Student loans are government sponsored loans administered by the Student Loans Company (SLC).
If you have to borrow money you should always take out the maximum student loan that you can as you will not find any other loans provided on such favourable terms.
Even if you don’t need the money immediately, say in first year, you may by the time you reach fifth year. So, if you can trust yourself to save the money rather than spend it, take the maximum loan that you can in any one academic year because it won’t be available to you again after the closing date for student funding for that year.
There are three main types of student loan you may come across during your time as a medical student depending on which country in the UK you live or study:
This is a Fee Loan lets you delay paying your tuition fees until after you've graduated. The loan is non income-assessed and is paid directly to your University.Some countries also offer grants alongside or instead of fee loans.
This loan is made up of a non income-assessed part and an income-assessed part. Proportion of the loan which is assessed and not assessed can vary according to:
There are three different rates of loan depending on whether you live at home, away from home and study in London or away from home and study elsewhere in the country. There are also additional weekly loan payments if your course is longer than the standard year. For exact details of the amounts refer to relevant loan authority websites listed on the left hand side.
This loan is non income-assessed and is a set annual ammount with no extra weeks allowance. For exact details of the amounts refer to relevant loan authority websites listed on the left hand side.
The Student Loans Company runs a repayment site for all students, UK and EU, who have finished their course and who have student loans from the SLC. The site contains a great deal of useful information about the repayment of your student loan both for continuing students and the new arrangements for some new students starting their course from 2012 onwards, as well as online services.
On the site you can:
check the current interest rate
view your balance
work out your balance since your last statement
update your personal/contact information
make online payments by debit/credit card
You can find copies of Guides to student loans for the UK countries on this site.
If you are EU student repaying a tuition fee loan or a UK student working abroad the SLC will work out your monthly repayment schedule using the same principles as for those who stay in the UK. You will repay nine per cent of your earnings over the repayment threshold but, to take account of differences in living costs, the repayment threshold may not be the same as in the UK.