The manner in which you repay it is dependent on whether you benefit somebody else (employed) or work with your self (self used).
If you are used
In the event that you took away your education loan on or after 1998, repayments is likely to be obtained from your wages. You will see the repayments in your wage slide.
You will begin paying it back once again whenever you earn much more than the usual specific sum of money, referred to as a ‘salary limit’.
The income limit happens to be ВЈ18,330.
In case the income drops below the wage threshold your repayments would be stopped. They will just begin once more when you’re within the wage limit.
Find down more about repaying if you are used in the learning student Loan Repayment site.
If you are self-employed
Your education loan repayments is going to be done using your Self-Assessment taxation return.
When you are filling out your Self-Assessment taxation return tick the container saying you’ve got a learning student loan.
January you’ll have to budget for student loan payments when you submit your Self Assessment tax return and pay HM Revenue and Customs (HMRC) at the end of.
Get more info details about repaying if you should be self-employed regarding the scholar Loan Repayment internet site.