Student loan

[mountainboo]

I have been told that there is a student loan that you only start paying for once you are in employment with an annual salary of over £30k. Is that through the government? Are there companies specializing in student finance? TIA

[boxtops]

Have a look here
http://www.slc.co.uk/
No idea, however, how all this might change with the Coalition Budget next week.

[mountainboo]

I appreciate that, thank you. Yes, you are right of course, I should probably wait until after the budget.

[ummmm]

I have a funny feeling student loans are going to be slashed and students will have to get part time jobs like in the olden days.

[Prudie]

The standard student loan has to start being repaid once income is £15 K

[mountainboo]

Yes, I wouldn't be surprised. I have a part time job, I am a mature student.

[mountainboo]

Oh, it's £15k. Circumstances are also slightly different to the average student as I will be doing a part-time degree via distance learning (although I am still waiting for acceptance with University of London External System). My fee's would be a lot less than attending a uni.

[bednobs]

i'm not sure you are entitled to a loan with d/l are you?

[bednobs]

or part time

[WhiteBears]

its £15k atm

[sfdoctor]

Hi,

HMRC will start deducting repayments once you earn over £15,000 per year.

You pay 9% of what you earn over that. If you earn £16,000 you repay £7.50 per month, so £90 per year.

For example…

£16,000 - £15,000 = £1,000

£1,000 x 9% = £90

£90 / 12 = £7.50

Hope that helps!

Andy
www.studentfinancedoctor.com