Organising your finances can be daunting. Getting informed and planning ahead can help you avoid nasty surprises after you leave King's.
When do I start paying council tax?
Council tax is an annual fee you pay your local council. The cost varies depending on where you live, who you live with and the value of the property you live in.
You'll need to start paying council tax as soon as your course ends. To learn more about this, please read our article When do I become liable to start paying council tax?
Most undergraduates will be required to pay council tax from May or June in the year their course ends, whilst postgraduate taught students generally complete their course and become eligible at the end of September. Dates will vary if you’re a postgraduate research student.
Important to know: If you’re an undergraduate who is moving on to postgraduate study in the autumn of 2023, you will still need to pay council tax in the summer between your courses.
For more information, check out Citizens Advice: Council tax for students.
You can check your exact fee using the UK government’s Pay your council tax page.
What happens to my student bank account when I leave?
Most student accounts offer interest free overdrafts, but these may well end once you finish your studies. It's a good idea to check how long your account’s interest-free overdraft facility lasts.
Banks usually offer a transition period from the end of study to starting work, before you have to start paying back your overdraft to avoid paying interest. This will differ from account to account and bank to bank so check with your bank directly.
For more information, check out our article Banking and finance after graduating.
When do I start paying back my student loan?
The earliest you’ll start repaying will be either:
- The April after you leave your course, or
- The April 4 years after your course started if your course is longer than four years, for example if you’re studying part-time or doing a Postgraduate Doctoral course
If you took out your loan between 1 September 2012 and 31 July 2023 (Plan 2), you’ll start repaying if you earn over £27,295 per year.
How much will I have to pay?
If you took out your loan between 1 September 2012 and 31 July 2023 (Plan 2) and earn less than £27,295, you will not be eligible to start repaying your student loan.
You will pay 9% of any income you have that exceeds £27,295 per year (£2274 per month). Unless you're self-employed, your loan repayments will be automatically deducted from your pay by your employer.
To see your loan history, head to Student finance login.
For more information, check out Gov.uk: Repaying your student loan
I’m moving on to postgraduate study, what do I need to do?
If you’re returning to study next academic year, it's important to make sure you know the costs involved.
Student loans are available for master’s and doctoral degrees. Check out these pages to learn more and apply:
If you’re continuing your studies at King’s, we have a range of scholarships and bursaries which can help. To learn more, please read: