Here's a very helpful article from Money Saving Expert about how the new student loan setup will work.
In related news, Open University have just announced a major increase in fees. At the moment, you get "points" for completing OU modules - a typical course is worth 60 points, and 120 points constitutes an undergraduate year. At the moment, a 60 point course costs around £700. This will increase in September 2012 to £2500. It will be possible to obtain student loans towards the cost of tuition.
In effect, OU is moving further in the direction of being a mainstream university: it will no longer be realistic for most people to dabble in OU studies; they'll have to decide whether or not to commit to them in a more formal way. It will be one of the most versatile and best value ways of getting a degree, but this is a big cultural change.
Transitional arrangements will exist for people who are already studying. If you want to take advantage of fees based on the current structure for courses starting after 1 September 2012, you must have completed a module which began between 1 September 2010 and 31 August 2011 or be studying a module that starts between 1 September 2011 and 31 August 2012.