Paying it back
Remember, these payments don't even come out of your bank account. They're deducted from your salary automatically, in the same way as income tax.
Your tuition and living costs loans are added together so you make one monthly payment. Your monthly payments are based on nine per cent of whatever you earn above £21,000.
Your payments are based on what you earn, not what you owe. After 30 years, anything you haven't paid back is written off.
| Your salary is | You pay back 9% of | Your monthly payment is |
|---|---|---|
| £25,000 | £4,000 | £30.00 |
| £30,000 | £9,000 | £67.50 |
| £35,000 | £14,000 | £105.00 |
| £40,000 | £19,000 | £142.50 |
| £45,000 | £24,000 | £180.00 |
| £50,000 | £29,000 | £217.50 |
| £55,000 | £34,000 | £255.00 |
| £60,000 | £39,000 | £292.50 |