The earliest you can start repaying is on the first April after you leave your course if your annual income is over £21,000.

Contact Student Finance England if your circumstances change or you leave your course early. You’ll have to pay back any overpayment straight away even if your income is less than £21,000.

Repayment terms are different if you normally live in Wales, Scotland or Northern Ireland. Moving somewhere to study does not count as normally living there.

How much you’ll repay

You’ll pay back 6% of your income over the minimum amount (‘threshold’). This is £21,000 a year, £1,750 a month or £404 a week.

Example You earn £2,500 a month before tax. This is £750 over the monthly threshold. You’ll repay £45 (6% of this amount) each month.

You must repay any undergraduate student loans you have at the same time.

Interest rate

You’ll be charged interest from the day you get the first payment until your loan is repaid in full or cancelled.

The interest rate on the loan is currently 6.3%.

The rate is set by adding 3% to the Retail Price Index (RPI). The interest rate is updated in September every year, using the RPI from March of that year.