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3. How much of the amount owed will be cancelled

The Student Loans Company will calculate how much will be deducted from their balance as soon as a student has made their first repayment. 

  • If that balance is zero (i.e. the student repays the outstanding balance in one payment) the cancellation is zero and the student is not eligible for a further cancellation;
  • If the balance is less than £1,500 the student will receive a cancellation to the amount of the outstanding balance and the student is not eligible for a further cancellation; and
  • If the balance is £1,500 or greater, then the student will receive a cancellation of £1,500 and the student is not eligible for a further cancellation.

If the cancellation applied is less than £1,500, including where it is zero, no further cancellation will be applied to any future loan debt. 

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