by 1. What’s this information about?
This information is for college kids who take out a pupil mortgage for an undergraduate, postgraduate, Greater Training ( HE ) Brief Course Mortgage or Preliminary Instructor 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 comprises details about the present phrases of your mortgage. Please save a replica.
You’ll discover full particulars of the situations for getting pupil loans within the related Pupil Help Laws.
The situations for repaying your pupil mortgage are included within the Training (Pupil Loans) (Compensation) Laws 2009, as amended. You’ll discover full particulars of the situations for getting a Postgraduate Grasp’s Mortgage within the Training (Postgraduate Grasp’s Diploma Loans) Laws 2016, as amended.
You’ll discover full particulars of the situations for getting a Postgraduate Doctoral Mortgage within the Training (Postgraduate Doctoral Diploma Loans and the Training (Pupil Loans) (Compensation) (Modification) (No. 2) and many others.) Laws 2018 as amended.
You may 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 occasionally, which implies the phrases of your mortgage may additionally change. This information shall be up to date to mirror any adjustments, so you need to be sure to have essentially the most up-to-date model.
1.1 Additional info
In the event you nonetheless have questions concerning the phrases of your mortgage after studying this information, go to www.gov.uk/repaying-your-student-loan
A separate information to phrases and situations is out there for Superior Learner Loans. You may obtain it from www.gov.uk/advanced-learner-loan
2. Your mortgage contract
Once you take out a pupil mortgage it’s essential to comply with repay your mortgage according to the rules that apply on the time the repayments are due, topic to the rules being amended occasionally.
Your mortgage contract is with the Secretary of State for Training in England. The Pupil 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 Pupil 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 way of the UK tax system and refunding any over-repayments
gathering repayments from abroad repayers
answering questions on your mortgage
3.2 HM Income and Customs ( HMRC )
HMRC collects pupil mortgage repayments from employers by way of the UK tax system. In the event you’re self-employed, you’ll repay by way of Self Evaluation while you full your tax return.
3.3 Your employer
Your employer collects pupil mortgage repayments on behalf of HMRC straight out of your wage similtaneously tax and Nationwide Insurance coverage.
If in case you have any questions on how your repayments are collected by way of the tax system, you need to converse to your employer.
3.4 Sharing info
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 pupil mortgage, aside from that you’ve a mortgage and the compensation threshold that applies to you (see part 5 for particulars).
4. Your tasks
4.1 You’ll want to present full and proper info
Once you apply for a mortgage, it’s essential to give us full and correct info, in order that we are able to acquire repayments after they’re due. You should inform SLC about any adjustments to those particulars:
throughout the software course of
whilst 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 info, you could have to pay a penalty cost or repay the mortgage and any curiosity and penalties in a single lump sum.
If in case you have a Plan 2 mortgage (see part 5) and don’t keep up a correspondence with us, or don’t tell us of any adjustments 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 for those who:
change your title, cellphone 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 your private home, term-time or parental deal with
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 purpose 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 ) while you apply. SLC can’t course of your software with out this, except you’re an EU pupil 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 functions.
HMRC can even want these particulars in order that they will 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 shall be proven in your payslip. It’s best to maintain a document of those repayments so you know the way 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 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. In the event you don’t do that, you received’t be capable to get any extra pupil 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 comply with the phrases and situations for any additional pupil finance.
4.2 You’ll want to repay your mortgage
By regulation, it’s essential to repay your mortgage according to the mortgage contract and the rules. For most individuals, repayments shall be collected by way of the UK tax system by employers taking quantities from their wage by way of the Pay as You Earn ( PAYE ) system. In the event you’re self assessed, for instance for those who’re self-employed, you’ll make repayments by way of Self Evaluation on the identical time you pay tax. In the event you stay 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 shall be added to your mortgage steadiness. Which means while you’ve completed or left your course, you’ll want to begin repaying that quantity and the curiosity that has accrued. Undergraduate part-time and Postgraduate Grasp’s college students could also be required to begin repaying their mortgage earlier than they’ve completed or left their course. You’ll be accountable for any mortgage paid to you no matter whether or not you end your course or acquire a qualification.
