1. What’s this information about?
This information is for college students who take out a scholar mortgage for an undergraduate, postgraduate, Increased Schooling ( HE ) Brief Course Mortgage or Preliminary Instructor Coaching course. It explains what you’re committing to once you take out a mortgage.
It’s vital you learn this information fastidiously because it comprises 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 Scholar Assist Laws.
The circumstances for repaying your scholar mortgage are included within the Schooling (Scholar Loans) (Reimbursement) 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 (Scholar Loans) (Reimbursement) (Modification) (No. 2) and many others.) Laws 2018 as amended.
You possibly can learn these rules on-line at www.laws.gov.uk or organize them from The Stationery Workplace by calling 0333 202 5070 or going to www.tsoshop.co.uk
The rules could change every now and then, which implies the phrases of your mortgage may additionally change. This information will likely be up to date to mirror any modifications, so you need to be sure to have essentially the most up-to-date model.
1.1 Additional data
In the event 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 possibly can obtain it from www.gov.uk/advanced-learner-loan
2. Your mortgage contract
Once you take out a scholar mortgage it’s essential to comply with repay your mortgage consistent with the rules that apply on the time the repayments are due, topic to the rules being amended every now and then.
Your mortgage contract is with the Secretary of State for Schooling in England. The Scholar Loans Firm Restricted ( SLC ), which is a non-profit authorities organisation, is performing as an agent on their behalf.
3. Who does what?
3.1 Scholar Loans Firm ( SLC )
SLC is answerable 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 by the UK tax system and refunding any over-repayments
accumulating repayments from abroad repayers
answering questions on your mortgage
3.2 HM Income and Customs ( HMRC )
HMRC collects scholar mortgage repayments from employers by the UK tax system. In the event you’re self-employed, you’ll repay by Self Evaluation once you full your tax return.
3.3 Your employer
Your employer collects scholar mortgage repayments on behalf of HMRC immediately out of your wage concurrently tax and Nationwide Insurance coverage.
When you have any questions on how your repayments are collected by the tax system, you need to communicate to your employer.
3.4 Sharing data
HMRC can legally give SLC details about your repayments, however they received’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 compensation threshold that applies to you (see part 5 for particulars).
4. Your tasks
4.1 That you must present full and proper data
Once you apply for a mortgage, it’s essential to give us full and correct data, in order that we will acquire repayments once they’re due. You should inform SLC about any modifications to those particulars:
in the course of the utility course of
when you’re at college or school
till you’ve repaid your mortgage in full
In the event you don’t give SLC correct and up-to-date data, you might have to pay a penalty cost or repay the mortgage and any curiosity and penalties in a single lump sum.
When you have a Plan 2 mortgage (see part 5) and don’t be in contact 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 should additionally let SLC know if you happen to:
change your title, telephone quantity or the small print of the financial institution or constructing society account that your mortgage is paid into
change your college, school or course
get a bursary, healthcare award or scholarship (for instance, a Division of Well being bursary)
change any deal with you have got supplied
know that the beginning or finish dates of your course have modified
don’t start to review, 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 cause aside from sickness
get married
plan to depart the nation
change your employment standing (for instance from employed to self-employed)
You should present your Nationwide Insurance coverage quantity ( NINO ) once you apply. SLC can’t course of your utility with out this,except you’re an EU scholar who doesn’t have a NINO . EU college students who do have a NINO ought to present it once they apply. SLC will affirm the NINO with the Division for Work and Pensions to keep away from fraudulent functions.
HMRC may even want these particulars in order that they’ll acquire your repayments. In the event you don’t have a NINO otherwise you’ve misplaced it, you need to name the Nationwide Insurance coverage helpline on 0300 200 3500.
Repayments collected by your employer will likely be proven in your payslip. It’s best to preserve a document of those repayments so you understand how a lot of your mortgage you’ve paid again.
In the event you enter right into a mortgage settlement with SLC earlier than you flip 18 years previous, you’ll be requested to ‘ratify’ the settlement(s) when you flip 18. To ratify your mortgage means you’ll formally declare that you simply entered into the mortgage settlement. In the event you don’t do that, you received’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 simply entered into earlier than you turned 18 once you comply with the phrases and circumstances for any additional scholar finance.
