We (sadly) can’t make sure they are cheaper, but we could allow it to be much simpler to know just how they work.
Whether you have just started college or you’re a several years out the other-side, your education loan will be with you for a time.
Therefore it is worth getting to understand how your loan works, but this can be pretty tricky with so many terms that are complicated conditions connected. Here is your breakdown of the basic principles plus the finer details that may have escaped your attention.
That which you spend varies according to everything you earn
First things first, you’ll only need to begin repaying your student loan when you start earning over a threshold that is certain.
The limit is based on which loan plan you are on.
You are on plan 1 if you should be:
- An English or Welsh pupil whom started a course that is undergraduate in the united kingdom before 1 September 2012
- A Scottish or Northern student that is irish began an undergraduate or postgraduate course 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 who began an undergraduate or postgraduate course in Scotland or Northern Ireland on or after 1 September 1998