1. What’s this information about?
This information is for college kids who take out a scholar mortgage for an undergraduate, postgraduate, Increased Schooling ( HE ) Brief Course Mortgage or Preliminary Trainer Coaching course. It explains what you’re committing to while you take out a mortgage.
It’s vital you learn this information rigorously because it incorporates details about the present phrases of your mortgage. Please save a replica.
You’ll discover full particulars of the circumstances for getting scholar loans within the related Pupil Assist Laws.
The circumstances for repaying your scholar mortgage are included within the Schooling (Pupil Loans) (Compensation) Laws 2009, as amended. You’ll discover full particulars of the circumstances for getting a Postgraduate Grasp’s Mortgage within the Schooling (Postgraduate Grasp’s Diploma Loans) Laws 2016, as amended.
You’ll discover full particulars of the circumstances for getting a Postgraduate Doctoral Mortgage within the Schooling (Postgraduate Doctoral Diploma Loans and the Schooling (Pupil Loans) (Compensation) (Modification) (No. 2) and so on.) Laws 2018 as amended.
You’ll be able to learn these rules on-line at www.laws.gov.uk or get them organized from The Stationery Workplace by calling 0333 202 5070 or going to www.tsoshop.co.uk
The rules might change sometimes, which implies the phrases of your mortgage might also change. This information might be up to date to replicate any modifications, so it is best to be sure you have probably the most up-to-date model.
1.1 Additional info
When you nonetheless have questions in regards to the phrases of your mortgage after studying this information, go to www.gov.uk/repaying-your-student-loan
A separate information to phrases and circumstances is obtainable for Superior Learner Loans. You’ll be able to obtain it from www.gov.uk/advanced-learner-loan
2. Your mortgage contract
Once you take out a scholar mortgage you have to conform to repay your mortgage according to the rules that apply on the time the repayments are due, topic to the rules being amended sometimes.
Your mortgage contract is with the Secretary of State for Schooling in England. The Pupil Loans Firm Restricted ( SLC ), which is a non-profit authorities organisation, is appearing as an agent on their behalf.
3. Who does what?
3.1 Pupil Loans Firm ( SLC )
SLC is accountable for:
paying the loans for English, Welsh, Northern Irish, Scottish and EU college students
managing your account, together with including curiosity, making use of repayments collected via the UK tax system and refunding any over-repayments
amassing repayments from abroad repayers
answering questions on your mortgage
3.2 HM Income and Customs ( HMRC )
HMRC collects scholar mortgage repayments from employers via the UK tax system. When you’re self-employed, you’ll repay via Self Evaluation while you full your tax return.
3.3 Your employer
Your employer collects scholar mortgage repayments on behalf of HMRC immediately out of your wage similtaneously tax and Nationwide Insurance coverage.
When you’ve got any questions on how your repayments are collected via the tax system, it is best to converse to your employer.
3.4 Sharing info
HMRC can legally give SLC details about your repayments, however they gained’t give SLC any details about your tax preparations, as these are confidential.
Additionally, neither your employer nor HMRC will obtain any particulars about your scholar mortgage, aside from that you’ve got a mortgage and the reimbursement threshold that applies to you (see part 5 for particulars).
4. Your duties
4.1 You might want to present full and proper info
Once you apply for a mortgage, you have to give us full and correct info, in order that we will accumulate repayments after they’re due. You have to inform SLC about any modifications to those particulars:
throughout the software course of
whilst you’re at college or faculty
till you’ve repaid your mortgage in full
When you don’t give SLC correct and up-to-date info, you will have to pay a penalty cost or repay the mortgage and any curiosity and penalties in a single lump sum.
When you’ve got a Plan 2 mortgage (see part 5) and don’t keep up a correspondence with us, or don’t tell us of any modifications to your private particulars, an rate of interest of RPI plus 3% will usually be utilized to your mortgage no matter your revenue.
