Student. Loans: How Much Can They Take?

Adamc
Adamc Posts: 440 Forumite
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in Student MoneySaving
Hi all

I took a student loan out for the academic years 2006 - 2009 achieving a degree I ultimately did not directly use.

I went back to uni after being left a considerable sum of money with the instruction to set myself up. No loan taken this time.

I have just qualified as a entry level medic earning just over 30K (in real terms I take away £1765 after pension and the usual deductions/not accounting for shifts or enhancements).

I just wondered how much the SLC can actually charge me because it appears to be a fair amount?

Many thanks

Comments

  • Ed-1
    Ed-1 Posts: 3,886 Forumite
    First Anniversary Name Dropper First Post
    Adamc wrote: »
    Hi all

    I took a student loan out for the academic years 2006 - 2009 achieving a degree I ultimately did not directly use.

    I went back to uni after being left a considerable sum of money with the instruction to set myself up. No loan taken this time.

    I have just qualified as a entry level medic earning just over 30K (in real terms I take away £1765 after pension and the usual deductions/not accounting for shifts or enhancements).

    I just wondered how much the SLC can actually charge me because it appears to be a fair amount?

    Many thanks

    Plan 1 repayments are 9% above £17,775 (this threshold rises by RPI inflation annually so will be £18,330 from April 2018). Post-2006 plan 1 loans get written off after 25 years.
  • Adamc
    Adamc Posts: 440 Forumite
    First Anniversary Name Dropper First Post
    Ed-1 wrote: »
    Plan 1 repayments are 9% above £17,775 (this threshold rises by RPI inflation annually so will be £18,330 from April 2018). Post-2006 plan 1 loans get written off after 25 years.

    For some reason I thought they could take more of the earning above the given threshold. Perhaps I misunderstood?
  • Ed-1
    Ed-1 Posts: 3,886 Forumite
    First Anniversary Name Dropper First Post
    Adamc wrote: »
    For some reason I thought they could take more of the earning above the given threshold. Perhaps I misunderstood?

    If you've got a postgraduate loan, then it's an additional 6% above £21,000.
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