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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

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Quiz: Student loans, when do they get paid back?

Off to University for the first time and about to take out your first loan? University is fun (especially with some money to play with!) but the time will come to begin paying back that debt…

Question 1

How much do you need to earn before you start repaying your student loan?

Select an answer below

WRONG... The answer is £21,000

The Tuition Fee and Maintenance Loan are paid once you have completed your course and are earning over £21,000. If you are applying for Student Finance the tuition fee is paid direct to your college or uni on your behalf..

Question 2

Your monthly repayments go up as you earn more.

Select an answer below

True

WRONG... The answer is True

True, as you earn more your payments will increase.

Question 3

You will have interest added to the total debt each month.

True

WRONG... The answer is True

Correct, You‘re charged interest from the day your first payment is made until your loan is repaid in full. Interest is added to the total amount you owe every month.

Question 4

It will make it harder to borrow more in the future as it effects your credit rating.

False

WRONG... The answer is False

Correct, your credit rating will not be effected by your student loan.

Well done!
Check out more articles about borrowing here.

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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.