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Will you be due education loan reimbursement for repaying too quickly?
Did you know over 100,000 graduates are owed funds through the figuratively speaking Company for repaying their loans right straight back too quickly? And you might be one of those!
There is just one quantity that really matters in your payslip, and that is the big juicy one at the underside which lets you know the amount of money you’re getting paid, right? Well, there is really another crucial quantity on here, the one which could suggest you are owed a huge selection of pounds.
It’s been revealed that more than 100,000 graduates can put on for education loan refunds following the scholar Loans Company (SLC) began repayments that are taking early – and you also could possibly be one of these.
The best benefit is, it is less complicated than you possibly might expect. There are not any lengthy kinds to complete, and you also could literally make straight back a huge selection of pounds in only a short while. Here’s your step-by-step guide to exactly exactly just exactly how it is done…
Whenever can you begin trying to repay your education loan?
Presently, graduates don’t start repaying their education loan before the April after their graduation. Therefore in the event that you graduated in July 2016, you’ll begin paying down your loan in April 2017, providing you with an eight-month break before repayments are deducted from your own income.
But, it is also essential to remember that you’ll only begin making education loan repayments when you look at the April after your graduation if you are making over a specific sum of money, and also this limit vary dependent on your own personal circumstances.
You earn over ?25,725 a year if you started uni in or after 2012, and you’re from England or Wales, you’ll start making repayments when. But remember that before April 2019 this limit ended up being set at ?25,000, and before then it absolutely was ?21,000.
You earn over ?18,935 a year, but this threshold changes on a yearly basis if you started uni in 1998-2012 OR you’re from Scotland or Northern Ireland, Read more