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Student Money Week 2017
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Got a question about repaying your student loan? Our experts are here to help.

Gavin has worked at the Student Loans Company for almost five years. He started as a customer advisor on the phone before becoming a Quality Assurance and Knowledge advisor for repayment.

Pamela has been working with the Student Loans Company for three years and is an expert in all aspects of the repayment process.

Duncan is a member of the HMRC Student Finance Team. He is responsible for producing guidance relating to HMRC's part in the student loan repayment process. He works in partnership with colleagues from Student Loans Company to help make the process as smooth as possible.

Please be aware all answers will be posted on Wednesday 8 February.
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Albert93
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Hi, I'd like to know how can I keep repaying my loan if I come back to my EU country. Thanks.
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busranergiz
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Hi,

When I move back home as an EU student (denmark) after finishing my course, will the same rules still apply where I start repaying in april after finishing my course, where it is also based on my income as a plan 2 loan, or will my monthly repayment amount be calculated differently from a UK repayment? I have had a look on your website regarding how much you repay depending on your income - but I am assuming you still take my income into account and base it on that even as an overseas repayer?
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Ang2706
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Hi
I'd like to know how does the repayment work and how much is the interest every year? How is it calculated?
Thank you.
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tom35
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if we have a grant but leave our course early do we have to repay it immediately or when we graduate? if it's early do we have to pay it all at once?
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Pamela Gavin
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(Original post by Albert93)
Hi, I'd like to know how can I keep repaying my loan if I come back to my EU country. Thanks.
Hi Albert93

If you leave the UK, we ask you to complete an overseas income assessment form. You can download this here: http://bit.ly/1kg0AGq
You would declare how you are supporting yourself on this.

If you are in employment we will check your income against the countries threshold you are residing in to see if you are eligible to repay. You would be required to send evidence of your income If you are, we send you a schedule letter and you then pay us directly.

If you are not in employment we need evidence of how you are being support.

With both instances we will ask you for an update once every 12 months or sooner if you have a change of circumstances.

Hope this helps
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Gavin Lowe
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(Original post by busranergiz)
Hi,

When I move back home as an EU student (denmark) after finishing my course, will the same rules still apply where I start repaying in april after finishing my course, where it is also based on my income as a plan 2 loan, or will my monthly repayment amount be calculated differently from a UK repayment? I have had a look on your website regarding how much you repay depending on your income - but I am assuming you still take my income into account and base it on that even as an overseas repayer?
Hi busranergiz

When you move back home you will be required to complete an overseas income assessment form once every 12 months with this form you will tell us how you are supporting self and you will have to supply evidence. If you are working you will have to send x3 payslips and we will calculate your repayment amount based on this. Each country has it's own income threshold. You can find information on these thresholds on our website.

I hope this helps
Thank You
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Gavin Lowe
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(Original post by tom35)
if we have a grant but leave our course early do we have to repay it immediately or when we graduate? if it's early do we have to pay it all at once?
Hi Grant

If you leave your course and have a grant you will end up with a grant overpayment. If the suspension/withdrawal is due to medical or compelling cirmcumstances and you university confirms this then we can look to award 60days extra funding.

However if you leave because the course isn't for you, you will have to pay back any grant awarded past the date of suspension/withdrawal. This will be dealt with by our collections team who will write to you detailing the exact amount of overpayment. You can make an arrangement to pay this back dependent on your circumstances. SO you don't have to pay it all back at once.

I hope this helps.
Thanks
Gavin
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Pamela Gavin
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(Original post by Ang2706)
Hi
I'd like to know how does the repayment work and how much is the interest every year? How is it calculated?
Thank you.

Hi Ang2706

You enter repayment usually the first April after you leave the course.

From this time, if you are working and earning over the threshold for your loan you employer will start to take deductions from your salary in the same way tax and national insurance is taken. For customer who have started their course after 2012, the threshold is £21,000. If you are paid money, the employer uses the monthly equivalent which is £1750. If you earn over this your employer takes 9% of anything over the amount only.

At the end of the tax your your employer will have passed all the repayments to HMRC who forward this to us and we update your balance and adjust the interest based on what you have paid.

The interest accrues on your account on a daily basis and is added monthly.
We have the interest rates here: http://bit.ly/1kg0AGq

Hope this helps
Thanks
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Duncan Gracie
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(Original post by Ang2706)
Hi
I'd like to know how does the repayment work and how much is the interest every year? How is it calculated?
Thank you.

Hi Ang2706, Duncan here from HMRC. Here’s how your loan will be collected. When you’re due to repay, and if you’re in employment, HRMC will ask your employer to calculate deductions based on the set percentage (currently 9%) of your earnings above the threshold for your loan type. At the end of each tax year your employer will send HMRC details of your total annual deduction and we’ll then pass it over to Student Loans Company. If you’re self-employed, your student loan charge will be calculated when you complete your annual tax return. This will be 9% of your total income above the threshold. You’ll pay your student loan deduction to HMRC along with any tax due, and we’ll pass it over to Student Loan Company.
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Kirsty SFE
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Thanks for the questions and to the experts for their answers

For all the information you need on repayment, interest and repaying from overseas, visit www.slc.co.uk/repayment
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