Education loan repayments once you drop out

Education loan repayments once you drop out

You might need certainly to start having to pay a percentage of one’s education loan straight straight back once you’ve withdrawn and also the remainder further on down the road.

Immediate repayments

You are just eligible for your repair Loan when it comes to percentage of this course that you are enrolled. There is certainly the possibility that SLC will claim right back a number of the cash they will have currently loaned you should you opt to drop down.

As an example, you have already received funding, you’ll have to start paying back the funding for the other 40% straight away if you drop out 60% of the way through a term for which.

But do not sweat it – SLC can get in touch to you to prepare an affordable payment plan that will not leave you in a monetary black colored gap.

Long-lasting repayments

You will have only to begin repaying your whole loan through the April you must be earning over the repayment threshold (currently ?25,725 a year) after you withdraw from your course, and even then. Continue reading