Repayments

This information is for English-resident students who will be commencing their studies in the 2023-24 academic year.

If you’re looking for 2022-23, you can view 2022-23 repayments information here.

When you have completed your course, you will need to pay back any loans you have borrowed. If you’re a full-time student you’ll be due to start repaying your loan the April after you finish or leave your course. If you’re a part-time student, you’ll be due to start repaying your loan the April after you finish or leave your course, or the April four years after the start of your course (even if you’re still studying), whichever comes first. 

You need to be earning over a certain amount before repayments start, and for the 2023-24 academic year, this is £25,000 a year. The amount you repay each month is linked to your income, so what you pay back depends on what you earn. You’ll pay 9% of any income you earn over the threshold. For most people, once your income reaches the threshold your repayments will be collected automatically by your employer. And if you're self-employed, you'll make your repayments when you pay your tax. If your income falls below the threshold, your repayments will automatically stop. Interest is charged on your loan from the day Student Loans Company makes your first payment to you or your university or college, until the loan is either repaid in full or cancelled. Any loan remaining after 40 years will be cancelled.

The loan won't impact on your credit rating or your ability to apply for credit in the form of a loan or a mortgage in the future.

The table below provides some examples of what you might repay based on the current threshold of £25,000 a year:

If you reside in Wales, the repayment threshold is £27,295 and any loan remaining after 30 years will be cancelled.

Take a look at the GOV.UK student finance website or UCAS website for the most up-to-date information.