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I want to Train Now, Pay Later. What happens if I earn below the Minimum Income Threshold?
You won’t be required to make any repayments whilst your annual income is less than the minimum income threshold specified in your Future Earnings Agreement - typically between £25,000 and £30,000.
However, because the term of a StepEx product is linked to the number of repayments you make rather than a fixed period of time (unlike a typical unsecured personal loan which is likely to have a fixed term e.g. 5 years) the term of your loan may be longer as a result of any periods during which you do not make repayments.
However, because the term of a StepEx product is linked to the number of repayments you make rather than a fixed period of time (unlike a typical unsecured personal loan which is likely to have a fixed term e.g. 5 years) the term of your loan may be longer as a result of any periods during which you do not make repayments.