You have to repay it if you take out a student loan when you’re at college or university.

You have to repay it if you take out a student loan when you’re at college or university.

The method that you repay it varies according to whether you work with somebody else (employed) or benefit your self (self used).

If you should be used

In the event that you took away your education loan on or after 1998, repayments would be obtained from your wages. You will see the repayments in your wage slide.

You will begin paying it back once again once you earn significantly more than the usual specific amount of cash, referred to as a ‘salary limit’.

The income limit is ВЈ18,330.

In case your salary falls underneath the wage threshold your payments will soon be stopped. They will just begin once more when you are on the wage limit.

Find away more about repaying if you are used from the learning student Loan Repayment site.

If you should be self-employed

Your education loan repayments should be done using your Self-Assessment taxation return.

If you are filling out your Self-Assessment taxation return tick the box saying you have got pupil loan.

You will have to plan for education loan repayments once you distribute your Self Assessment taxation return and spend HM Revenue and Customs (HMRC) at the end of January.

Learn more information on repaying if you should be self-employed in the Student Loan Repayment web site.

These details pertains to figuratively speaking Company (SLC) loans. You find the right organisation to contact if you took out a student loan between 1990 and 1 September 1998, SLC can help.

That which you’ll spend

This will depend on which nation you lived in once you sent applications for pupil capital.

In the event that you took out your loan in England and Wales before 1 September 2012 if you applied for your loan in Scotland or Northern Ireland, you’ll be on repayment Plan 1. You’ll also be on Plan 1.

What this means is you are going to spend 9% regarding the earnings you get on the limit to your learning Student Loan Company (SLC). This portion remains exactly the same when your income rises. More →