Student loan regulations

Adly812

Totally new to student loans or loans for instance. If you take out a student loan to cover tuition fees will you ever have to repay it if you never earn more than £ 21000? Even if you're part time and annual earnings are £15000? Do they work it out for part time and full time salary comparisons or is it a flat line of £21000 before repayment? Despite your contract hours?
How many years until it is wiped off completely? Is it there all your life, or does it get wiped away if you don't earn over £21000 for a certain many years?

System

Barring a change in the future which is applied retrospectively, if you don't earn more than £21000 you'll never repay a single penny and it will be written off after 30 years. The outstanding amount is written off after 30 years even if you've made some payments.

Ed-1

They're increasing the threshold to £25,000 from next April for starters after 2012.

Adly812

So from the day you take out the loan it's 30 years and wiped off after then no matter if you start earning 25000 on the final year?

Ed-1

Smb3088 wrote: »

So from the day you take out the loan it's 30 years and wiped off after then no matter if you start earning 25000 on the final year?

It's written off on the 30th anniversary of that course's loan entering repayment (6th April after leaving the course).