You have to additionally let SLC know if you happen to:
change your identify, telephone quantity or the main points of the financial institution or constructing society account that your mortgage is paid into
change your college, faculty or course
get a bursary, healthcare award or scholarship (for instance, a Division of Well being bursary)
change your own home, term-time or parental tackle
know that the beginning or finish dates of your course have modified
don’t start to check, depart your course or are expelled
are absent out of your course for greater than 60 days due to sickness
are absent for a interval for any purpose aside from sickness
get married
plan to go away the nation
change your employment standing (for instance from employed to self-employed)
You have to present your Nationwide Insurance coverage quantity ( NINO ) while you apply. SLC can’t course of your software with out this, until you’re an EU scholar who doesn’t have a NINO . EU college students who do have a NINO ought to present it after they apply. SLC will verify the NINO with the Division for Work and Pensions to keep away from fraudulent purposes.
HMRC can even want these particulars in order that they will accumulate your repayments. When you don’t have a NINO otherwise you’ve misplaced it, it is best to name the Nationwide Insurance coverage helpline on 0300 200 3500.
Repayments collected by your employer might be proven in your payslip. You need to maintain a document of those repayments so you know the way a lot of your mortgage you’ve paid again.
When you enter right into a mortgage settlement with SLC earlier than you flip 18 years outdated, you’ll be requested to ‘ratify’ the settlement(s) when you flip 18. To ratify your mortgage means you’ll formally declare that you just entered into the mortgage settlement. When you don’t do that, you gained’t be capable of get any extra scholar finance after you flip 18. When you’re 18 or over, you’ll ratify any mortgage settlement that you just entered into earlier than you turned 18 while you conform to the phrases and circumstances for any additional scholar finance.
4.2 You might want to repay your mortgage
By regulation, you have to repay your mortgage according to the mortgage contract and the rules. For most individuals, repayments might be collected via the UK tax system by employers taking quantities from their wage via the Pay as You Earn ( PAYE ) system. When you’re self assessed, for instance if you happen to’re self-employed, you’ll make repayments via Self Evaluation on the identical time you pay tax. When you dwell overseas, you’ll repay your mortgage on to SLC . Part 6 describes this course of in additional element.
4.3 Mortgage liabilities
Turning into ‘liable’ for all or a part of your mortgage signifies that any funds paid to you or to your college or faculty might be added to your mortgage steadiness. Which means that while you’ve completed or left your course, you’ll want to start out repaying that quantity and the curiosity that has accrued. Undergraduate part-time and Postgraduate Grasp’s college students could also be required to start out repaying their mortgage earlier than they’ve completed or left their course. You’ll be answerable for any mortgage paid to you no matter whether or not you end your course or achieve a qualification.
4.4 Upkeep Loans
Upkeep Loans are paid on to you at the beginning of every time period. You’ll change into answerable for every instalment as soon as it’s paid.
4.5 Postgraduate Grasp’s Mortgage and Postgraduate Doctoral Mortgage
The Postgraduate Grasp’s Mortgage and Postgraduate Doctoral Mortgage are paid on to you at the beginning of every time period. You’ll change into answerable for every instalment as soon as it’s paid.
4.6 Tuition Payment Loans
When you’re a full-time scholar, you’ll change into answerable for a share of the schooling payment being charged at the beginning of every time period. As soon as your college or faculty have confirmed your attendance on the course your Tuition Payment Mortgage funds might be made to them. After funds are made you’ll be answerable for reimbursement of them.
When you’re a part-time scholar, you’ll be answerable for a share of the schooling payment being charged after you’ve been in your course for 2 weeks and your college or faculty have confirmed your attendance on the course. As soon as your college or faculty have confirmed your attendance on the course your Tuition Payment Mortgage funds might be made to them. After funds are made you’ll be answerable for reimbursement of them.
You’ll change into answerable for future instalments at the beginning of the second and third phrases of your course, as proven within the desk under. You’ll stay answerable for this quantity even if you happen to withdraw, switch or droop your research at a later date.