4.2 That you must repay your mortgage
By regulation, it’s essential to repay your mortgage consistent with the mortgage contract and the rules. For most individuals, repayments will likely be collected by the UK tax system by employers taking quantities from their wage by the Pay as You Earn ( PAYE ) system. In the event you’re self-assessed, for instance if you happen to’re self-employed, you’ll make repayments by Self Evaluation on the similar time you pay tax. In the event you reside overseas, you’ll repay your mortgage on to SLC . Part 6 describes this course of in additional element.
4.3 Mortgage liabilities
Changing into ‘liable’ for all or a part of your mortgage implies that any funds paid to you or to your college or school will likely be added to your mortgage steadiness. Which means once 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 responsible 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 first of every time period. You’ll turn out to be responsible 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 first of every time period. You’ll turn out to be responsible for every instalment as soon as it’s paid.
4.6 Tuition Charge Loans
In the event you’re a full-time scholar, you’ll turn out to be responsible for a share of the tutoring price being charged at first of every time period. As soon as your college or school have confirmed your attendance on the course your Tuition Charge Mortgage funds will likely be made to them. After funds are made you’ll be responsible for compensation of them.
In the event you’re a part-time scholar, you’ll be responsible for a share of the tutoring price being charged after you’ve been in your course for 2 weeks and your college or school have confirmed your attendance on the course. As soon as your college or school have confirmed your attendance on the course your Tuition Charge Mortgage funds will likely be made to them. After funds are made you’ll be responsible for compensation of them.
You’ll turn out to be responsible for future instalments at first of the second and third phrases of your course, as proven within the desk under. You’ll stay responsible for this quantity even if you happen to withdraw, switch or droop your research at a later date.
Once you turn out to be liable How a lot you’re responsible for Initially of time period 1 25% of the tutoring price Initially of time period 2 50% of the tutoring price Initially of time period 3 100% of the tutoring price
In the event you’re a HE Brief Course Mortgage scholar, you’ll be responsible for the tutoring price being charged after you’ve been in your course for 2 weeks and your college or school have confirmed your attendance on the course. As soon as your college or school have confirmed your attendance on the course your Tuition Charge Mortgage funds will likely be made to them. After funds are made you’ll be responsible for compensation of them.
4.7 Grant and mortgage overpayment
Your scholar finance funds are made at first of every time period to assist with prices for the complete time period forward.
If, for any cause, your entitlement for the educational yr is reassessed and decreased, 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 will likely be paid over 3 phrases. You’ll be paid £2,000 at first of time period 1. You’ll be paid one other £2,000 at first of time period 2. You allow your course throughout time period 2, which means you aren’t entitled to the complete £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 alsoapplies if you happen to’re already having repayments taken out of your wage or your tax return.
A mortgage or grant overpayment is once you’ve been paid cash that you simply’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 could be recovered from future scholar funding.
Primarily based on authorities rules, the SLC has a obligation to recuperate any mortgage or grant overpayment.
5. Which compensation plan are you on?
How and once you repay your mortgage will depend upon once you began your course.
How a lot you repay is dependent upon your revenue, not what you borrow. It’s best to let your employer know which compensation plan applies to you in order that they take the correct quantity.
5.1 Reimbursement plan 1 – In the event you began your course earlier than 1 September 2012
You’ll be attributable to 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 compensation threshold, which is at the moment £22,015 a yr, £1,834 a month or £423 every week within the UK.
In case your revenue falls under the compensation threshold, your repayments will cease and solely restart when your revenue is over the edge once more.
You can too make extra voluntary repayments to SLC at any time.
You’ll repay 9% of your revenue over the compensation threshold, which is at the moment £22,015 a yr, £1,834 a month or £423 every week within the UK. In case your revenue modifications, both rising or falling, your compensation quantities will routinely change to mirror this.
