The earliest you’ll start repaying your Postgraduate Loan is April 2019.
You’ll only start repaying when your income is over £21,000 per year.
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.
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 4.6%.
The rate is set by adding 3% to the Retail Price Index (RPI). The RPI is reviewed in September every year - if it changes, the interest rate on the loan will change too.