Applies to students normally resident in England or Wales. The APR for 2007/08 is 4.8% (wef 1.9.07). It is adjusted annually in line with the Retail Prices Index. Most borrowers currently repay over 5 or 7 years. Monthly repayments commence in April following completion of course. New system: Income contingent for students applying after 1998. Loan is means tested & repaid at 9% over current income threshold of £15K gross pa. Old system: Mortgage style for students applying before 1998. Current deferment threshold is £24,417 gross pa or £2,034 pm. For a student whose home address or base is in Scotland, the Scottish executive has put in place a separate package of grants and awards. The Graduate Endowment Scheme is exclusive to Scotland and it provides for an entirely different approach. For a student normally resident in Northern Ireland different rules also apply. The loans are made by Student Loans Company Ltd, 100 Bothwell Street, Glasgow G2 7JD. Tel: 0800 405010. Website: www.slc.co.uk or www.studentsupportdirect.co.uk.