How much will my student loan cost me? 

You would think that this is a straight forward question but there are so many variables like how much you earn once you graduate, how old your are at the time of taking a student loan out and whether you are in employment or not.

How much will my nursing degree cost me?

Let's look at the first element of how much you will pay as stipulated by the government and that's dependent upon the type of student loan plan you are on:

Plan 1

You’re on Plan 1 if you’re:

  • an English or Welsh student who started an undergraduate course anywhere in the UK before 1 September 2012
  • a Scottish or Northern Irish student who started an undergraduate or postgraduate course anywhere in the UK on or after 1 September 1998
  • an EU student who started an undergraduate course in England or Wales on or after 1 September 1998, but before 1 September 2012
  • an EU student who started an undergraduate or postgraduate course in Scotland or Northern Ireland on or after 1 September 1998

Plan 2

You’re on Plan 2 if you’re:

  • an English or Welsh student who started an undergraduate course anywhere in the UK on or after 1 September 2012
  • an EU student who started an undergraduate course in England or Wales on or after 1 September 2012
  • someone who took out an Advanced Learner Loan on or after 1 August 2013

A few quick myths to dispel:

Following on from the previous chapter - 12 myths about student loan: fact or fiction? let's quickly cover 2 important points

  1. If you leave your nursing course without graduating and you have taken out a tuition fee loan you MUST pay the loan back through the normal PAYE  channel. The debt WILL NOT  be wiped clean
  2. Any grants received (maintenance or academic) are given 'in-kind' and do not have to be paid back.

Repayment calculator:

So we've looked at many online repayment calculators and how they apply interest correctly and allow for fluctuations in these interest rates. So rather than building our own calculator we`ll do a big shout out for Martin Lewis and the Money Saving Expert calculator 


12 myths about student loans: fact or fiction?