Once you change into liable How a lot you’re answerable for At first of time period 1 25% of the schooling payment At first of time period 2 50% of the schooling payment At first of time period 3 100% of the schooling payment
When you’re a HE Brief Course Mortgage scholar, you’ll be answerable for the schooling payment being charged after you’ve been in your course for 2 weeks and your college or faculty have confirmed your attendance on the course. As soon as your college or faculty have confirmed your attendance on the course your Tuition Payment Mortgage funds might be made to them. After funds are made you’ll be answerable for reimbursement of them.
4.7 Grant and mortgage overpayment
Your scholar finance funds are made at the beginning of every time period to assist with prices for the total time period forward.
If, for any purpose, your entitlement for the tutorial 12 months is reassessed and lowered, this might lead to you being paid an excessive amount of grant and/or mortgage. That is what we name an ‘overpayment’.
Instance You’re getting a Upkeep Mortgage of £6,000, which might be paid over 3 phrases. You’ll be paid £2,000 at the beginning of time period 1. You’ll be paid one other £2,000 at the beginning of time period 2. You permit your course throughout time period 2, which means you aren’t entitled to the total £2,000 you’ve already been paid. This implies you’ve now been overpaid and have to pay a few of it again.
You’ll usually have to repay your mortgage overpayment individually and sooner than the remainder of your mortgage steadiness.This additionally applies if you happen to’re already having repayments taken out of your wage or your tax return.
A mortgage or grant overpayment is while you’ve been paid cash that you just’re now not entitled to due to a change in your circumstances. This implies it now must be paid again.
In some instances, mortgage and grant overpayments might be recovered from future scholar funding
Primarily based on authorities rules, the SLC has a obligation to get well any mortgage or grant overpayment.
5. Which reimbursement plan are you on?
How and while you repay your mortgage will depend upon while you began your course.
How a lot you repay is determined by your revenue, not what you borrow. You need to let your employer know which reimbursement plan applies to you in order that they take the correct amount.
5.1 Compensation plan 1 – When you began your course earlier than 1 September 2012
You’ll be resulting from begin repaying your mortgage the April after you end or depart your course.
You’ll solely begin making repayments in case your revenue is over the reimbursement threshold, which is at the moment £20,195 a 12 months, £1,682 a month or £388 every week within the UK.
In case your revenue falls under the reimbursement threshold, your repayments will cease and solely restart when your revenue is over the brink once more.
You may as well make extra voluntary repayments to SLC at any time.
You’ll repay 9% of your revenue over the reimbursement threshold, which is at the moment £20,195 a 12 months, £1,682 a month or £388 every week within the UK. In case your revenue modifications, both rising or falling, your reimbursement quantities will routinely change to replicate this.
Earnings annually earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month reimbursement £20,195 £1,682 £0 £21,000 £1,750 £6 £24,000 £2,000 £28 £27,000 £2,250 £51 £30,000 £2,500 £73
5.2 Compensation plan 2 – When you began your course between 1 September 2012 and 31 July 2023
When you’re a full-time scholar, you’ll be resulting from begin repaying your mortgage the April after you end or depart your course.
When you’re learning a HE Brief Course Mortgage, you’ll be resulting from begin repaying your mortgage the April after your course finish date. You need to contact your college or faculty to seek out out what that is.
When you’re a part-time scholar, you’ll be resulting from begin repaying your mortgage the April after you end or depart your course, or the April 4 years after the beginning of your course (even if you happen to’re nonetheless learning), whichever comes first.
You’ll solely begin making repayments in case your revenue is over the reimbursement threshold, which is at the moment £27,295 a 12 months, £2,274 a month or £524 every week within the UK. In case your revenue falls under the reimbursement threshold, your repayments will cease and solely restart when your revenue is over the brink once more.
You may as well make extra voluntary repayments to SLC at any time.
