Student Loan Repayment .uk

Student Loan Repayment

(Beyond the Headlines)

SIntusdeertnstlLidoeahneRaedpear yment ? Beyond the Headlines

Session Contents: - This presentation will cover many of the fundamental facts about student loan repayments and address areas of common concern including;

? Student Loan Repayment Overview ? Terms, Conditions and Repaying from Overseas ? Understanding the Interest ? Raising the Repayment Threshold ? Due Dates and Multiple Loans ? Monitoring a Loan Balance

SIntusdeertnstlLidoeahneRaedpear yment ? The Basics

Students won't make repayments until their future income is over ?21,000 a year* (gross) or the weekly/monthly equivalent:

? If they study a full-time course, students will be due to start repaying their loan in the April after graduating from/leaving higher education

? They'll repay 9%** of any income earned over ?21,000 and if employed, deductions will be made from their pay through the HMRC tax system

? If their income falls to ?21,000 or below their repayments will stop

? Any outstanding loan balance will be written off 30 years after entering repayment

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* Annual repayment threshold currently ?17,775 for ICR Plan 1 students ** 6% of income earned over ?21,000 for Plan 3 (PGL) students

SIntusdeertnstlLidoeahneRaedpear yment ? The Basics

For England domiciled students (and EU students who studied in England), the following terms apply to the income contingent (ICR) repayment of loans;

? Plan 1 ? Loans taken for HE courses that started before 1st Sept 2012

? Plan 2 ? Loans taken out for HE and FE courses that started on or after 1st Sept 2012

? Plan 3 ? Loans taken out for Master's degree courses that started on or after 1st Aug 2016, and Doctoral courses starting on or after 1st Aug 2018

For Welsh domiciled students (and EU students who studied in Wales), loan repayments will currently only be made under Plan 1 or Plan 2 terms*

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*Wales are laying new legislation to introduce a new repayment `Plan' type to mirror Plan 3 (PGL/Doctoral) arrangements in England

AInvseerartgselidUeKhSetauddeernt Loan Balance

Average Student Loan balance on entering repayment by Government Administration: Average Student Loan Balance By Administration

England

Northern Ireland

Scotland

Wales

2016

2017

2016

2017

2016

2017

2016

2017

?24,480 ?32,220 ?19,620 ?20,990 ?10,360 ?11,740 ?15,890 ?19,280

? All figures and information taken from, and available in, the Official Statistics section on slc.co.uk

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