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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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If you are entering university then this is the cheapest finance you will ever get . . . just click on the button to enquire . . .

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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 .

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