4.4 Upkeep Loans
Upkeep Loans are paid on to you in the beginning of every time period. You’ll turn out to be accountable 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 in the beginning of every time period. You’ll turn out to be accountable for every instalment as soon as it’s paid.
4.6 Tuition Payment Loans
In the event you’re a full-time pupil, you’ll turn out to be accountable for a share of the tutoring payment being charged in the beginning of every time period. As soon as your college or school have confirmed your attendance on the course your Tuition Payment Mortgage funds shall be made to them. After funds are made you may be accountable for compensation of them.
In the event you’re a part-time pupil, you’ll be accountable for a share of the tutoring payment 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 Payment Mortgage funds shall be made to them. After funds are made you may be accountable for compensation of them.
You’ll turn out to be accountable for future instalments in the beginning of the second and third phrases of your course, as proven within the desk beneath. You’ll stay accountable for this quantity even for those who withdraw, switch or droop your research at a later date.
Once you turn out to be liable How a lot you’re accountable for In the beginning of time period 1 25% of the tutoring payment In the beginning of time period 2 50% of the tutoring payment In the beginning of time period 3 100% of the tutoring payment
In the event you’re a HE Brief Course Mortgage pupil, you’ll be accountable for the tutoring payment 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 Payment Mortgage funds shall be made to them. After funds are made you may be accountable for compensation of them.
4.7 Grant and mortgage overpayment
Your pupil finance funds are made in 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 yr is reassessed and lowered, this might end in 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 shall be paid over 3 phrases. You’ll be paid £2,000 in the beginning of time period 1. You’ll be paid one other £2,000 in the beginning of time period 2. You allow your course throughout time period 2, that 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 for those who’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 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 may be recovered from future pupil funding
Primarily based on authorities rules, the SLC has a obligation to get well any mortgage or grant overpayment.
5. Which compensation plan are you on?
How and while you repay your mortgage will rely upon while you began your course.
How a lot you repay relies on 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 amount.
5.1 Compensation plan 1 – In the event 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 compensation threshold, which is at the moment £20,195 a yr, £1,682 a month or £388 per week within the UK.
In case your revenue falls beneath the compensation 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 compensation threshold, which is at the moment £20,195 a yr, £1,682 a month or £388 per week within the UK. In case your revenue adjustments, both rising or falling, your compensation quantities will routinely change to mirror this.
Earnings annually earlier than tax Month-to-month revenue earlier than tax Approximate month-to-month compensation £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 – In the event you began your course between 1 September 2012 and 31 July 2023
In the event you’re a full-time pupil, you’ll be resulting from begin repaying your mortgage the April after you end or depart your course.
In the event you’re learning a HE Brief Course Mortgage, you’ll be resulting from begin repaying your mortgage the April after your course finish date. It’s best to contact your college or school to search out out what that is.
In the event you’re a part-time pupil, 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 for those who’re nonetheless learning), 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 per week within the UK. In case your revenue falls beneath the compensation 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 compensation threshold, which is at the moment £27,295 a yr, £2,274 a month or £524 per week within the UK. In case your revenue adjustments, both rising or falling, your compensation quantities will routinely change to mirror this.
Earnings annually 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 pupil, you’ll be resulting from begin repaying your mortgage the April after you end or depart your course.
In the event you’re a Doctoral pupil, 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 for those who’re nonetheless learning), 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 per week within the UK. In case your revenue falls beneath the compensation 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 compensation threshold, which is at the moment £21,000 a yr, £1,750 a month or £403 per week within the UK. In case your revenue adjustments, both rising or falling, your compensation quantities will routinely change to mirror this.
Earnings annually 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 Compensation plan 5 – In the event you begin an undergraduate or postgraduate course after 1 August 2023
Compensation plan 5 is a brand new compensation plan, being launched for college kids 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 pupil mortgage till April 2026 on the earliest, even for those who 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 shall be £25,000 a yr, £2,083 a month or £480 per week within the UK. In case your revenue falls beneath the compensation 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 compensation threshold, which is at the moment £25,000 a yr, £2,083 a month or £480 per week within the UK. In case your revenue adjustments, both rising or falling, your compensation quantity will routinely change to mirror this.
Earnings annually 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 beneath the brink
In the event you’re employed and your annual revenue is beneath the compensation threshold, you would nonetheless make pupil mortgage repayments in case your revenue goes above the weekly or month-to-month threshold at any time. For instance, for those who work additional 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 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 for those who’d like a refund.
