The scholar Loans Company manages all British figuratively speaking, wherever in britain you attend college.
For undergraduates, student eaducation loans may appear to be a worrying level of financial obligation – but you will pay just straight right back 9% of the profits above an income that is certain. Browse our guide that is quick to down what you need to realize about education loan repayments.
The united kingdom's education loan system
You deal with the student finance body for the nation where you originally live – England, Northern Ireland, Scotland or Wales when you take out a UK student loan. The mortgage it self is administered by the scholar Loans Company. Unlike a commercial loan, everything you repay is founded on your wages, perhaps perhaps maybe maybe not simply how much you lent.
Present undergraduates will likely come under 1 of 2 education loan repayment systems – Arrange 1 or Arrange 2 – which may have various thresholds and prices for repayment. That you do not get to find the plan you're on, it is done on such basis as which country your pupil finance arrived from. Arrange 1 does apply to people that have pupil finance from Northern Ireland and Scotland.