All UK is managed by the Student Loans Company figuratively speaking, irrespective of where in the united kingdom you attend college.

All UK is managed by the Student Loans Company figuratively speaking, irrespective of where in the united kingdom you attend college.

For undergraduates, figuratively speaking may appear to be a worrying level of financial obligation – but you will pay just right right straight back 9% of the profits above a specific earnings. Browse our fast guide to locate down what you ought to find out about education loan repayments.

The united kingdom’s education loan system

Whenever you sign up for a British education loan, you handle the pupil finance human body for the country for which you initially reside – England, Northern Ireland, Scotland or Wales. The mortgage it self is administered because of the scholar Loans Company. Unlike a loan that is commercial what you repay will be based upon your profits, maybe perhaps not exactly how much you lent.

Present undergraduates will likely are categorized as 1 of 2 education loan repayment systems – Arrange 1 or Arrange 2 – which may have different thresholds and prices for payment. […]