Repayment The April after leaving your course, money will start vanishing from your account each month by direct debit. The money is repaid over five years for courses under five years duration and seven years for longer courses. Monthly payments are worked out on the basis of the loan outstanding and the interest accrued. Depending on inflation over the next few years, this could be around 40 each month if you take out the maximum amount for all three years of your course. You then have to prove that your income for the previous month and the next three months is below the monthly deferment threshold.
Any deferment has to be renewed each year.
In this event, th SLC will probably require a borrower to pay all the outstanding loan immediately. If the money is not forthcoming, the SLC can institute legal proceedings to recover it. The Student Advice Centre can give information or advice on this or any other related issue. It s open 12-2pm weekdays, and is on th fourth floor of the Union.