Student loans are
usually organised so that you don't start repaying until
after the end of your course. Interest is
applied to the capital remaining on your loan from
the first day you receive an instalment.
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The pros and cons of student loans
You have to be earning £10000 gross
before you begin repayments. This is £833.33 a month or
£192 a week. If you are earning that amount, payments will
be deducted by PAYE, or if you are self-employed you shoud
pay through the inland revenue's self-assessment system.
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Repayments are calculated by taking
whatever you earn over £10000 and working out 9% of that.
So, if you are paid £2000 a month, your repayment would
be 9% of £1166.67, the difference between £833.33 and £2000.
You can make overpayments.
There is very little point in overpayment,
though, since the interest on them is so low that you could
make more money from a savings account .