Unit 2 - Personal Finance : Student Loans

Question 1

Student loan

Answer 1

9% of everything earns over £27 295 is taken to pay back student loans. After 30 years, any remaining loan is wiped out.

Question 2

Plan 1

Answer 2

9% of anything over £19 895 per year
• for English students who started their undergraduate course before 1 Sept 2012
• 6.25% interest added yearly

Question 3

Plan 2

Answer 3

9% of anything over £27 295 per year
• if their an English of Welsh student who I started their undergraduate course on or after 1 September 2012
• 7.3% interest added yearly

Question 4

How to work out how much loan is replayed a year

Answer 4

Take their yearly income and minus the minimum allowance from it (£19 895) and then multiply is by 9%

Question 5

How to find the amount of interest added to a loan a year

Answer 5

Take the student loan and multiply is with the percentage of the plan the person is in