Student Loan Account - Student Loan definition

This is an account that keeps track of your transactions and is set up once your loan is approved. You need to take out a new loan (and open a new loan account) for every year of your studies.

For the Student Loan a year is 52 weeks from when you start your course.

Each loan account closes on 31 December following your course end date.

After your loan account has closed, your loan balance transfers to Inland Revenue on 28 February. Inland Revenue is responsible for collecting repayments from you.