Paying back your student loans
It’s important to remember that you don’t have to start paying back your student loans until the April after you graduate (or leave your university) and even then you have to be earning £21,000 or over. If you are in lower paid work or you are unemployed, you won’t have to make any repayments.
If your income is over £21,000 your employer will start taking repayments from your salary just like tax and national insurance. They will deduct 9% of anything over £21,000. For example, if your earn £22,000 they will deduct 9% of £1,000 – so £90 per year. This works out at approximately £7.50 per month. After 30 years anything you still owe is written off.
If you take time out to go travelling or have a family and your income drops below £21,000 your repayments will also stop automatically.
The table below gives you an idea of how much you can expect to pay every month based on a range of salaries.
| Salary | Amount of salary from which 9% will be deducted |
Monthly repayment |
| £25,000 | £4,000 | £30.00 |
| £30,000 | £9,000 | £67.50 |
| £35,000 | £14,000 | £105.00 |
| £40,000 | £19,000 | £142.50 |
| £45,000 | £24,000 | £180.00 |
| £50,000 | £29,000 | £217.50 |
| £55,000 | £34,000 | £255.00 |
| £60,000 | £39,000 | £292.50 |
Need advice?
If you are unsure about the cost of going to university and whether you can afford it, please contact LJMU’s Student Advice Team. We can give you advice and guidance even before you apply to join LJMU.
Email: studentadvice@ljmu.ac.uk
Telephone: 0151 904 6056 / 6057
Remember:
- You don’t have to start paying back your student loans until you are earning £21,000 or over*
- After 30 years anything you still owe is written off*
- If you take time out to go travelling or have a family and your income drops below £21,000 your loan repayments will also stop automatically*
*Based on current Government guidance
