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Higher education

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Original poster

Student finance - if you earn above the threshold for repayment

12 replies

Pineda · 09/05/2023 09:38

And then leave your job so fall below the threshold- does this mean repayments are paused?

Currently working but planning on a part time degree September. I will stay working for a while then hopefully leave and start getting work experience in a new area. I am presuming I'll start paying back loan straight away as earning above 27k. But my plan is to leave job after 6 months so earnings will fall to very little. Will the loan repayment pause?

It's a foundation degree so 240 credits over two years- finding it difficult to work out fees!

OP posts:
Dillya · 09/05/2023 09:39

Yes it will pause - they can’t take money out of a pay slip you don’t have!

Dillya · 09/05/2023 09:40

You will also be able to claim back some/all of the money you have paid April-august.

Original poster
Pineda · 09/05/2023 09:41

Dillya · 09/05/2023 09:39

Yes it will pause - they can’t take money out of a pay slip you don’t have!

So you let them know you are now earning 17k etc and they just pause it?

Sorry to sound clueless just trying to cross all ts and dot all is before applying!

OP posts:
Dillya · 09/05/2023 09:46

You don’t need to inform them; it’ll happen automatically. When you leave your employer will inform HMRC who will then in turn inform student loans.

Original poster
Pineda · 09/05/2023 10:06

That is so helpful. Thank you so much

OP posts:
Lcb123 · 09/05/2023 10:09

You don't need to do anything. Loan payments are deducted by your employer when you are employed and earning beyond the threshold.

titchy · 09/05/2023 10:13

Once you've dropped to part time and expect your annual salary to be below the repayment threshold you can also phone them and ask for repayments made to be refunded.

You are aware you don't start paying it back till the tax year after you've finished?

Original poster
Pineda · 09/05/2023 10:29

titchy · 09/05/2023 10:13

Once you've dropped to part time and expect your annual salary to be below the repayment threshold you can also phone them and ask for repayments made to be refunded.

You are aware you don't start paying it back till the tax year after you've finished?

No I didn't realise that. I haven't actually applied yet as I need to work all this stuff out first. That's very positive news. Letting myself get a bit excited now.

OP posts:
peachespeachespeaches · 09/05/2023 10:58

You won't pay anything until after you've completely graduated.

If you're enrolling to start in September you won't pay anything back until you earn over 25k, once you've graduated.

Your maintenance loans will take into account your current income though, so you need to be aware of that.

Original poster
Pineda · 09/05/2023 11:40

peachespeachespeaches · 09/05/2023 10:58

You won't pay anything until after you've completely graduated.

If you're enrolling to start in September you won't pay anything back until you earn over 25k, once you've graduated.

Your maintenance loans will take into account your current income though, so you need to be aware of that.

Yes I do know that. I might not take the maintenance loan

OP posts:
Bunnyannesummers · 09/05/2023 12:35

So if you’re starting your course in September 2023 and will finish in July 2025, you won’t make any repayments until April 2026.

Original poster
Pineda · 09/05/2023 12:36

Bunnyannesummers · 09/05/2023 12:35

So if you’re starting your course in September 2023 and will finish in July 2025, you won’t make any repayments until April 2026.

That's great 👍

I'm going to get on and apply this afternoon.

OP posts:
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