The difference between old style loans and new style loans
You may have heard student loans being described as either 'old style' or 'new style'. What category your student loan falls under is determined by when your course began:
If your course started before 1998, yours is an old-style loan, also known as a mortgage-style loan. This kind of loan is registered under the Consumer Credit Act (CCA). Old style loans are repayable over five years, or seven years if the original course lasted more than three years.
Any student loan taken out after 1998 is a new style loan, also known as income-contingent loans. This type of loan is deducted at source from your wages as monthly installments once you start to earn above a certain threshold.