5.6 Making additional repayments
You may make voluntary repayments at any time.
Nevertheless, any voluntary repayments you make received’t have an effect on the quantity you repay by way of the tax system. So, for those who’re employed, your employer will nonetheless must 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 just’re required to repay every month.
In the event you repay by way of Self Evaluation, you’ll nonetheless must repay the quantity due primarily based in your revenue for the yr.
You may’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 a couple of plan sort?
If in case you have a couple of sort of mortgage, you’ll repay them on the identical time, so long as your revenue is over the compensation threshold.
Listed below are some examples of the way it might work primarily based 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 direction of your Plan 1 mortgage. Nevertheless, in case your month-to-month revenue is greater than £2,274, your repayments shall 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 received’t must 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’ll find extra info on how compensation works you probably 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 cost to you or to your college or school till it’s been repaid in full or cancelled. We calculate the curiosity every day and apply it to your steadiness every month – this is named ‘compound curiosity’. The rate of interest you’ll be charged relies on which compensation plan you’re on.
The rate of interest is predicated on the Retail Worth Index ( RPI ), which is a measure of inflation.
It measures adjustments to the price of dwelling within the UK.
You’ll find essentially 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 charge of a nominated group of banks (Financial institution Base Charge), whichever is decrease. The rate of interest is ready on 1 September annually, though it could actually change throughout the yr too.
Compensation plan 2
The rate of interest is predicated on RPI and can fluctuate 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 shall be primarily based in your revenue. In case your revenue is £27,295 or much less, your curiosity shall be RPI . In case your revenue is between £27,296 and £49,130, your curiosity shall 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% In the event you don’t keep up a correspondence with us, or fail to advise us of adjustments to any of your private particulars. Usually RPI plus 3% shall 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 cost 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 shall be collected by way of the UK tax system for those who’re employed or by way of Self Evaluation for those who’re self-employed.
6.1 What occurs while 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 notice the deductions in your payslip.
SLC will inform HMRC while you’ve completed or left your course and provides them particulars corresponding to your title and Nationwide Insurance coverage quantity. HMRC will test to see for those who’re working and in case you are, they’ll inform your employer that you’ve a mortgage (however not how a lot you owe).
You also needs to inform your new employer that you’ve a pupil mortgage.
6.2 How employers understand how a lot to deduct out of your pay
HMRC will present steering 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 go them to HMRC . HMRC will ship this info to SLC , who’ll then replace your account.
SLC will be 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 achieve SLC .
It’s vital to know repayments taken by your employer shall be labored out on particular person pay intervals – not in your complete revenue for a complete yr. By pay interval, we imply how usually you receives a commission. So for those who’re paid month-to-month, repayments shall be calculated and deducted every month. Which means in case your revenue varies every month, you would pay again extra some months than others.
6.3 What occurs for those who change jobs
Once you change jobs, your earlier employer might provide you with a P45 with a ‘Y’ within the pupil mortgage field. In case your revenue is above the compensation threshold, your new employer will begin to make pupil mortgage deductions out of your pay. In the event 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 a pupil mortgage. You should both tick the field or advise your new employer you might have a pupil 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, corresponding to their title and deal with, their PAYE Reference and your payroll quantity. This info may be discovered in your payslip, P60 or by chatting with your payroll division. In the event you’re self-employed, HMRC will be capable to let you know how you need to repay. In the event you’re working outdoors the UK for greater than 3 months, please see part 6.7 for info on find out 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 might have proof that deductions have been taken, corresponding to your payslips, SLC will credit score the total quantity of the repayments to your account.
6.5 What occurs for those who’re self-employed
In the event you’re self-employed, you’ll ship HMRC a tax return annually beneath the Self Evaluation ( SA ) system. How a lot you repay shall be taken as a part of your SA invoice for tax. The coed mortgage compensation shall be primarily based in your taxable revenue (together with issues like occupational pensions) over the brink 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 identical time, you could have to make some mortgage repayments while you full your tax return, in addition to these taken by your employer.