Revenue every year earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month compensation £22,015 £1,834 £0 £23,000 £1,916 £7 £24,000 £2,000 £14 £27,000 £2,250 £37 £30,000 £2,500 £59
5.2 Reimbursement plan 2 – In the event you began your course between 1 September 2012 and 31 July 2023
In the event you’re a full-time scholar, you’ll be attributable to begin repaying your mortgage the April after you end or depart your course.
In the event you’re finding out a HE Brief Course Mortgage, you’ll be attributable to begin repaying your mortgage the April after your course finish date. It’s best to contact your college or school to seek out out what that is.
In the event you’re a part-time scholar, you’ll be attributable to 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 finding out), whichever comes first.
You’ll solely begin making repayments in case your revenue is over the compensation threshold, which is at the moment £27,295 a yr, £2,274 a month or £524 every week within the UK. In case your revenue falls under the compensation threshold, your repayments will cease and solely restart when your revenue is over the edge once more.
You can too make extra voluntary repayments to SLC at any time.
You’ll repay 9% of your revenue over the compensation threshold, which is at the moment £27,295 a yr, £2,274 a month or £524 every week within the UK. In case your revenue modifications, both rising or falling, your compensation quantities will routinely change to mirror this.
Revenue every year earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month compensation £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 – In the event you began a postgraduate Grasp’s course on or after 1 August 2016 or a Doctoral course on or after 1 August 2018
In the event you’re a Grasp’s scholar, you’ll be attributable to begin repaying your mortgage the April after you end or depart your course.
In the event you’re a Doctoral scholar, you’ll be attributable to 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 finding out), whichever comes first.
You’ll solely begin making repayments in case your revenue is over the compensation threshold, which is at the moment £21,000 a yr, £1,750 a month or £403 every week within the UK. In case your revenue falls under the compensation threshold, repayments will cease and solely restart when your revenue is over the edge once more.
You can too make extra voluntary repayments to SLC at any time.
You’ll repay 6% of your revenue over the compensation threshold, which is at the moment £21,000 a yr, £1,750 a month or £403 every week within the UK. In case your revenue modifications, both rising or falling, your compensation quantities will routinely change to mirror this.
Revenue every year earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month compensation £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 Reimbursement plan 5 – In the event you begin an undergraduate or postgraduate course after 1 August 2023
Reimbursement plan 5 is a brand new compensation plan, being launched for college students beginning undergraduate and Superior Learner Mortgage programs on or after 1 August 2023. You received’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 compensation threshold. The compensation threshold for the 2026-27 tax yr will likely be £25,000 a yr, £2,083 a month or £480 every week within the UK. In case your revenue falls under the compensation threshold, your repayments will cease and solely restart when your revenue is over the edge once more.
You can too make extra voluntary repayments to SLC at any time.
You’ll repay 9% of your revenue over the compensation threshold, which is at the moment £25,000 a yr, £2,083 a month or £480 every week within the UK. In case your revenue modifications, both rising or falling, your compensation quantity will routinely change to mirror this.
Revenue every year earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month compensation £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 edge
In the event you’re employed and your annual revenue is under the compensation 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 additional hours or get a bonus, this might take your pay above the edge for that week or month.
You may get a refund of those repayments on the finish of the tax yr, however provided that your annual revenue was lower than the annual compensation threshold on 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 additional repayments
You can also make voluntary repayments at any time.
Nevertheless, any voluntary repayments you make received’t have an effect on the quantity you repay by the tax system. So, if you happen to’re employed, your employer will nonetheless need to take the same old quantity out of your wage.
In the event you’re abroad, making extra voluntary repayments is not going to have an effect on the quantity that you simply’re required to repay every month.
In the event you repay by Self Evaluation, you’ll nonetheless need to repay the quantity due primarily based in your revenue for the yr.
You possibly can’t get a refund of any quantities you repay voluntarily, except 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 multiple plan sort?
When you have multiple sort of mortgage, you’ll repay them on the similar time, so long as your revenue is over the compensation threshold.
Listed here are some examples of the way it may work primarily based on the present UK thresholds.
Plan 1 and Plan 2 loans
In case your month-to-month revenue is between £1,834 and £2,274, you’ll solely make repayments in direction of your Plan 1 mortgage. Nevertheless, in case your month-to-month revenue is greater than £2,274, your repayments will likely be unfold throughout your Plan 1 and a couple of loans.
