And finally
Remember that loans are borrowed money.
And, like (almost) all borrowed money, they have to be paid back.
And, as (almost) always, when you come to pay back your loan, you have to pay back more than you borrowed.
Fortunately, student loans don’t have to be paid back till after you graduate and have a job paying £15,000 or more (when it will collected straight out of your pay packet just like tax). Even then, you pay it back in instalments over several years. And, although the SLC does charge interest, it’s only at the rate of inflation, so it’s not what they call ‘real’ interest. (They can call it what they like — even 3% seems real enough to Push when it’s our money.)
For further details have a goosey at studentsupportdirect.co.uk
Last updated on: 21 April 2008