Loan Repayment?
Just got the all clear for a loan and grant for my open university course and I understand that you dont start repaying anything if you earn under the threshold but there's something that wasn't quite clear to me about repayments on one of the letters I received..
"you'll be liable for your Tuition Fee Loan two weeks after the first day of term 1, and at the start of term 2 and 3, not the date when the instalment is paid to your university or college. % of total Tuition Loan you'll be liable for: term 1 - 25%, term 2 - 50%, term 3 - 100%."
Then the section just after says: "You'll normally begin repaying your loan at the start of the tax year 4 years after the start of your course."
"you'll be liable for your Tuition Fee Loan two weeks after the first day of term 1, and at the start of term 2 and 3, not the date when the instalment is paid to your university or college. % of total Tuition Loan you'll be liable for: term 1 - 25%, term 2 - 50%, term 3 - 100%."
Then the section just after says: "You'll normally begin repaying your loan at the start of the tax year 4 years after the start of your course."
Original post by mexicojones
"you'll be liable for your Tuition Fee Loan two weeks after the first day of term 1, and at the start of term 2 and 3, not the date when the instalment is paid to your university or college. % of total Tuition Loan you'll be liable for: term 1 - 25%, term 2 - 50%, term 3 - 100%."
"you'll be liable for your Tuition Fee Loan two weeks after the first day of term 1, and at the start of term 2 and 3, not the date when the instalment is paid to your university or college. % of total Tuition Loan you'll be liable for: term 1 - 25%, term 2 - 50%, term 3 - 100%."
This just points out that if you leave your course any time after the first two weeks, you will still have to pay your tuition fee. The later you leave in the year, the more you will have to pay. If you leave before completing the year, you will usually be expected to pay whatever tuition fee you owe, in full, immediately.
Then the section just after says: "You'll normally begin repaying your loan at the start of the tax year 4 years after the start of your course."
Basically, as long as you complete full years on the degree you'll be fine and will only have to make repayments once you're earning over the repayment threshold after your course ends.
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