advice on repaying from moneysupermarket:
Who offers these loans?
How and when you repay your student loan:
“repayments are collected automatically through the tax system”
“Interest rate from September 2010 to August 2011
The interest rate on income contingent loans will be 1.5 per cent from 1 September 2010 across the UK.
Between 1 September 2010 and 31 August 2011, the interest rate may change because it is linked to the rates charged by high street banks. The rate will be the lower of the Retail Price Index (RPI) in March 2010, or 1 per cent above the highest base rate of a nominated group of banks. As March’s RPI was 4.4 per cent, the maximum rate of interest you may be charged between 1 September 2010 and 31 August 2011 is 4.4 per cent.
This rate applies to all income contingent loan customers including students currently studying at university or college.”