Repaying your student loan

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Reply 20

Nicholas Dock

Official Rep

Original post by shawtyb

hi, when do repayments usually start and how much is taken per week/month :smile:

Hi There,

The repayments of your student loan would start the April after you graduate if you are in employment.

If you are employed and earning over the threshold which is currently £17335 for plan 1 and £21000 for plan 2.

If you earn over the threshold you will pay back 9% of anything you earn over the threshold.. example

Plan 1 customer threshold is £17335, their salary is £20000

The difference between the salary and the threshold is £2665.
9% of £2665 is £239

£239 / 12 = 19.98 so your repayment per month would be £19

Thanks

Reply 21

hihihihihi

Do student loan start incurring interest the moment we receive them or only after you've finished your degree? And if you decide to pay the loan off in a lump sum do you have to pay any fines?

Reply 22

Nicholas Dock

Official Rep

Original post by hihihihihi

Do student loan start incurring interest the moment we receive them or only after you've finished your degree? And if you decide to pay the loan off in a lump sum do you have to pay any fines?

Hi There,

Interest begins to accrue from the moment a student receives their first payment of the loan.

If a customer has savings and wishes to make a payment towards the loan or repay in full, there are no fines or early repayment charges. You would only pay what your balance was at the time of repaying.

Thanks

Reply 23

Nicholas Dock

Official Rep

Useful telephones number -

Enquiries regarding repaying your loan - 0300100 0611

Student finance England - 0300100 0607

Student finance Wales - 0300100 0607

Student Finance Northern Ireland - - 0300 100 0077

SAAS- 0300 555 0505

EU students - 0141243 3570

Reply 24

Nicholas Dock

Official Rep

Did you know?

If you are going overseas after you graduate, you should contact the student loans company and let us know this.

You will then be expected to complete an overseas assessment form to let us know the country of residence and your earnings to determine if you are eligible to repay your loan.

*Overseas assessment forms do need to be completed every 12 months to keep us up to date of your circumstances

Reply 25

Nicholas Dock

Official Rep

Did you know?

If you are repaying your student loan back through your salary but wish to repay it back quicker, you can set up a voluntary Direct debit/standing order as well as having deductions taken from your salary.

Reply 26

Nicholas Dock

Official Rep

* Earlier questions on the web chat have already been applied too.

Thanks

Reply 27

Nicholas Dock

Official Rep

This mornings live web chat has now ended but if you do have any inquiries,
please do not hesitate to contact us on 0300 100 0607 or visit the website www.studentloanrepayment.co.uk to get more info regarding the repayment of your student loan.

Thanks

Reply 28

Sarah SFE

Thanks Nicholas for some great advice!If you've still got questions about repayment we're running a student finance surgery all weekend. And check out our student finance zone for more repayment information.