You’ll solely repay 9% of your month-to-month revenue over £1,834 – you received’t need to repay one other 9% in 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 direction of your Postgraduate Mortgage solely. In case your month-to-month revenue is over £2,274, you’ll additionally make repayments in direction of your Plan 2 mortgage.
You’ll repay 9% of your month-to-month revenue over £2,274 in direction of your Plan 2 mortgage and 6% of your month-to-month revenue over £1,750 in direction of your Postgraduate Mortgage.
You could find extra data on how compensation works you probably have multiple 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 school till it’s been repaid in full or cancelled. We calculate the curiosity day by day and apply it to your steadiness every month – this is named ‘compound curiosity’. The rate of interest you’ll be charged is dependent upon which compensation plan you’re on.
The rate of interest relies on the Retail Value Index ( RPI ), which is a measure of inflation.
It measures modifications to the price of dwelling within the UK.
You could find essentially the most correct and up-to-date data on rates of interest at www.gov.uk/repaying-your-student-loan
Reimbursement plan 1
The rate of interest would be the RPI of the earlier March, or 1% above the very best base charge of a nominated group of banks (Financial institution Base Charge), whichever is decrease. The rate of interest is about on 1 September every year, though it may well change in the course of the yr too.
Reimbursement plan 2
The rate of interest relies on RPI and can range relying in your circumstances.
Your circumstances Curiosity Full-time college students – when you’re finding out till 6 April after you end or depart your course. Usually RPI plus 3% Half-time college students – when you’re finding out 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 will likely be primarily based in your revenue. In case your revenue is £27,295 or much less, your curiosity will likely be RPI . In case your revenue is between £27,296 and £49,130, your curiosity will likely be RPI plus as much as 3%, relying in your revenue. In case your revenue is over £49,130, your curiosity will usually be RPI plus 3% In the event you don’t be in contact with us, or fail to advise us of modifications to any of your private particulars. Usually RPI plus 3% will likely 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%.
Reimbursement plan 5
The rate of interest will usually be set at RPI solely.
6. The way you’ll repay
Repayments will likely be collected by the UK tax system if you happen to’re employed or by Self Evaluation if you happen to’re self-employed.
6.1 What occurs once you’re employed
In the event 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 note the deductions in your payslip.
SLC will inform HMRC once you’ve completed or left your course and provides them particulars resembling your title and Nationwide Insurance coverage quantity. HMRC will test 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 must also inform your new employer that you’ve got a scholar mortgage.
6.2 How employers understand how a lot to deduct out of your pay
HMRC will present steerage to employers, together with the compensation thresholds for every plan sort, in order that they understand how a lot to take out of your pay.
In case your pay is above the compensation threshold on your mortgage, your employer will take repayments and cross them to HMRC . HMRC will ship this data to SLC , who’ll then replace your account.
SLC will make certain the correct quantity of curiosity is charged to your account, so that you received’t be charged any additional curiosity even when your compensation particulars take a while to succeed in SLC .
It’s vital to know repayments taken by your employer will likely be labored out on particular person pay durations – not in your whole revenue for an entire yr. By pay interval, we imply how typically you receives a commission. So if you happen to’re paid month-to-month, repayments will likely be calculated and deducted every month. Which means 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 could provide you with a P45 with a ‘Y’ within the scholar mortgage field. In case your revenue is above the compensation threshold, your new employer will begin to make scholar mortgage deductions out of your pay. In the event you don’t have a P45, your employer could ask you to fill in a starter guidelines, which has a tick field to indicate that you’ve got a scholar mortgage. You should both tick the field or advise your new employer you have got a scholar mortgage.
In case your repayments don’t begin when they need to, you need to let your employer know. If the issue continues, you need to contact SLC together with your new employer’s particulars, resembling their title and deal with, their PAYE Reference and your payroll quantity. This data could be discovered in your payslip, P60 or by talking to your payroll division. In the event you’re self-employed, HMRC will be capable of inform you how you need to repay. In the event you’re working exterior the UK for greater than 3 months, please see part 6.7 for data on 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 have got proof that deductions have been taken, resembling your payslips, SLC will credit score the complete quantity of the repayments to your account.
