Bman,
If you're talking about the government student loan, it shouldn't be a problem. The amount you pay back is based on your gross income above £15,000pa. If you earn less than that or you don't work at all. All you have to do is send them a letter saying you'll be in full time education for another year.
I left uni in 2003 with a PPL and 300hrs, did six months temping and then took out a HSBC career development loan to pay for the rest of my flying training. I'm currently slumming it as jump pilot, where I get free accommodation and just enough money to start paying back my career development loan. I don't need or intend to make any repayments on my student loan until I get a proper job
Hope that helps,
Al