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> Leaving Uni after just one year
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Kath
post Jul 18 2016, 05:32 PM
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Does anyone know when you have to pay a loan back if you decide to leave Uni after just a year? With not completing the course - does this mean it has to be paid back sooner (than had one completed it).

Thanks for any help.
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5 Silas Frøkner
post Jul 18 2016, 05:34 PM
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This is from the Scottish site, but the SLC covers the whole country so the principles should apply: http://saas.gov.uk/my_money/loan_repayments.htm


Looks like you pay back from the start of the tax year following you leaving the course. Once you reach the repayment threshold that is. I first made a payment in December 2013 and then have only been paying it monthly since August 2014.

I graduated in May 2011.
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Kath
post Jul 18 2016, 07:39 PM
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QUOTE(Silas @ Jul 18 2016, 06:34 PM) *
This is from the Scottish site, but the SLC covers the whole country so the principles should apply: http://saas.gov.uk/my_money/loan_repayments.htm
Looks like you pay back from the start of the tax year following you leaving the course. Once you reach the repayment threshold that is. I first made a payment in December 2013 and then have only been paying it monthly since August 2014.

I graduated in May 2011.


Is the threshold still £21K Silas?
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5 Silas Frøkner
post Jul 18 2016, 07:48 PM
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I started in 2007 so my threshold is around £18k. I think you're right on 21k, the threshold was raised when the tuition fee changes took effect
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Kath
post Jul 18 2016, 07:56 PM
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QUOTE(Silas @ Jul 18 2016, 08:48 PM) *
I started in 2007 so my threshold is around £18k. I think you're right on 21k, the threshold was raised when the tuition fee changes took effect


Thanks Silas. I was thinking that there may be a clause that if you finished early you had to start paying back earlier (perhaps with a lesser threshold).

Thanks again.
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5 Silas Frøkner
post Jul 18 2016, 08:02 PM
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It no worries!! As far as I have seen there's no difference between when you finish as to when you start repayments. Unlike the US system our system depends on when you reach a repayment threshold rather than kicking in X months after you've left
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