Your monthly repayments will be based on your income, not what you have borrowed and you’ll only start making repayments when your income is more than £404 per week, £1,750 per month or £21,000 per year.
You’ll pay back 9% of any income above £21,000 a year, so for example, if you earn £22,000 per year, your monthly repayment will be £7. If you earn £30,000 per year, your monthly payment will be £67.
If your income drops or rises, for example if you receive a bonus, your repayment amount will automatically change to reflect this.
You’ll be due to start repaying your loan in the April after you leave or finish your course.