Student loan stress
Question
I'm in my first year at uni and I've taken out a student loan. The thing is, I'm worried I may have failed the year and will have to repeat. If this is the case, will I have to pay the money back soon? And will I have to pay it all at once?
Answer
If you do fail the first year of your course and have to retake the year there will be nothing to repay on your student loan at this time, as you'll still be at uni. It will just mean your course will last an extra year. This means, if you take a loan out each subsequent year, there will be one year's extra loan to repay when you finish your course.
If you decide not to continue with your course and start work then you won't need to start repaying your loan until your income reaches £15,000.
Question answered by CAB
