Can a learner re-pay the loan earlier, for example before they have finished their course? Can they pay the loan back in a lump sum?
Learners must start to repay their loan one month after they have stopped their course, regardless of whether they are in employment or not. However, there are no restrictions if they are able to repay the loan earlier, for example before they have completed their course. Learners can avoid paying any interest on the loan if they repay the amount before they finish their course. Where repayments have commenced but the learner chooses to repay the loan before the full term, a settlement payment will apply on any outstanding interest that has accrued.
Related Questions
- Can a learner re-pay the loan earlier, for example before they have finished their course? Can they pay the loan back in a lump sum?
- a learner is studying on a course that is longer than two years, what is the best time within that course to apply for a loan?
- How long does it typically take families to pay off their land loan?
