We (sadly) can’t make sure they are cheaper, but we are able to allow it to be a lot easier to comprehend how it works.
Whether you have simply started university or youâ€™re a years that are few the other-side, your education loan is likely to be with you for some time.
So it is worth getting to know how your loan works, but this could be pretty tricky with many terms that are complicated conditions connected. Here is your break down of the fundamentals as well as the finer details which may have escaped your attention.
That which you spend is determined by everything you make
First things first, youâ€™ll only need to start repaying your student loan when you start earning more than a specific threshold.
The limit is dependent on which loan plan you are on.
You are on plan 1 if you are:
- An English or Welsh pupil whom began an undergraduate program anywhere in the united kingdom before 1 September 2012
- A Scottish or Northern student that is irish began an undergraduate or postgraduate program any place in great britain on or after 1 September 1998
- An EU pupil whom began an undergraduate program in England or Wales on or after 1 September 1998, but before 1 September 2012
- An EU pupil whom began an undergraduate or course that is postgraduate Scotland or Northern Ireland on or after 1 September 1998