How do you get money if you go to college/university?
If you decide to go to college, you’ll probably need to get a student loan to support you while you’re studying. There’s a lot more information available online to help you with getting and repaying a loan - take a look at the Student Loans Company website.
How will you repay your loan?
The good news is you won’t have to repay your loan until you’ve left college or university and started work. When you’re earning more than £15,000 a year, your employer will start taking the loan repayments out of your wages along with your tax and National Insurance contributions. The more you earn, the more you'll pay back – just like tax.
If you become self-employed you’ll be responsible for paying your student loan back through the Self Assessment system. You’ll be asked on your tax return whether you have a student loan, and if you file your return online the calculation of how much you have to repay will be done for you electronically.
