You can apply for one loan for each year of your course and you do not have to start making repayments until the April (end of tax year) after you graduate. From then on, you will only start paying back the loan if you are earning above a certain threshold.

Then the amount you pay back each month will depend on how much you are earning. In the unlikely event that you never earn over the threshold, the loan will be cleared when you turn 65.

Alternatively, most of the big banks will offer an interest-free overdraft facility on their student accounts in the hope that you will stay loyal to them when you start earning in the future.

The amount you get on an overdraft will depend on the bank and will apply to all its student applicants but the usual amount is around £2,000 and it is interest-free.

Although the overdraft will not cost you anything if you stay within your limit, if you should go beyond it, you’ll be charged a hefty interest rate on the difference. You may also be hit with a one-off unauthorised overdraft fee as well.

There is no specific time limit for repaying the overdraft. But after leaving university, the interest-free perk will no longer be available and you will be charged at the same high rates that apply to overdrafts on standard current accounts. It is worth noting that some banks provide a grace period after graduation before the higher rate will kick in.