You may declare credit score in your tax return for any pupil mortgage quantities your employer has already taken throughout 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 brink on your mortgage. Any SA cost shall be due on 31 January following the tax yr of your evaluation. You’ll find info on find out how to fill in your SA return within the steering 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 pupil mortgage repayments. You should fill this way in appropriately and return it on time. You should additionally pay your tax and pupil mortgage compensation on time.
In the event you don’t do that, you could have to pay curiosity and monetary penalties. It is because pupil loans shall be handled in the identical means as tax for the needs of this way.
6.7 What occurs for those who journey or work abroad
In the event you’re out of the UK tax system resulting from being abroad, otherwise you plan to depart 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 stay overseas), you’ll make repayments on to SLC . You should let SLC know earlier than you permit the UK. In the event you don’t, they will cost penalties in your mortgage and the place needed, 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 you need to repay every month. They’ll change your revenue into kilos sterling and let you know the quantity it is advisable to repay every month in kilos sterling. You’ll be answerable 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 compensation 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 dwelling prices, the compensation threshold SLC applies overseas might be completely different from the UK threshold.
6.8 Mounted compensation charge
In the event you don’t give SLC particulars of your revenue, chances are 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 might take authorized motion towards you.
6.9 When your loans shall be cancelled
There are circumstances the place your pupil mortgage could also be cancelled and also you’ll by no means must pay it again, corresponding to for those who die earlier than you pay the mortgage off or for those who turn out to be disabled and completely unfit for work.
Your mortgage can even be cancelled after a sure time period for those who’ve not already paid it off in full. The size of time relies on the foundations on the time you took out your mortgage.
Mortgage cancellation might not apply to you for those who’re in breach of any compensation obligations.
Compensation plan 1
In the event you took out the mortgage earlier than 1 September 2006, your excellent mortgage steadiness plus any curiosity shall be cancelled while 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 shall be cancelled 25 years after the April while you first turned resulting from 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 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 shall be cancelled.
You should have made all repayments due primarily based 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 shall be cancelled.
You should have made all repayments due primarily based 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 shall be cancelled.
You should have made all repayments due primarily based 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 for those who don’t make repayments
By regulation, it’s essential to repay your mortgage according to the mortgage contract and rules. In the event you don’t make repayments, SLC have the proper to take authorized motion to get well your debt. This implies SLC can get a court docket order to make you repay the overall debt plus curiosity and penalties in a single cost.
This may be enforced by way of 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 must get a refund.
You’ll want to maintain us updated together with your contact particulars. This can permit us to contact you about organising a Direct Debit.
You may 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 for those who’ve repaid greater than you owe, so it’s vital that your contact particulars are saved updated.
Make certain your deal with, e-mail deal with, and cellular quantity are appropriate in your account by logging in at www.gov.uk/repaying-your-student-loan
Compensation plan 1
If in case 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 recognize a few refund chances are 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
If in case 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 recognize a few refund chances are you’ll be due. Curiosity will cease accruing after 60 days or from the day you might be refunded, whichever comes first.
Postgraduate Mortgage
If in case 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 recognize a few refund chances are you’ll be due. It is going to 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.
Compensation plan 5
If in case 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 recognize a few refund chances are 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 might attempt to refund your checking account straight.
7. What to do for those who’re not glad
7.1 Complaints
In the event you’re not glad with the extent of service you’ve obtained, 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, Pupil Loans Firm, 100 Bothwell Avenue, 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 call we’ve made in relation to your funding software is improper, you might have the proper to attraction. An attraction is a proper request to Pupil Finance England asking us to overview our determination in your entitlement to pupil finance.
In the event you want to attraction towards our refusal to award you pupil funding otherwise you disagree with how we’ve calculated your funding you may attraction by:
downloading an appeals template from www.gov.uk/student-finance and sending the finished type to us by e-mail or publish 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 attraction reviewed by an Impartial Assessor.
If you need extra details about compensation, go to www.gov.uk/repaying-your-student-loan or name 0300 100 0611.
8.1 In the event you stay in England
You may go to www.gov.uk/student-finance or you may cellphone 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 In the event you’re an EU pupil
It’s best to name Pupil Finance Companies on 0141 243 3570.
You may as well write to them at: Pupil Finance Companies, PO Field 89, Darlington, County Durham, United Kingdom, DL1 9AZ
8.3 HM Income & Customs
