Unless you’ve saved like crazy or have the luxury of a wealthy family, it’s likely as a student that you’ll have to get a loan.

With hundreds of websites claiming they have all your student loan answers, we decided to cut through the masses of information to give you the key bits you must know.

How much can you get? 

According to the Student Finance website the amount you will receive for your maintenance loan – which covers living costs – is calculated by how much your parents earn annually.

In 2017, the maximum maintenance loan was £11,007 per year.

This figure may not be the same this academic year so it’s worth checking how much you’re entitled to.

You can also be eligible for an increase if you qualify for an extra student maintenance loan.

When is it paid?

Student Maintenance loans payments are paid in three instalments.

You should receive your payment into your allocated account at the beginning of each new term.

Typically this means you will receive funds in:

• January

• April

• September or October – if you are starting a new term.

How does repayment work?

You need to pay back Tuition Fee Loans and Maintenance Loans, but not other student finance.

For example, grants and bursaries are often not subject to repayment.

It’s also worth remembering that you still have to repay your student loan if you leave your course early.

How to and how much you will pay back depends on your salary and if you are self-employed or not.

According to the Government website, your repayments will be taken out of your salary at the same time as tax and National Insurance if you’re an employee.

Your payslips will show how much has been taken.

HM Revenue and Customs will work out how much you pay from your tax return.

You pay at the same time as you pay your tax.

When is it written off?

If you took out your first student loan in or before academic year 2005/06 – then the loan will be cancelled when you turn 65.

If you took out your first student loan in or after academic year 2006/07, it will be written off 25 years after you became eligible to repay.

Does taking out a student loan affect credit rating?

Taking out a student loan will not show up on any report and does not affect your credit rating.