The important thing to remember is that the amount you’ll repay will be based on how much you earn each month, not how much you borrow.
You’ll repay 9% of your income above the repayment threshold – earn less and you won’t repay.
Once you leave your course, you’ll only repay when your income is above the repayment threshold. The threshold is different depending on which repayment plan you’re on.
If your income changes the amount you repay will change too.
If you stop working or start to earn below the repayment threshold, you’ll repay nothing at all until you earn over the threshold.
You’ll make a repayment if you go over the weekly or monthly threshold at any point during the year, for example if you get a bonus or work overtime. You can request a refund at the end of the tax year if your total income was below the repayment threshold.
If you leave your course early
You’ll still have to repay your loan but the repayment process might be different.
