Please see our FAQ page for answers to recent questions from our customers. Please check back regularly as this page is updated frequently.
What is deferment?
Deferment is the process of postponing your loan repayments for a period of 12 months. If you have a gross monthly income of £2,427.17 or less (equivalent to £29,126 per year) you may be eligible to apply for deferment.
How to apply for deferment
In order to defer your repayments you need to complete an online or manual application form and provide proof of your gross income or means of financial support. Only your income is taken into account - you do not need to provide income details of your spouse, partner, parents or any other relatives.
Your gross income is the amount you earn before any deductions (such as Income Tax or National Insurance) are taken from your pay.
The new application form was introduced at the end of February 2015.
The new form still features a Direct Debit Mandate request, however, this is optional rather than compulsory. Please note that if the deferment application is unsuccessful, we think it is still best for customers to complete this to ensure they can make a repayment and thus protect themselves from their account going into arrears.
If you have received the older version of the form and have not yet submitted your application, we will accept your application without the Direct Debit Mandate completed. Equally, we will be happy to accept older version forms with the following wording crossed out: "ACCORDINGLY THEREFORE BY SUBMITTING THIS APPLICATION YOU CONFIRM THAT YOU CONSENT FOR ERUDIO TO PERFORM RELEVANT CHECKS AT CREDIT REFERENCE AND FRAUD PREVENTION AGENCIES."
For advice on deferring your student loan repayments, to ask for an application form, to request a copy of a guide for completing your deferment application form, or to check the current status of your application please contact us on 0333 003 7188.
To see our current guide on deferment, please see the How to Guide (Getting your Deferment Application Form right).
You will need to continue to make repayments until you receive confirmation in writing from us that your deferment has been accepted.
Whenever a customer completes an application and provides personal information (such as a Deferment Application Form), organisations like Erudio Student Loans have a duty explain to their customers how their personal data will be used by the organisation they’ve submitted the application to, as well as by Credit Reference Agencies and Fraud Prevention Agencies. This is referred to as a Fair Processing Notice (FPN).
A condensed version of the FPN is available on page 18 of the How to Guide, however, a full version of the FPN can be found here.
We will write to you to notify you of the outcome of your deferment application.
If your deferment has been accepted your repayments will be deferred for a period of 12 months. During this time you will continue to be charged interest on your outstanding balance. If you pay by Direct Debit, we will suspend your Direct Debit payments for the period of your deferment automatically.
We will write to you just before your deferment period is due to end to inform you of when your repayments are due to start again and how much they will be. You will also be given the opportunity to apply for a further 12 months deferment at that time.
If your application has been rejected or marked as incomplete, we will state clearly the reason for this.