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Paying back Student Loan
Former Member
Posts: 1,876,323 The Mix Honorary Guru
If you take a year out after receiving a student loan and start a job over the paying back threshold, do you start paying back your student loan, even if you are goingt o get another one the next year? I'm guessing it's yes, but hoping there are other ways... like not.
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I took out a sandwich year that was over the old £12,000 threshold (year 2000-2001) and I wasn't subject to repayments.
Only when you have finished your course and you're earning over £15,000 (the new threshold) you have to start paying it back. The rate is 9% of anything over £15k.
Monthly repayment £86.17
Number of repayments 36