6.5 What occurs if you happen to’re self-employed
In the event you’re self-employed, you’ll ship HMRC a tax return every year below the Self Evaluation ( SA ) system. How a lot you repay will likely be taken as a part of your SA invoice for tax. The scholar mortgage compensation will likely be primarily based in your taxable revenue (together with issues like occupational pensions) over the edge on your mortgage.
6.6 In the event you’re employed and self-employed
In the event you’re employed and self-employed on the similar time, you might have to make some mortgage repayments once you full your tax return, in addition to these taken by your employer.
You possibly can declare credit score in your tax return for any scholar mortgage quantities your employer has already taken in the course of the yr so that you don’t repay an excessive amount of.
Like PAYE , the SA system will work out your mortgage repayments primarily based in your revenue above the edge on your mortgage. Any SA fee will likely be due on 31 January following the tax yr of your evaluation. You could find data on fill in your SA return within the steerage and booklets supplied by HMRC .
In the event you pay UK tax and also you get a Self Evaluation tax return, you need to use this to declare scholar mortgage repayments. You should fill this manner in accurately and return it on time. You should additionally pay your tax and scholar mortgage compensation on time.
In the event you don’t do that, you might have to pay curiosity and monetary penalties. It’s because scholar loans will likely be handled in the identical approach as tax for the needs of this manner.
6.7 What occurs if you happen to journey or work abroad
In the event you’re out of the UK tax system attributable to being abroad, otherwise you plan to depart the UK for greater than 3 months atany level after you end or depart your course (whether or not that is briefly or as a result of you’ll reside out of the country), you’ll make repayments on to SLC . You should let SLC know earlier than you allow the UK. In the event you don’t, they’ll cost penalties in your mortgage and the place vital, ask you to repay the complete 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 you need to repay every month. They’ll change your revenue into kilos sterling and inform you the quantity you must repay every month in kilos sterling. You’ll be answerable for any prices concerned in changing the foreign money and also you’ll need to 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 compensation thresholds for plan 1, plan 2 and plan 5 loans and 6% of your revenue over the edge for Postgraduate Mortgage. However due to variations in dwelling prices, the compensation threshold SLC applies out of the country could possibly be completely different from the UK threshold.
6.8 Mounted compensation charge
In the event you don’t give SLC particulars of your revenue, it’s possible you’ll be charged a set quantity relying on the place you reside, which can be larger than the compensation quantity due primarily based in your precise revenue. In the event you don’t repay this quantity, SLC could take authorized motion in opposition to you.
6.9 When your loans will likely be cancelled
There are circumstances the place your scholar mortgage could also be cancelled and also you’ll by no means need to pay it again, resembling if you happen to die earlier than you pay the mortgage off or if you happen to turn out to be disabled and completely unfit for work.
Your mortgage may 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 dependent upon the foundations on the time you took out your mortgage.
Mortgage cancellation could not apply to you if you happen to’re in breach of any compensation obligations.
Reimbursement plan 1
In the event you took out the mortgage earlier than 1 September 2006, your excellent mortgage steadiness plus any curiosity will likely be cancelled once you attain the age of 65.
In the event you took out the mortgage on or after 1 September 2006 however earlier than 1 September 2012, your excellent mortgage steadiness plus any curiosity will likely be cancelled 25 years after the April once you first grew to become attributable to begin making repayments.
In each instances, it’s essential to have made all repayments due primarily based in your revenue till that date. If not, in some instances, SLC could recuperate any quantities you continue to owe as much as that date.
Reimbursement plan 2
Any mortgage plus curiosity remaining 30 years after you’re attributable to begin making repayments will likely be cancelled.
You should have made all repayments due primarily based in your revenue till that date. If not, in some instances, SLC could recuperate any quantities you continue to owe as much as that date.
Postgraduate Mortgage
Any mortgage plus curiosity remaining 30 years after you’re attributable to begin making repayments will likely be cancelled.
