The Salary Calculator

I discovered an excellent article today by Martin Lewis, laying out the facts behind student loans – how they work and how they are repaid. There are a number of common misconceptions about student loans, and this article sets out all the information you would need to understand if you were considering going to university (or sending one of your children). Topics covered include:

• If you take a low paying job after graduation, you’ll only repay a small amount of the loan (or none of it!)
• Monthly repayments under the new loan system are lower than under the previous system
• Your monthly repayments are the same, no matter how high your tuition fees are
• You only start repaying once you leave university and start earning
• You will still be able to get a mortgage

To learn more about all of these and more, check out Student Loans Mythbusting.

You can see how much your student loan will cost each month, and how long it will take to repay, by using the tool on our sister site Loan Tutor.