We (sadly) can not cause them to cheaper, but we are able to ensure it is less difficult to comprehend precisely how it works.
Whether you have simply started college or you’re a couple of years out the other-side, your education loan will be with you for some time.
So it’s well worth getting to learn how your loan works, but this is pretty tricky with many terms that are complicated conditions connected. Here is your breakdown of the fundamentals plus the finer details which may have escaped your attention.
That which you spend is dependent upon everything you make
First things first, you’ll only need certainly to start repaying your student loan when you start making over a threshold that is certain.
The limit varies according to which loan plan you are on.
You are on plan 1 if you are:
- An English or Welsh pupil whom began an undergraduate program anywhere in the united kingdom before 1 September 2012
- A Scottish or Northern Irish pupil whom began an undergraduate or postgraduate program any place in great britain on or after 1 September 1998
- An EU pupil whom began an undergraduate program in England or Wales on or after 1 September 1998, but before 1 September 2012
- An EU student whom began an undergraduate or postgraduate program in Scotland or Northern Ireland on or after 1 September 1998