The interest rate on the loan is currently 6.1%. The rate is set by adding 3% to the Retail Price Index (RPI), which is reviewed each September.
Repayments will be calculated at 6% of annual income above £21,000. If you already have a Masters Loan then you will make a combined repayment of 6% covering both postgraduate loans. Payments will be made concurrently alongside repayment of any undergraduate student loan.
For example, a graduate earning £25,000 per year would currently repay £30 of undergraduate loan and £20 of postgraduate (Masters and Doctoral) loan each month, making a total monthly repayment of £50.
Repayments through HMRC will not start until you are earning over £21,000 and not before the first April after you finish your course, although voluntary repayments can be made at any time.
Any outstanding loan will be written off after 30 years.
Please note that these details may change and you should check the UK Government website for the most up-to-date information.