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Student Loan Payment Dates for 2014

If you intend going to college or university in 2014, the good news is you won't have to repay your student loan until at least April 2016. A more immediate worry is ensuring you receive the necessary finance in the first place. Finding out about student loan payment dates for 2014 is a frequently asked question for undergraduates.

Key aspects of student loan payments

Who provides the loans?

The organisation you will be dealing with is the Student Loan Company (SLC), who manage every aspect of student loan payments in England, Wales, Scotland and Northern Ireland.

Who collects repayments?

Her Majesty's Revenue and Customs take repayments from employers through the UK tax system.

When are payments made?

Most students in the UK will get their loan and grants in three instalments during each academic year. These will arrive in bank accounts within 2-3 working days. Actual student loan payment dates for 2014 will vary between institutions, so it is recommended that you contact your college or university, or the student loan body operating in your area, for precise details.

Remember, in order to qualifty for any support with tuition fees or living costs, all applicants must meet residence eligibility conditions, as well as having decided to study a course supported by that body. According to the Students Awards Agency for Scotland (SAAS), the payment dates for 2014 will be:

January 1st 2014 for those courses that started between January 1st 2014 and March 31st 2014.

April 1st 2014 for those courses that started between April 1st 2014 and June 30th 2014.

July 1st 2014 for those courses that started between July 1st 2014 and 31 July 31st 2014.

Important responsibilities for student receiving loans

While considering those all-important Student Loan Payment Dates for 2014, here are some of the crucial points you should know about your side of the agreement.

During your application process you must keep the relevant awarding body appraised of any changes in circumstance: while studying, and right up until the loan is fully repaid.

Failure to provide all the up-to-date details may incur a penalty, or the requirement to repay the full loan in one lump sum.

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