Today, estimates are that two-thirds of undergraduates will have to borrow from the SLC.

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Student Loan Characteristics

The UK government has set up an office, the Student Loans Company (SLC), which allows every student to avail of a loan to pay for university fees. Last academic school year, undergraduates were able to borrow up to 4,095 a year (5,050 in London).
Today, estimates are that two-thirds of undergraduates will have to borrow from the SLC. While the amount may be large, student loans are also cheap. They grow at the inflation rate (currently at two percent), and if you're worried about higher inflation rate, student loan interest will remain capped at one percent above the Bank of England's base rate. Compared with other forms of loans, this is still lower.
Because of this, there's no need to pay off your student loans all at once, especially when you land a job. On the April after you graduate, your loan repayments will be automatically taken out of your salary every month. When you start earning 15,000 annually, nine percent of what you earn above that will be for loan repayments. The limit was raised from 10,000 in April of this year (2005).
Ideally, application forms for an SLC loan must be sent in even before students know where they're going to university, as it can takes weeks and months for processing.

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