There was a brilliant program on ITV last year with Martin Lewis about saving money, with common household changes and a section of student loans.
Some of the highlights are:
- You don’t need cash to pay for university – student loans are designed for people with no money, and you can borrow as much or as little as you need to live.
- Student loans are not on your credit file – this means that your credit score will not be influenced by the student loan, and loan companies do not see it when you are applying for future finance.
- Your student loans is wiped after 30 years, which means you won’t be burdened with the debt for your entire life if you cannot repay it.
- If you earn above £25,000 then you will repay 9% of everything you earn above that limit.