For undergraduates, figuratively speaking may seem like a worrying level of financial obligation – however you will pay just straight straight back 9% of one’s profits above a specific earnings. Browse our guide that is quick to away what you need to find out about education loan repayments.
The united kingdom’s education loan system
You deal with the student finance body for the nation where you originally live – England, Northern Ireland, Scotland or Wales when you take out a UK student loan. The mortgage it self is administered because of the scholar Loans Company. Unlike a loan that is commercial everything you repay is dependent on your investment returns, perhaps perhaps maybe not simply how much you lent.
Current undergraduates will likely come under 1 of 2 education loan repayment systems – Arrange 1 or Arrange 2 – which may have various thresholds and prices for payment. That you don’t get to find the plan you’re on, it is done based on which country your pupil finance arrived from. Arrange 1 is relevant to people that have pupil finance from Northern Ireland and Scotland. Undergraduates from England or Wales whom began their program after 2012 come under Arrange 2.
Whenever do education loan repayments begin?
You’ll be qualified to begin education loan repayments within the after you have finished or left your course april. Whether you spend or perhaps not is determined by your earnings.