Jake Butler runs the UK's biggest independent student money site,SaveTheStudent.org. Here is his in-a-nutshell guide to student loans. For the full picture, download an 80-page e-Book called The Essential Student Guide To Finance, free from the site.
• The maximum amount universities can charge for tuition fees in 2012 is £9,000. That's a three-fold increase on 2011.
• Full-time students can apply for a maintenance loan of £5,500 (more for London).
• You pay back 9% of everything you earn over the threshold of £21,000.
• You do not pay a penny for your education until you graduate and earn a decent salary.
• After 30 years, any outstanding student debt is written off.
• Interest is charged at the rate of inflation plus 3% per annum whilst you are at university, which continues at 0%-3% thereafter (depending on your salary).
• Your student loan repayments are deducted straight from your salary every month by your employer.
• Funding and support is available for a good proportion of students, but especially those from lower income families.
• Many of these changes now apply for part-time students, however they cannot apply for a maintenance loan.
• Systems differ between England, Wales, Scotland and Northern Ireland.
• For some, the real cost of university education is tripling with the new fee system, but others will find themselves better off.
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