You’ll repay 9% of your revenue over the reimbursement threshold, which is at the moment £27,295 a 12 months, £2,274 a month or £524 every week within the UK. In case your revenue modifications, both rising or falling, your reimbursement quantities will routinely change to replicate this.
Earnings annually earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month reimbursement £27,295 £2,274 £0 £28,000 £2,333 £5 £29,500 £2,458 £16 £31,000 £2,583 £27 £33,000 £2,750 £42
5.3 Postgraduate Mortgage – When you began a postgraduate Grasp’s course on or after 1 August 2016 or a Doctoral course on or after 1 August 2018
When you’re a Grasp’s scholar, you’ll be resulting from begin repaying your mortgage the April after you end or depart your course.
When you’re a Doctoral scholar, you’ll be resulting from begin repaying your mortgage the April after you end or depart your course, or the April 4 years after the beginning of your course (even if you happen to’re nonetheless learning), whichever comes first.
You’ll solely begin making repayments in case your revenue is over the reimbursement threshold, which is at the moment £21,000 a 12 months, £1,750 a month or £403 every week within the UK. In case your revenue falls under the reimbursement threshold, repayments will cease and solely restart when your revenue is over the brink once more.
You may as well make extra voluntary repayments to SLC at any time.
You’ll repay 6% of your revenue over the reimbursement threshold, which is at the moment £21,000 a 12 months, £1,750 a month or £403 every week within the UK. In case your revenue modifications, both rising or falling, your reimbursement quantities will routinely change to replicate this.
Earnings annually earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month reimbursement £21,000 £1,750 £0 £22,000 £1,833 £4 £23,500 £1,958 £12 £25,000 £2,083 £19 £27,000 £2,250 £30 £30,000 £2,500 £45
5.4 Compensation plan 5 – When you begin an undergraduate or postgraduate course after 1 August 2023
Compensation plan 5 is a brand new reimbursement plan, being launched for college kids beginning undergraduate and Superior Learner Mortgage programs on or after 1 August 2023. You gained’t be anticipated to make repayments to your plan 5 scholar mortgage till April 2026 on the earliest, even if you happen to depart your course early.
You’ll solely begin making repayments in case your revenue is over the reimbursement threshold. The reimbursement threshold for the 2026-27 tax 12 months might be £25,000 a 12 months, £2,083 a month or £480 every week within the UK. In case your revenue falls under the reimbursement threshold, your repayments will cease and solely restart when your revenue is over the brink once more.
You may as well make extra voluntary repayments to SLC at any time.
You’ll repay 9% of your revenue over the reimbursement threshold, which is at the moment £25,000 a 12 months, £2,083 a month or £480 every week within the UK. In case your revenue modifications, both rising or falling, your reimbursement quantity will routinely change to replicate this.
Earnings annually earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month reimbursement £25,000 £2,083 £0 £28,000 £2,333 £22 £29,500 £2,458 £33 £31,000 £2,583 £45 £33,000 £2,750 £60
5.5 Repaying in case your revenue is under the brink
When you’re employed and your annual revenue is under the reimbursement threshold, you possibly can nonetheless make scholar mortgage repayments in case your revenue goes above the weekly or month-to-month threshold at any time. For instance, if you happen to work further hours or get a bonus, this might take your pay above the brink for that week or month.
You may get a refund of those repayments on the finish of the tax 12 months, however provided that your annual revenue was lower than the annual reimbursement threshold to your mortgage. This doesn’t occur routinely, so that you’ll have to contact SLC if you happen to’d like a refund.
5.6 Making further repayments
You may make voluntary repayments at any time.
Nevertheless, any voluntary repayments you make gained’t have an effect on the quantity you repay via the tax system. So, if you happen to’re employed, your employer will nonetheless must take the standard quantity out of your wage.
When you’re abroad, making extra voluntary repayments is not going to have an effect on the quantity that you just’re required to repay every month.
When you repay via Self Evaluation, you’ll nonetheless must repay the quantity due based mostly in your revenue for the 12 months.
