21st February 2013, 11:14 AM
stef.s Wrote:With the new student loan system meaning that you don't have to pay back till you're earning over £24k, it's quite concievable that as an archaeologist wouldn't have to start paying back the loan for a very (very) long time. Could be its USP...
Its 9% of your income over over 21K, plus it starts earning interest as soon as you borrow it, and RPI +3% after graduation.
Its a better loan deal than I got, to be honest, but I've only had to pay RPI on the interest since graduation. And now they write it off after 30 years, which they didn't before.
Although...
Quote:It's important to understand Parliament is omnicompetent. In other words, it's completely free to make and change rules made in the past. This means there is no 100% guarantee the system will remain unchanged for the 30 years until youâre clear. It's worth being aware this is a risk factor.
http://www.moneysavingexpert.com/student...-changes#3