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How does it work if I want
to study part time?
If you’re a part time student you can apply for
a tuition loan to cover these fees. This loan will
not depend on your household income but
it will vary depending on how “intense” your
study is. For example, if your course takes six
years to complete and the full-time equivalent
is three, you would be able to take out 50% of
a full-time loan for each year of part-time study.
How do I repay my loans?`
Full-time students begin repaying student
loans in the April after finishing their course
if they are earning over £21,000. Part-time
students studying for more than three years
start repayments in the April after they’ve
finished three years of study if they are earning
over £21,000. This applies even if you are
still studying. You don’t make any repayments
at all until you start earning £21,000.
How long will it take me to repay my loans?
This depends on your earnings and
therefore how much you are repaying
each month. If you haven’t paid the loan
off after 30 years it will be written off.
Is my loan subject to interest?
Yes. Until you start repaying interest is charged
at the rate of inflation (prices going up) plus
three percent. When you start earning, you will
be charged the following rates of interest:
• if you earn less than £21,000 – interest at
the rate of inflation
• if you earn between £21,000-£41,000 –
interest at the rate of inflation plus up to
three per cent
• if you earn over £41,000 – interest at the
rate of inflation plus three per cent
How do repayments work?
Once you earn over £21,000 you pay nine
per cent of what you are earning over that
amount. So if your salary is £25,000, you pay
nine per cent of £4,000 which is £30 a month.
Repayments are normally taken automatically
from your salary via the Pay As You Earn
system (known as PAYE). The higher your
earnings, the more you will repay each month,
and the quicker your loan will be cleared.