I'm currently studying for an MSc via Distance Learning and am considering whether I want to continue with the programme.
I've completed two modules and would be eligible to 'check out' with a Postgrad Certificate if i was to leave the programme now. I'm studying part-time and have received the first year of funding.
If i was to drop out now would I be required to repay any of my loan immediately? I'm aware that I would receive no further payments and wouldn't be eligible for a loan if I wanted to study another masters in the future. My primary concern is that I couldn't afford to pay back the £5k i've already borrowed straight away. If this will be paid back via my wages as normal this wouldn't be a problem.
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Withdrawal - PG loan repayment watch
- Thread Starter
- 16-07-2017 19:27
- Official Rep
- 17-07-2017 09:54
If you were wanting to leave now then any loans you have been paid whilst you were still on the course would not be classed as an overpayment so you wouldn't need to repay straight away.
You would repay your Post Graduate Loan via the Income Contingent Repayment (ICR) scheme. You wouldn't be due to go into repayment until 6 April 2019 and if you are working and earning over the £21000 threshold your employer would make deductions from your salary of 6% of anything you earn over this threshold. If you are not earning over this then you will have no deductions taken.