How student loan interest is calculated for Plan 2: Annual income can impact interest rate
Via this route, people may be able to borrow money to help to pay for their course fees, as well as get help with living costs. These loans are split into two categories - the Tuition Fee Loan and the Maintenance Loan for living costs. People who are on a low income, are disabled or have children may also be able to get extra money on top of this. While some forms of extra support such as grants won't need to be paid back, student loans will need to be repaid. However, this only begins to be repaid once a person earns over a certain amount.