How Repayments Are Calculated

Your income will determine the amount you repay. The first £15,000 of your annual income is ignored. Then your repayments are worked out as 9% of the remaining amount. For example, if you are earning an annual salary of £19,000, you would pay approximately £30 per month in Student Loan deductions.

If you are self employed, you will need to complete a self-assessment form and return it with any payment by 31 January following the relevant tax year. HMRC will do the calculations for you if you send in your tax return before 30 September.

The length of time taken to repay your loan will depend on your income, the interest rates and the total amount you have borrowed. You will normally continue to repay the loan until you have paid off the full amount.