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STUDENT LOANS

Student Loans.

A Student Loan is a loan available for undergraduate students to help them be able to pay for life at university or college. Student Loans typically cover the tuition fees which the university or college requires to attend. On top of this, Student Loans also help cover maintenance fees e.g. living costs. Student Loans are typically capped at about £5750 per year with the chance of a bursary if eligible. A bursary is additional money supplied by the government which you don't need to pay back.

 

Do I Have To Pay It Back?

You will only be required to pay your Student Loan back once your income reaches a certain threshold. As of March 2022, the minimum threshold amount in the UK is £1,657 a month or £19,884 a year. As you earn more, the repayment each month will increase. Click the link provided to find out more. 

 

Is There A Chance I Was Overcharged For My Student Loan?

It is not uncommon to be overcharged when paying your Student Loan. It was found that in 2019 over 67,000 graduates had continued to be charged despite the fact that they had already paid their full loan amount. This resulted in a total of more than £28 million in overpayments.