A question about student loan(s)?

[Stuckinmyhead9]

Back story: attending university to study a subject which guarantees a job at the end, in the field I am interested in and passionate about. Currently in a full time job which is secure with reasonable pay (albeit very dull with little interest in progression routes). Will be a mature student so entitled to the full student loan for fees plus full maintenance loan. Not sure whether I will take the full ML yet.
My question: Will the two loans be combined when I am due to pay them back, or will I be paying two separate loans? A little concerned about being stuck with a huge amount of debt. Feel the course (3 years) is worth it for the change in career but don’t want to end up in an awful situation financially for chasing my dreams.

Should say I will be attending university, from September.

The loans are combined. You'll pay back 9% of your salary above £25k regardless of how big the total loan is - £20k or £50k, repayments exactly the same.

Something like teaching, social work, nursing, you won't earn enough to pay it all off so take as large an amount as you can.

It’s not a debt! Repeat after me, it’s not a debt….

You will pay what amounts to a bit more in tax IF you are paid more than whatever the qualifying wage is once you graduate. If at any point your income falls below that level you will not pay anything. Argot anyone will pay the whole amount back over the 30 years duration of the arrangement.

Do the course, the Loan repayment really is nothing to be concerned about now

Yes it makes little difference (unless you are going to be earning an awful lot) if you owe £50k or £30k as the repayments are 9% of salary over £26k or something like even if the loan is half of £50k.

Thanks, so sounds like it isn’t going to be a huge mistake to go through with the course? It’s Nursing -like so many others it’s feels like a ‘calling’, but worry I should remain in my safe and boring job instead!

I’ve been anxious to the point of sleepless nights over this, so it’s great to hear from people who know

Martin Lewis explains very clearly how the loans and repayments work:

www.moneysavingexpert.com/students/student-loans-tuition-fees-changes/

If you feel drawn to nursing the course isn’t a mistake at all! The student loans are just part and parcel of the process.

As the poster above has said it doesn’t matter if you loan 30k or 50k, your repayments are the same and in nursing you’re unlikely to ever full pay back, so you just need to think of it as a tax and May as well take everything you’re entitled to. The extra money will come in handy for placement travel if nothing else. As an aside, there are also bursaries you’ll be eligible for, have you had a look into these? Up to 8k

@SometimesRavenSometimesParrot thanks, I think i can get a 6k/a in bursary. Just don’t want to end up following the wrong path and ending up with a worse future. Thanks everyone

It's a graduate tax. Mortgage application didn't even ask about student loans!