If you thinking of studying and wondering about financing it all, you can take the Student Loans Company and Student Finance. If you still worry about it, here is some information for you to help you in making your decision.

Student loans are now necessary for most people who want to study. However, the Student Loans Company does not only provide loans for the purpose of course fees, it also allows students to take out a loan for living cost. To make sense of all this we will discuss both loans separately.

The first loan students can get is, as said, solely for the purpose of course fees. In fact students do not even get this money, but once applied for, these fees are paid directly to the university you decide to study at.

The additional loan students can get from the Student Loans Company is a loan for maintenance purposes. Once again a loan like this is often necessary as local authority grants and a part-time job might not be enough to support you as a student.

The amount you can get depends partly on the income of your parents. It works out that any student can apply for 75% of the available loan available. The remaining 25% is means tested. This is based on the household income of your parents. However, if you are married this will be based on the household income of you and your partner.

How about repaying them? And how about the interest the Student Loans Company charges? Well you do have to pay interest. But the interest you pay is only at the rate of inflation, which really is only fair as it ensures the Student Loan Company will be get back that what it actually borrowed you in real terms years later.

You don’t start to pay back a student loan until you earn at least £15.000 a year. This all gets sorted by the Student Loans Company for you before you actually get your wage paid as it uses the UK tax system to claim the repayments.

These repayments aren’t really high neither. If for example you earned £21.000 a year, your weekly repayments would be around £10. The more you earn, the higher your repayments; however, they will be at an appropriate proportion to your income.

Remember, if you are studying and you use your time well to get a top notch degree, you can be assured of plenty of opportunities for you to get a well paid job.

So, you can pay repay the loan easily.