If you decide to go on to higher education you will make an application for a student loan through Student Finance England. You can apply for a means tested loan where you will be asked who will be supporting you and those nominated will be asked to submit their financial details. This is to help make sure you receives the maximum loan and to see if you are eligible for any extra support. The student finance calculator will give you a fast and free estimate of your loan entitlement.
Student Finance
Student Finance can feel difficult, so we've put together some advice and information to make the process easier.
Student Finance can feel difficult, so we've put together some advice and information to make the process easier.
Applying for student finance
Repaying Student Finance
The student loan only starts being paid back when you earn over the repayment threshold (currently £25,000 a year if they start an undergraduate loan under Plan 5 after September 2023). Once you reach that amount, you will only pay 9% of your income above the threshold. If your income drops below the threshold the repayments will stop. 40 years after you graduate, if the loan has not been paid back, anything outstanding on the loan is written off. Here’s an example of how student loans are paid back comparative to your earnings.
| Annual Salary | Monthly Repayment |
|---|---|
| £25,000 | £0 |
| £27,000 | £15.03 |
| £30,000 | £37.53 |
| £33,000 | £60.03 |
| £35,000 | £75.03 |
Student Finance Website
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