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UK Students - Government Undergraduate Funding
Loan Repayment (Fees & Living Cost Loans)
The loans you take out to cover your tuition fees and living costs start to accrue interest from the date you receive the funds. The interest rate is set annually by Parliament and based on the Retail Price Index (RPI). This means that you only repay in real terms what you have borrowed.
You only start repayment of loans in the April following graduation (or withdrawal), providing your are earning above the relevant threshold. For a graduate settling in the UK this is £15,000. The repayment rate is 9% of any income above this amount. For UK students who start University from 2012 it will be £21,000. See Educational Benefits for further information: click here:
For student loan repayment details click here.
Repayment Calculator
The SLC repayment calculator provides information and guidance to all customers who have completed their studies and have a student loan with SLC. It also offers a range of online services for users to:
• Calculate their balance online
• Update their contact information
• Make online loan payments by debit or credit card
To use the SLC repayment calculator click below:
http://www.studentloanrepayment.co.uk/
How are repayments made?
Repayments are made via HMRC for information see:
http://www.hmrc.gov.uk/students/moretma-repaying-student-loans.shtml
The table below shows how long it would take to repay £20,000 debt* based upon a static salary. (To consider the returns from a degree please see our Degree Costs and Benefits page).
| Repayment comparisons - pre and post 2012 entry | ||||
| This table displays the expected loan repayments. These figures are approximate and could change depending on government policy. | ||||
| Income each year before tax | Graduates*, current students, and 2011/12 entrants | 2012/13 HE entrants | ||
| Annual repayment | Approximate monthly repayment | Annual repayment | Approximate monthly repayment | |
| £15,000 | £0.00 | £0.00 | £0.00 | £0.00 |
| £16,000 | £90.00 | £7.50 | £0.00 | £0.00 |
| £18,000 | £270.00 | £22.50 | £0.00 | £0.00 |
| £21,000 | £540.00 | £45.00 | £0.00 | £0.00 |
| £22,000 | £630.00 | £52.50 | £90.00 | £7.50 |
| £24,000 | £810.00 | £67.50 | £270.00 | £22.50 |
| £27,000 | £1,080.00 | £90.00 | £540.00 | £45.00 |
| £30,000 | £1,350.00 | £112.50 | £810.00 | £67.50 |
| £33,000 | £1,620.00 | £135.00 | £1,080.00 | £90.00 |
| £36,000 | £1,890.00 | £157.50 | £1,350.00 | £112.50 |
| £40,000 | £2,250.00 | £187.50 | £1,710.00 | £142.50 |
| £45,000 | £2,700.00 | £225.00 | £2,160.00 | £180.00 |
| £50,000 | £3,150.00 | £262.50 | £2,610.00 | £217.50 |
| £55,000 | £3,600.00 | £300.00 | £3,060.00 | £255.00 |
| £60,000 | £4,050.00 | £337.50 | £3,510.00 | £292.50 |
| * Graduates entering university after 1998 and taking an income contingent (ICR) student loan. | ||||
| Source: National Association of Student Money Advisers (NASMA), June 2011 | ||||