You’ll be able to’t get a refund of any quantities you repay voluntarily, until you’ve completed paying off your mortgage and have repaid an excessive amount of.
Discover out how one can make voluntary repayments at www.gov.uk/repaying-your-student-loan
5.7 What if I’ve a couple of plan sort?
When you’ve got a couple of sort of mortgage, you’ll repay them on the identical time, so long as your revenue is over the reimbursement threshold.
Listed here are some examples of the way it may work based mostly on the present UK thresholds.
Plan 1 and Plan 2 loans
In case your month-to-month revenue is between £1,682 and £2,274, you’ll solely make repayments in the direction of your Plan 1 mortgage. Nevertheless, in case your month-to-month revenue is greater than £2,274, your repayments might be unfold throughout your Plan 1 and a pair of loans.
You’ll solely repay 9% of your month-to-month revenue over £1,682 – you gained’t must repay one other 9% in the direction of your second mortgage.
Plan 2 and Postgraduate Mortgage
In case your month-to-month revenue is between £1,750 and £2,274, you’ll make repayments in the direction of your Postgraduate Mortgage solely. In case your month-to-month revenue is over £2,274, you’ll additionally make repayments in the direction of your Plan 2 mortgage.
You’ll repay 9% of your month-to-month revenue over £2,274 in the direction of your Plan 2 mortgage and 6% of your month-to-month revenue over £1,750 in the direction of your Postgraduate Mortgage.
You’ll find extra info on how reimbursement works in case you have a couple of plan sort at www.gov.uk/repaying-your-student-loan/what-you-pay
5.8 How a lot curiosity you’ll be charged
You’ll be charged curiosity in your mortgage from the day we make your first fee to you or to your college or faculty till it’s been repaid in full or cancelled. We calculate the curiosity each day and apply it to your steadiness every month – this is named ‘compound curiosity’. The rate of interest you’ll be charged is determined by which reimbursement plan you’re on.
The rate of interest relies on the Retail Worth Index ( RPI ), which is a measure of inflation.
It measures modifications to the price of residing within the UK.
You’ll find probably the most correct and up-to-date info on rates of interest at www.gov.uk/repaying-your-student-loan
Compensation plan 1
The rate of interest would be the RPI of the earlier March, or 1% above the very best base fee of a nominated group of banks (Financial institution Base Fee), whichever is decrease. The rate of interest is ready on 1 September annually, though it may change throughout the 12 months too.
Compensation plan 2
The rate of interest relies on RPI and can differ relying in your circumstances.
Your circumstances Curiosity Full-time college students – whilst you’re learning till 6 April after you end or depart your course. Usually RPI plus 3% Half-time college students – whilst you’re learning and till 6 April after you end or depart your course, or 6 April 4 years after the beginning of your course, whichever comes first. Usually RPI plus 3% From the April after you end your course till the mortgage is repaid in full. Curiosity might be based mostly in your revenue. In case your revenue is £27,295 or much less, your curiosity might be RPI . In case your revenue is between £27,296 and £49,130, your curiosity might be RPI plus as much as 3%, relying in your revenue. In case your revenue is over £49,130, your curiosity will usually beRPI plus 3% When you don’t keep up a correspondence with us, or fail to advise us of modifications to any of your private particulars. Usually RPI plus 3% might be utilized to your mortgage, no matter your revenue, till you contact us.
Postgraduate Mortgage
You’ll be charged curiosity from the day we make the primary fee to you till your mortgage is repaid in full or cancelled. Curiosity will usually be charged at RPI plus 3%.
Compensation plan 5
The rate of interest will usually be set at RPI solely.
6. The way you’ll repay
Repayments might be collected via the UK tax system if you happen to’re employed or via Self Evaluation if you happen to’re self-employed.
6.1 What occurs while you’re employed
When you’re an worker paying UK tax, your employer will take repayments out of your pay, together with tax and Nationwide Insurance coverage. You will notice the deductions in your payslip.
