Payment and repayments
You only need make one application for a loan. Payments are then made in three equal instalments during the academic year. If your course started in the 2017/18 academic year or later, the payments are made over the duration of the course (up to four years if you are studying part time). The first payment is made at the start of the course, with the second and third payments made on the term dates provided by the institution.
You repay the loan in broadly the same way as undergraduate student loans (see
here), starting in the April after you complete the course.
1E(SL)(R) Regs (as amended) However, there are three significant differences:
•repayments did not start until April 2019;
2Reg 26(3) E(PMDL) Regs •repayments are collected concurrently with any existing income-contingent loans you may have with the Student Loans Company;
3Reg 39(3) E(PMDL) Regs •the repayment rate is at 6 per cent of anything you earn over £21,000.
4Reg 39(2) E(PMDL) Regs This repayment threshold is frozen until at least 2021.