Student loan

Hello! I completed foundation year and then deceided to take a break from my studies and move abroad. I announced the university and I took one year break and I am supposed to return next january but in the mean time I deceided that I no longer what to return to England as I was not very happy there…the problem is that I dont know how to proceed in regards to paying back my studen loan, I have to pay back about 21 000 £. I checked online for my country, the amount I would have to pay back monthly based on my earning and it would be £ 98 which is very difficult for me to pay since I earn around £ 700 and this amount is not even enough to support myself let alone to pay back my student loan. I am happy to pay less , like £ 10-20 but I wonder if they will accept it.. another option that I consider is to wait untill I get a better job so I can afford the repayments but I am not sure when is gonna be… any advice ? What could happen if I dont start paying for a while? Thank you

Reply 1

normaw

Clearing and Applications Advisor, Universities Forum Helper

Original post by Carla33322

I'm assuming you are on a plan 2 student loan (you can check this by logging in to your student finance account)? The following link gives a list of countries with the minimum and maximum payment thresholds, and the fixed monthly repayment amount. The fixed monthly repayment amount only applies if you do not give the Student Loans Company the information they require. If you're income is less than the minimum threshold for your country, then you won't need to pay anything back yet. If it is above the minimum threshold, then you will be required to pay a monthly amount but it will be based on a percentage of your salary and is likely to be less than the fixed amount. It shouldn't be an amount that is unaffordable.

Let student finance know where you are living and your current income.

https://www.gov.uk/government/publications/overseas-earnings-thresholds-for-plan-2-student-loans/overseas-earnings-thresholds-for-plan-2-student-loans-2023-24

(edited 8 months ago)