The Student Room Group

Paying back

I've spent hours on the student finance and gov.uk website gathering all the information that I could. I have a few questions regarding the PLAN 2 scheme:

- If I took maintenance loan and tuition loan. Once I earn over the threshold, would they both be paid together?

- If both are paid together/ alone, how will the interest rate work?
For example with these values:

4 years x £9250 tuition loans
3 years total of £21 950 in maintenance loans.

If I earn above the threshold. Lets say around £2000 above, how much will I repay back each month on top of the interest rate?

- Will SFE notify me when I need to start paying back? Does my employer automatically pay it, or should I create a repayment account or something?

- What if I dont have a next of kin when I die, will SFE still take money from my account or have debt in my name (bearing in mind in my religion, it is not good to have debt once a person passed away hence someone has to pay it off).

- I've somewhat calculated that over 30 years, you will pay more than you took out or paid in tuition, so it better to pay off instead of it being cancelled?

- Will student finance notify me if I overpaid, and how would I know if I overpaid?

-When I mortgage, buy a house, car etc in the future, would they look at my debt I have with the Student Loan Company? One of my colleague at work said that they would!
(edited 4 years ago)
Original post by kazzy121
I've spent hours on the student finance and gov.uk website gathering all the information that I could. I have a few questions regarding the PLAN 2 scheme:

- If I took maintenance loan and tuition loan. Once I earn over the threshold, would they both be paid together?

- If both are paid together/ alone, how will the interest rate work?
For example with these values:

4 years x £9250 tuition loans
3 years total of £21 950 in maintenance loans.

If I earn above the threshold. Lets say around £2000 above, how much will I repay back each month on top of the interest rate?

- Will SFE notify me when I need to start paying back? Does my employer automatically pay it, or should I create a repayment account or something?

- What if I dont have a next of kin when I die, will SFE still take money from my account or have debt in my name (bearing in mind in my religion, it is not good to have debt once a person passed away hence someone has to pay it off).

- I've somewhat calculated that over 30 years, you will pay more than you took out or paid in tuition, so it better to pay off instead of it being cancelled?

- Will student finance notify me if I overpaid, and how would I know if I overpaid?

-When I mortgage, buy a house, car etc in the future, would they look at my debt I have with the Student Loan Company? One of my colleague at work said that they would!

Hi there, I advise you message our repayments team with this query https://m.me/SLCRepayment
Thanks, Isaac.
Reply 2
Original post by SFE Isaac
Hi there, I advise you message our repayments team with this query https://m.me/SLCRepayment
Thanks, Isaac.

I've been told if both maintenance and tuition fees is taken out the interest is 2.4, what if only one only tuition loan is left to be paid?
Original post by kazzy121
I've been told if both maintenance and tuition fees is taken out the interest is 2.4, what if only one only tuition loan is left to be paid?

I advise you to speak to our specialist repayments team about this.
Thanks, Isaac.

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