest will normally be charged at the Retail Price Index (RPI) plus 3%. RPI is a measure of UK inflation and measures changes to the cost of living in the UK. During some periods, we may apply an interest cap to ensure that customers are not being charged a higher interest rate than the average found in the commercial market.
They’ll be due to start making repayments the April after they finish or leave their course. They will only start repaying when their income is over £21,000 per year.
If a student's circumstances change during the year, this can affect their entitlement. If we pay the student more than they're entitled to, this means they've been overpaid. We'll ask students to repay any overpayments at the earliest opportunity, including whilst they're in study and earning under the threshold.
Find out more about repayment at www.gov.uk/repaying-your-student-loan