When would you repay your £9000 per year tuition fees if you do not graduate

dazooboo

When would you repay your £9000 per year tuition fees if you do not graduate. If I decide that the degree I'm doing is not going to benefit me and I do not finish it what are my obligations to repaying the loan? The clock appears to start from when you graduate I can't see any provision if you do not graduate.

Lokolo

When you stop your course.

dazooboo

It is going to be claimed back as a tax as I understand it...... So will I pay less tax then if I've only done one year instead of 3?

Prothet_of_Doom

dazooboo wrote: »

It is going to be claimed back as a tax as I understand it...... So will I pay less tax then if I've only done one year instead of 3?

Your repayments are based on your ability to pay, not the ammount you borrowed. So you borrowed less, you pay off earlier, but at the same monthly rate via PAYE system

dazooboo

Are you sure Prothet of Doom? I thought that this tax thing meant that people who earned more would pay more than they borrowed and those earning less would end up paying less than they borrowed. I think that both posts so far are just people guessing. Can anybody point me to a government site that tells me what happens............. and please don't just say gov.co.uk an actual page with the facts please.

Mojisola

https://www.thecompleteuniversityguide.co.uk/university-tuition-fees/repaying-your-student-loan/if-you-come-from-england/
You will be eligible to start repaying your loan in the April after you have finished or left your course.
When you earn more than £21,000 a year you will repay 9% of anything over this amount.

Lokolo

dazooboo wrote: »

Are you sure Prothet of Doom? I thought that this tax thing meant that people who earned more would pay more than they borrowed and those earning less would end up paying less than they borrowed. I think that both posts so far are just people guessing. Can anybody point me to a government site that tells me what happens............. and please don't just say gov.co.uk an actual page with the facts please.

It's a loan. The more you take the bigger the debt. You pay 9% above £21k until the loan debt is paid off, die, or it is wiped after a certain time period.

My post was not a guess, it was a fact.

dazooboo

Just read the link from above looks like you are right. Many apologies. So why doesn't the government just say it in a simple way like that rather than dressing it up as a wealth tax for extremely successful graduates, and the rest of us get off scott free?
Whoops I just think I've answered that question.