SLC will inform HMRC while you’ve completed or left your course and provides them particulars equivalent to your identify and Nationwide Insurance coverage quantity. HMRC will verify to see if you happen to’re working and if you’re, they’ll inform your employer that you’ve got a mortgage (however not how a lot you owe).
You also needs to inform your new employer that you’ve got a scholar mortgage.
6.2 How employers know the way a lot to deduct out of your pay
HMRC will present steering to employers, together with the reimbursement thresholds for every plan sort, in order that they know the way a lot to take out of your pay.
In case your pay is above the reimbursement threshold to your mortgage, your employer will take repayments and go them to HMRC . HMRC will ship this info to SLC , who’ll then replace your account.
SLC will be sure the correct quantity of curiosity is charged to your account, so that you gained’t be charged any further curiosity even when your reimbursement particulars take a while to achieve SLC .
It’s vital to grasp repayments taken by your employer might be labored out on particular person pay intervals – not in your complete revenue for a complete 12 months. By pay interval, we imply how typically you receives a commission. So if you happen to’re paid month-to-month, repayments might be calculated and deducted every month. Which means that in case your revenue varies every month, you possibly can pay again extra some months than others.
6.3 What occurs if you happen to change jobs
Once you change jobs, your earlier employer might offer you a P45 with a ‘Y’ within the scholar mortgage field. In case your revenue is above the reimbursement threshold, your new employer will begin to make scholar mortgage deductions out of your pay. When you don’t have a P45, your employer might ask you to fill in a starter guidelines, which has a tick field to indicate that you’ve got a scholar mortgage. You have to both tick the field or advise your new employer you will have a scholar mortgage.
In case your repayments don’t begin when they need to, it is best to let your employer know. If the issue continues, it is best to contact SLC along with your new employer’s particulars, equivalent to their identify and tackle, their PAYE Reference and your payroll quantity. This info might be discovered in your payslip, P60 or by talking to your payroll division. When you’re self-employed, HMRC will be capable of let you know how it is best to repay. When you’re working outdoors the UK for greater than 3 months, please see part 6.7 for info on learn how to make repayments.
6.4 What occurs in case your employer goes out of enterprise or doesn’t pay your deductions to HMRC
So long as you will have proof that deductions have been taken, equivalent to your payslips, SLC will credit score the total quantity of the repayments to your account.
6.5 What occurs if you happen to’re self-employed
When you’re self-employed, you’ll ship HMRC a tax return annually beneath the Self Evaluation ( SA ) system. How a lot you repay might be taken as a part of your SA invoice for tax. The scholar mortgage reimbursement might be based mostly in your taxable revenue (together with issues like occupational pensions) over the brink to your mortgage.
6.6 When you’re employed and self-employed
When you’re employed and self-employed on the identical time, you will have to make some mortgage repayments while you full your tax return, in addition to these taken by your employer.
You’ll be able to declare credit score in your tax return for any scholar mortgage quantities your employer has already taken throughout the 12 months so that you don’t repay an excessive amount of.
Like PAYE , the SA system will work out your mortgage repayments based mostly in your revenue above the brink to your mortgage. Any SA fee might be due on 31 January following the tax 12 months of your evaluation. You’ll find info on learn how to fill in your SA return within the steering and booklets offered by HMRC .
When you pay UK tax and also you get a Self Evaluation tax return, it is best to use this to declare scholar mortgage repayments. You have to fill this kind in accurately and return it on time. You have to additionally pay your tax and scholar mortgage reimbursement on time.
When you don’t do that, you will have to pay curiosity and monetary penalties. It’s because scholar loans might be handled in the identical means as tax for the needs of this kind.
6.7 What occurs if you happen to journey or work abroad
When you’re out of the UK tax system resulting from being abroad, otherwise you plan to go away the UK for greater than 3months at any level after you end or depart your course (whether or not that is briefly or as a result of you’ll dwell in a foreign country), you’ll make repayments on to SLC . You have to let SLC know earlier than you permit the UK. When you don’t, they will cost penalties in your mortgage and the place essential, ask you to repay the total quantity of mortgage plus curiosity and penalties in a single lump sum.
