Student loans (again sorry)

[~kaz~]

OK I was thinking about getting a student loan for my next year at college because I don't think I will be able to get a bursary. I was wondering what is the min you can take out for a non income assessed loan? When do you have to pay it back? Do you have to pay interest for a student loan?

[David Grohl]

this might help, student loans company (http://www.slc.co.uk)

[~kaz~]

Thanks but all that info really confused me :confused:

[David Grohl]

You will not be liable to start repaying your loan until the April after you have completed or left your course.
You will not have to repay anything if your income is £10,000 or less.
SLC will cancel your loan when you reach 65 or if you die.
The amount that you will repay will be linked to your income.

You will be expected to repay 9% of your annual income over the £10,000 threshold level.

Repayments will not be over a fixed period, but the level of repayments will rise and fall in line with your income. Examples of repayments are detailed in the table below.

you can apply only for the non income-assessed amount of £530 or £810 (depending on where you live), in which case your parents don't need to give their income details. These amounts are for courses that last for 30 weeks. You can get extra loan payments for each week you have to study on the course over 30 weeks and three days as follows.

• £49 if you are living in your parents’ home.
• £73 if you are an independent student or you are living away from home.
• £94 if you are living away from home and studying in London.

does that help?

[leely]

If you're still confused *lil~miss* you can look at the Monextra glossary (http://www.moneyextra.co.uk/loans/tools/glossary.html) for more help. Good luck with your loan and stuff :)
Leely

[~kaz~]

Thanks