College loans: What you need to know

Students in England, Wales and Scotland are being offered loans worth more than £6,000 to cover their college fees.

BBC Sport explains the terms and conditions.

Students who earn less than £21,000 can get £200 a year, while those earning £100,000 or more will get a loan of £1,800.

If they complete the course in less than three years, they can get up to £1.5m.

The government is offering loans to help people get out of debt.

More: College graduates could lose out on £1bn from student loan interest rates as early as 2020.

Here’s what you need know about student loans and college fees: What is a college loan?

Student loans are a form of debt that student borrowers can borrow to cover costs such as living costs, tuition fees and fees for books and fees.

The government is also offering loans for people who are aged 25 to 29 and earning less than a quarter of the average salary.

The loans range from £1 to £2,000 and can be used to cover living expenses, rent, utilities and any other living costs.

What do college loans cost?

Students who earn over £21k can take out a college loans for up to 12 months, but some students may have to wait longer.

They can earn up to a quarter less than the average student loan fee.

At the moment, there are no plans to extend college loans beyond the next financial year.

It’s hoped that the government will be able to increase the number of college graduates to over 100,000 in 2021, with the government funding new scholarships.

Students and employers are also hoping the loan will boost their employability.

Who gets college loans?

For more information on the loans, visit the college loan website.

Read more: Student loan debt hit £1 billion in 2020, but rising interest rates are putting a strain on borrowers