SLC will ask for particulars of your revenue and can work out how a lot it is best to repay every month. They’ll change your revenue into kilos sterling and let you know the quantity it is advisable repay every month in kilos sterling. You’ll be accountable for any prices concerned in changing the foreign money and also you’ll must pay any charges your financial institution prices to switch funds to SLC .
As you’d within the UK, you’ll repay 9% of your revenue over the reimbursement thresholds for plan 1, plan 2 and plan 5 loans and 6% of your revenue over the brink for Postgraduate Mortgage. However due to variations in residing prices, the reimbursement threshold SLC applies in a foreign country may very well be totally different from the UK threshold.
6.8 Fastened reimbursement fee
When you don’t give SLC particulars of your revenue, it’s possible you’ll be charged a hard and fast quantity relying on the place you reside, which can be increased than the reimbursement quantity due based mostly in your precise revenue. When you don’t repay this quantity, SLC might take authorized motion towards you.
6.9 When your loans might be cancelled
There are circumstances the place your scholar mortgage could also be cancelled and also you’ll by no means must pay it again, equivalent to if you happen to die earlier than you pay the mortgage off or if you happen to change into disabled and completely unfit for work.
Your mortgage can even be cancelled after a sure time period if you happen to’ve not already paid it off in full. The size of time is determined by the foundations on the time you took out your mortgage.
Mortgage cancellation might not apply to you if you happen to’re in breach of any reimbursement obligations.
Compensation plan 1
When you took out the mortgage earlier than 1 September 2006, your excellent mortgage steadiness plus any curiosity might be cancelled while you attain the age of 65.
When you took out the mortgage on or after 1 September 2006 however earlier than 1 September 2012, your excellent mortgage steadiness plus any curiosity might be cancelled 25 years after the April while you first grew to become resulting from begin making repayments.
In each instances, you have to have made all repayments due based mostly in your revenue till that date. If not, in some instances, SLC might get well any quantities you continue to owe as much as that date.
Compensation plan 2
Any mortgage plus curiosity remaining 30 years after you’re resulting from begin making repayments might be cancelled.
You have to have made all repayments due based mostly in your revenue till that date. If not, in some instances, SLC might get well any quantities you continue to owe as much as that date.
Postgraduate Mortgage
Any mortgage plus curiosity remaining 30 years after you’re resulting from begin making repayments might be cancelled.
You have to have made all repayments due based mostly in your revenue till that date. If not, in some instances, SLC might get well any quantities you continue to owe as much as that date
Compensation plan 5
Any mortgage plus curiosity remaining 40 years after you’re resulting from begin making repayments might be cancelled.
You have to have made all repayments due based mostly in your revenue till that date. If not, in some instances, SLC might get well any quantities you continue to owe as much as that date.
6.10 What occurs if you happen to don’t make repayments
By regulation, you have to repay your mortgage according to the mortgage contract and rules. When you don’t make repayments, SLC have the fitting to take authorized motion to get well your debt. This implies SLC can get a court docket order to make you repay the whole debt plus curiosity and penalties in a single fee.
This may be enforced via the courts as a civil debt, whether or not you’re within the UK or residing overseas, and also you’ll be accountable for all prices, together with authorized prices.
6.11 Coming to the top of repaying your mortgage
When you’re inside 4 to 23 months of repaying your mortgage, it is best to change to repaying by Direct Debit. We suggest altering to Direct Debit so that you don’t repay greater than you owe and must get a refund.
You might want to maintain us updated along with your contact particulars. It will permit us to contact you about establishing a Direct Debit.
You’ll be able to replace your particulars on-line at www.gov.uk/sign-in-to-manage-your-student-loan-balance
6.12 When you’ve paid again an excessive amount of
We’ll attempt to contact you if you happen to’ve repaid greater than you owe, so it’s vital that your contact particulars are saved updated.
