I have a son starting uni in Oct 2013.
His course fees are £9k P.A.
I have been to the government website and entered his d.o.b., date of course, post code etc... and it identified that the loan would be charged at 8.3%, and there are no early repayment penalties.
My question is - when does interest start to accrue ? Is it :
1. day 1 of receiving the money
2. day 1 of the course
3. The day he finishes the course
4. The day he graduates
5. The day he gets a job which fulfills the criteria that ensures he has to start paying back the fees plus interest
I need to know as I may as well shop around for a proper loan as 8.3% is very high. If it's as soon as he starts a job then I won't shop around I'll sell my house and pay it off when he starts work.
Can anyone help as the website does not state this?