Full repayments
The entire money generated in declaration period can be 9% of one’s money along side threshold relevant during the time.
Out of sixth , new fees threshold to possess Package cuatro finance try ?twenty five,375, so you can easily simply generate payments on the whatever you earn above you to definitely.
In the previous economic 12 months, the latest endurance try ?25,100. Yet not, prior to 6th , Bundle cuatro funds was in fact element of Package 1, therefore was subject to these thresholds which changed annually.
So, if you’re looking within a payment declaration filled with at any time prior to , you will need to just remember that , the brand new cost tolerance try significantly straight down as opposed today – and you will, therefore, money might have banged from inside the once you were getting a lot less.
Closure equilibrium
This is calculated by adding the starting harmony (or, if this is your first statement since graduating, the amount borrowed) and the attention applied during the statement period, and then deducting the complete payments made during the same time. (more…)