I heard it is possible to repay the loan as soon as it was received, i.e. within a day or two and not being charged interest for it. My questions are, if true: How soon after receiving the loan must it be paid back to avoid being charged interest? Can I set up a repayment schedule now, before receiving the loan?
Further information: I'm not taking out a maintenance loan or any other loan. I will start my first year of university this September.
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Repaying Tuition Loan early with no interest watch
- Thread Starter
- 24-07-2014 19:43
Mark Lee - SFE Official Adviser
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Offline2ReputationRep:Official TSR Representative
- Official TSR Representative
- 30-07-2014 15:42
In order to ensure no interest is incurred, you need to repay the loan the day that it is paid, as interest is added on a daily basis. You can call the repayments team on 0300 100 0611, option 2, to pay it back.
You're under no obligation to take the tuition fee loan. You can simply change the amount to 0 through your online account and arrange a payment plan with the university instead.