Student loan repayments | Equifax UK

Paying back your student loan.

What do I have to pay again to the Student Loans Company?

After your course finishes, you’ll have to pay again tuition price loans, upkeep loans and postgraduate
loans.

You don’t have to pay again grants and bursaries until you’ve been paid an excessive amount of. If you’ve been paid
too
a lot, you’ll obtain a notification of the quantity you’ve been overpaid.

Even in the event you go away your course early otherwise you don’t full your diploma, you’ll nonetheless need to repay your
student loan in full.

How a lot cash do I owe?

If you’re uncertain how a lot cash you owe The Student Loans Company, you need to use their Balance Calculator to
see how a lot you’ve spent.

You’ll have to have an account with the Student Loans Company
in an effort to do that.

When do I would like to start out repaying my student loan?

Repayments solely begin when you’ve began incomes above a sure wage, and it additionally will depend on what
sort
of student loan you got.

The Student Loans Company has a web page which might help you discover out which type of loan you might have.
There are two completely different loan compensation sorts, Plan 1 and Plan 2.

Plan 1 loans begin being repaid when you earn over £18,330 a yr.
Plan 2 loans begin being repaid when you earn over £25,000 a yr.

The earliest you’ll have to start out repaying your student loan is April 6 on the yr after you graduate
from
college or school.

Can I repay my student loan early?

Yes, you possibly can – and also you received’t incur a penalty for doing this. However, for younger folks simply beginning to
make
their method in life, paying your student loan off early can
have dangers.

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By paying off your student loan sooner, reasonably than saving, you might end up making use of for loans or
credit playing cards in the event you want some extra cash.

Student loan debt does not value as a lot as industrial curiosity – even a mortgage prices much more over
a number of years. If you suppose you’re more likely to have to borrow cash sooner or later, take into account beginning to
save
cash now reasonably than rushing up student loan repayments, so you possibly can say no to costly loans and
credit playing cards.

Can I make further funds?

You can – nevertheless, keep in mind that every other repayments you make are voluntary and received’t substitute scheduled
repayments you already make.

Voluntary repayments can’t be refunded, so just be sure you can afford to make them earlier than you
commit.

You could make an extra fee utilizing a debit card, a cheque or postal order, or a world bank
switch in the event you’re overseas.

Will my student loan ever be written off?

Writing off your student loan will depend on the loan you might have, and the place you studied.

  • If you began your research within the UK earlier than September 1, 2006, any debt is wiped while you attain
    65.
  • If you began your course on or after September 1, 2006, and you’ve got a Plan 1 loan, any
    excellent debt
    is often written off after 25 years. (However, the exception is Scotland, the place the interval earlier than
    the loan
    is written off is 35 years.)
  • If you might have a Plan 2 loan, any excellent stability is often written off after 30 years.
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If you’re declared completely unfit for work or completely disabled, the Student Loan Company will
write
off your loan. It’ll even be written off in the event you die.

Can I pause my student loan repayments?

It’s unlikely you could pause your student loan repayments – the cash you owe is taken immediately from
your wage pre-tax, so it’s as in the event you by no means had it to start with.

We would advise that you just converse to the Student Loans Company in the event you’re having points with repaying your
student loan – at the moment, the one solution to cease making funds is to earn lower than £18,330 (if in case you have
a
Plan 1 loan), or £25,000 (if in case you have a Plan 2 loan).