You should have made all repayments due primarily based in your revenue till that date. If not, in some instances, SLC could recuperate any quantities you continue to owe as much as that date.
Reimbursement plan 5
Any mortgage plus curiosity remaining 40 years after you’re attributable to begin making repayments will likely be cancelled.
You should have made all repayments due primarily based in your revenue till that date. If not, in some instances, SLC could recuperate 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, it’s essential to repay your mortgage consistent with the mortgage contract and rules. In the event you don’t make repayments, SLC have the appropriate to take authorized motion to recuperate your debt. This implies SLC can get a courtroom order to make you repay the entire debt plus curiosity and penalties in a single fee.
This may be enforced by the courts as a civil debt, whether or not you’re within the UK or dwelling overseas, and also you’ll be answerable for all prices, together with authorized prices.
6.11 Coming to the top of repaying your mortgage
In the event you’re inside 4 to 23 months of repaying your mortgage, you need to change to repaying by Direct Debit. We advocate altering to Direct Debit so that you don’t repay greater than you owe and need to get a refund.
That you must preserve us updated together with your contact particulars. This may enable us to contact you about establishing a Direct Debit.
You possibly can replace your particulars on-line at www.gov.uk/sign-in-to-manage-your-student-loan-balance
6.12 In the event 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 deal with, e-mail deal with, and cell quantity are appropriate in your account by logging in at www.gov.uk/repaying-your-student-loan
Reimbursement plan 1
When you have a credit score steadiness when your mortgage has been repaid in full, curiosity will accrue on the charge of RPI or 1% above the Financial institution Base Charge, whichever is decrease.
Curiosity will accrue at RPI or 1% above the Financial institution Base Charge for a most of 60 days from the date we let you realize a couple of 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.
Reimbursement plan 2
When you have a credit score steadiness when your mortgage has been repaid in full, curiosity will accrue on the charge of RPI except a Prevailing Market Charge cap is in impact.
Curiosity will accrue at RPI for a most of 60 days from the date we let you realize a couple of 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 have 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 realize a couple of refund it’s possible you’ll be due. It can accrue at RPI plus as much as 3% except a Prevailing Market Charge cap is in impact. Curiosity will cease accruing after 60 days or from the day you might be refunded, whichever comes first.
Reimbursement plan 5
When you have a credit score steadiness when your mortgage has been repaid in full, curiosity will accrue on the charge of RPI except a Prevailing Market Charge cap is in impact.
Curiosity will accrue at RPI for a most of 60 days from the date we let you realize a couple of 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
In the event you’re due a refund and also you haven’t claimed this, we could attempt to refund your checking account immediately.
7. What to do if you happen to’re not glad
7.1 Complaints
In the event you’re not glad with the extent of service you’ve acquired, you need to contact SLC to register a criticism. You are able to do so by:
calling 0300 100 0601
emailing customer_complaints@slc.co.uk
writing to: Buyer Relations Unit, Scholar Loans Firm, 100 Bothwell Road, Glasgow, G2 7JD
In the event you’ve used this process and are nonetheless not glad, you may have your criticism reviewed by an Impartial Assessor.
7.2 Appeals
In the event you suppose a choice we’ve made in relation to your funding utility is flawed, you have got the appropriate to enchantment. An enchantment is a proper request to Scholar Finance England asking us to assessment our resolution in your entitlement to scholar finance.
In the event you want to enchantment in opposition to our refusal to award you scholar funding otherwise you disagree with how we’ve calculated your funding you may enchantment by:
downloading an appeals template from www.gov.uk/student-finance and sending the finished type 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
In the event you’ve used this process and are nonetheless not glad, you may have your enchantment reviewed by an Impartial Assessor.
In order for you extra details about compensation, go to www.gov.uk/repaying-your-student-loan or name 0300 100 0611.
8.1 In the event you reside in England
You possibly can go to www.gov.uk/student-finance or you may telephone Scholar 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 In the event you’re an EU scholar
It’s best to name Scholar Finance Providers on 0141 243 3570.
You can too write to them at: Scholar Finance Providers, PO Field 89, Darlington, County Durham, United Kingdom, DL1 9AZ
8.3 HM Income & Customs