Make sure that your tackle, e mail tackle, and cellular quantity are appropriate in your account by logging in at www.gov.uk/repaying-your-student-loan
Compensation plan 1
When you’ve got a credit score steadiness when your mortgage has been repaid in full, curiosity will accrue on the fee of RPI or 1% above the Financial institution Base Fee, whichever is decrease.
Curiosity will accrue at RPI or 1% above the Financial institution Base Fee for a most of 60 days from the date we let you understand a few refund it’s possible you’ll be due. Curiosity will cease accruing after 60 days or from the day you might be refunded, whichever comes first.
Compensation plan 2
When you’ve got a credit score steadiness when your mortgage has been repaid in full, curiosity will accrue on the fee of RPI until a Prevailing Market Fee cap is in impact.
Curiosity will accrue at RPI for a most of 60 days from the date we let you understand a few refund it’s possible you’ll be due. Curiosity will cease accruing after 60 days or from the day you might be refunded, whichever comes first.
Postgraduate Mortgage
When you’ve got a credit score steadiness when your mortgage has been repaid in full, curiosity will accrue for a most of 60 days from the date we let you understand a few refund it’s possible you’ll be due. It’s going to accrue at RPI plus as much as 3% until a Prevailing Market Fee cap is in impact. Curiosity will cease accruing after 60 days or from the day you might be refunded, whichever comes first.
Compensation plan 5
When you’ve got a credit score steadiness when your mortgage has been repaid in full, curiosity will accrue on the fee of RPI until a Prevailing Market Fee cap is in impact.
Curiosity will accrue at RPI for a most of 60 days from the date we let you understand a few refund it’s possible you’ll be due. Curiosity will cease accruing after 60 days or from the day you might be refunded, whichever comes first.
6.13 Getting a refund
When you’re due a refund and also you haven’t claimed this, we might attempt to refund your checking account immediately.
7. What to do if you happen to’re not glad
7.1 Complaints
When you’re not glad with the extent of service you’ve acquired, it is best to contact SLC to register a grievance. You are able to do so by:
calling 0300 100 0601
emailing customer_complaints@slc.co.uk
writing to: Buyer Relations Unit, Pupil Loans Firm, 100 Bothwell Avenue, Glasgow, G2 7JD
When you’ve used this process and are nonetheless not glad, you’ll be able to have your grievance reviewed by an Impartial Assessor.
7.2 Appeals
When you suppose a choice we’ve made in relation to your funding software is flawed, you will have the fitting to attraction. An attraction is a proper request to Pupil Finance England asking us to assessment our determination in your entitlement to scholar finance.
When you want to attraction towards our refusal to award you scholar funding otherwise you disagree with how we’ve calculated your funding you’ll be able to attraction by:
downloading an appeals template from www.gov.uk/student-finance and sending the finished kind to us by e mail or submit utilizing the next addresses
emailing formal_appeals@slc.co.uk
writing to: Formal Appeals, Memphis Constructing, Lingfield Level, PO Field 226, Darlington, DL1 9GA
When you’ve used this process and are nonetheless not glad, you’ll be able to have your attraction reviewed by an Impartial Assessor.
If you would like extra details about reimbursement, go to www.gov.uk/repaying-your-student-loan or name 0300 100 0611.
8.1 When you dwell in England
You’ll be able to go to www.gov.uk/student-finance or you’ll be able to telephone Pupil Finance England on 0300 100 0607 (textphone 0300 100 0622) between 8am and 8pm Monday to Friday, and between 9am and 4pm on Saturday.
8.2 When you’re an EU scholar
You need to name Pupil Finance Providers on 0141 243 3570.
You may as well write to them at: Pupil Finance Providers, PO Field 89, Darlington, County Durham, United Kingdom, DL1 9AZ
8.3 HM Income & Customs