Student loans are loans available through the government to help student cover their education costs. Student loans are subject to a much lower interest rate.
| Full year 2008/2009 | Final year 2008/2009 | |||||
|---|---|---|---|---|---|---|
| 100% | 75% Non means tested | 25% means tested | 100% | 75% Non means tested | 25% means tested | |
| Students living away from home: In London Elsewhere | £6,475 £4,625 | £4,855 £3,470 | £1,620 £1,155 | £5,895 £4,280 | £4,420 £3,210 | £1,475 £1,070 |
| Students living at home: | £3,580 | £2,685 | £895 | £3,235 | £2,425 | £810 |
| Applies to students normally resident in England or Wales. The APR for 2007/08 is 4.8% (wef 1.9.07). It is adjusted annually in line with the Retail Prices Index. Most borrowers currently repay over 5 or 7 years. Monthly repayments commence in April following completion of course. New system: Income contingent for students applying after 1998. Loan is means tested & repaid at 9% over current income threshold of £15K gross pa. Old system: Mortgage style for students applying before 1998. Current deferment threshold is £24,417 gross pa or £2,034 pm. For a student whose home address or base is in Scotland, the Scottish executive has put in place a separate package of grants and awards. The Graduate Endowment Scheme is exclusive to Scotland and it provides for an entirely different approach. For a student normally resident in Northern Ireland different rules also apply. The loans are made by Student Loans Company Ltd, 100 Bothwell Street, Glasgow G2 7JD. Tel: 0800 405010. Website: www.slc.co.uk or www.studentsupportdirect.co.uk. | ||||||
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