STARTING university means upping the studying game it means coming to terms with taking out what's, for most people, their first loan.
In 2012 there was an increase in tuition fees, rising to lb6,000 a year – with top-tier universities charging students lb9,000.
But now they've increased again, using the cap now at lb9,250 annually.
In accessory for borrowing money for university fees, up to lb11,354 can be loaned to students for living costs – depending on the host to study as well as their parents' financial background.
This implies that the average graduate leaves university with more than lb50,000 worth of debt.
That said, Scottish, Welsh and Northern Irish students – including those their studies at English universities – receive financial support from their "home" government so their fees and loans are dependent on the support they receive.
With loans and repayments all sounding overwhelming, we have broken the application process down for you.
How to try to get a student loan
Prospective students can apply for students loan with the UK government website.
Students have up until nine months following the start of academic year to try to get your finance.
The most common practice is to set up a student finance account online – this involves information for example household income, proof of identity along with a loan declaration as part of the application.
How to settle your student loan
When you begin repaying the loan, just how much you repay each month is dependent on when you studied and your salary after finishing education.
Students likely to university after September 1, 2012, need to start repaying your finance the April after they finish their course if their earnings are more than lb25,725.
From April 6, 2023, this repayment threshold will end up lb26,575 for brand new graduates.
You'll need to repay 9 percent of everything you get above this amount and this is taken directly from your paycheck – just like tax – which means you don't need to bother about manually repaying.
If you're self-employed or earn under the threshold, you don't have to pay back your education loan before you become employed and earning over the threshold.
If you get a pay rise, the number you need to repay each month will also increase – so you might notice the repayments as your wages increase.
There is really a 30-year stop though, so any debt remaining 30 years following a student graduates is going to be wiped, underneath the current system.
If you need to make voluntary repayments, that can be done through the Student Loans Company.
How the eye rate works
The major changes towards the price of tuition fees in 2012 also saw major alterations in the eye when repaying the loans too.
For student who started university from September 2012, when you study, the loan accrues RPI inflation (list price index) plus 3 per cent around the outstanding balance.
Upon April 1 after you graduate, the interest rate changes.
For those earning under lb25,725, the loan accrues RPI inflation, but for those earning as much as lb46,305, the interest gradually rises from RPI to RPI plus 3 percent the greater you get.
For example, should you earn lb1,000 over thw lb25,725 limit, you accrue 0.15 per cent extra interest, based on consumer site Money Saving Expert.
Those on the salary of over lb46,305 accrue RPI inflation plus 3 percent.
The rate you have to pay changes annually in September, when the previous March's RPI inflation rates are used.
March 2023's RPI inflation rate was 2.4 per cent, so the interest charged from September 2023 will be between 2.4 percent and 5.4 per cent.
The effect of the education loan in your credit score
The great news is that your student debt won't affect your credit rating.
Bank and lenders only review your form, any previous dealings they've had with you, and also the information on your credit file – but student education loans are not right here.
When you are looking at trying to get a mortgage, the application form might inquire about your student loan but it won't affect your ability to get a mortgage as much as people usually think – even though it will of course effect just how much disposable income make home loan repayments.
How you have to pay if you're a part-time student
Part-time university students pay around lb4,500 to lb6,935 in tuition fees.
Since 2012, part-time undergraduates happen to be eligible to obtain a student loan – on exactly the same terms as full-time students.
Courses which going on or after August 1, 2023 also qualify for maintenance loans or grants.
You can use on the UK government website.
Postgraduates
If it's your first time studying for any postgraduate Master's degree, you can apply for a loan from the Student Loans Company to pay for your course.
From August 2023, students can apply for up to lb10,906 and also you only have to repay this once your course finishes.
PhD students will also be eligible to apply for a Doctoral loan which can hide to lb25,000 worth of tuition fees. They make an application for this through the UK government website too.
Is education becoming too pricey for individuals to pursue? Students are set to owe a collective lb8.6billion in interest on their own loans in the next 5 years.
Meanwhile, MoneySacingExpert's Martin Lewis warns people against the current term for education loan repayments and claims it's inaccurate.