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Student loans - paying them back
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Ok..so I graduated this year, and I had the full student loan for 2 of my 3 years at uni.
What happens in terms of paying it back? I know you only start paying it back when you're earning a certain salary, but how much do they take each month etc and when does it start - do I need to ring the student loan company and organise it?
Thanks for any advice
What happens in terms of paying it back? I know you only start paying it back when you're earning a certain salary, but how much do they take each month etc and when does it start - do I need to ring the student loan company and organise it?
Thanks for any advice
Post edited by JustV on
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Comments
£15k
http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034866 might be of some use to you.
If your self-employed there are different rules and you need to check with the student loans company because I dont know them. I think you can set up a direct debit or standing order with the loan company to make additional repayments if you wish as well.
On a personal note, were I to apply that rule, I'd be leaving university at 25, and therefore I would only be finishing paying the loan when I was 50. Depressing.
I will be earning over £15,000 so I guess it will start being paid off straight away.
If I want to pay more off each month, or pay a chunk of it off at once (Say £500), can I do that?
yep :yes: