Student loans: How do they work, what can I borrow and when do I pay it back?

The rules are changing for many students who will take out loans to go to university this year.

Here's what you need to know.

The details depend on where you live in the UK, but student loans are typically made up of two elements:

Most people are entitled to the tuition fee element, which is equal to the annual cost of your course up to £9,250 per year, capped until academic year 2024-25.

The maintenance loan is intended to cover accommodation, food, books and any equipment you need. It is means-tested, so the amount you get depends on your family's household income.

You might get extra money if you are disabled or have children.

If you are under 25 and have no contact with your parents, you might be able to apply as an "estranged student". This means your parents' financial situation is not taken into consideration.

The amount of maintenance help available varies across the UK.

It is not too late to apply for student finance if you want to start university this year, even though the official deadlines have passed.

It means you might receive some or all of your money a bit later.

You do not need a confirmed place at university to apply and, if your plans change, you can cancel or change your application before the start of your course.

The process is different depending on where you live:

The tuition fees part is paid directly to your university or education provider.

The maintenance loan is paid directly to your bank account. If you applied before the deadline, you should have the money before your course starts.

You are charged interest on the loan from the day you take it out, but the amount varies across the UK.

It is important to understand that the terms and conditions can change after you have borrowed the money - any interest-rate rises will apply to all student loans not just new applications.

For students starting courses this year in England, the interest rate will normally be set at the retail price index (RPI) measure of inflation. It will be capped at 7.3% from September. Previously, it was RPI plus 3%, with an interest rate cap that has varied over the years.

For courses in:

The amount graduates pay back will depend on how much they earn.

You do not have to start repaying your loan until you earn a certain amount of money after graduation.

The earliest you will start repaying is the April after you leave your course.

Payments are made automatically through the tax system.

You generally repay 9% of the amount you earn over the threshold.

However, the amount you can earn before you have to start repaying differs across the UK.

The threshold for students starting university in England this year will be £25,000, down from £27,295 last year.

In Wales it will be £27,295, in Scotland £27,660 and in Northern Ireland £22,015.

You do not repay anything if you earn less than the threshold.

In England, new rules mean that anyone starting university this year will pay back their loan for 40 years before it is written off, regardless of how much is owed - a decade longer than last year.

In Wales and Scotland it is 30 years, and in Northern Ireland it is 25 years.

You still have to repay your student loan if you leave your course early.

Some people may opt to make extra repayments to clear some or all of their loan early - there is no penalty for doing so.