Repayments don’t start until April 2016.
You pay back your loan (plus interest) when you finish your course and earn more than £21,000 a year. Your repayments will stop if your income drops below £21,000 a year. Your annual repayment amount will be 9% of any income you earn over £21,000.
Your monthly repayments would be:
• £7.50 a month – if you earned £22,000 a year
• £30 a month – if you earned £25,000 a year