Savings affect student loan?
SleepySarah
Posts: 1 Newbie
Hi there,
I finished my studies a few years ago now and still have quite a long way to go with my student loan repayment. A family member may be giving me a sizeable cash gift which I would like to put into a savings account. Please can anyone tell me if this will affect the amount I am expected to repay of my student loan or do monthly repayments stay the same? Thanks very much, S.
I finished my studies a few years ago now and still have quite a long way to go with my student loan repayment. A family member may be giving me a sizeable cash gift which I would like to put into a savings account. Please can anyone tell me if this will affect the amount I am expected to repay of my student loan or do monthly repayments stay the same? Thanks very much, S.
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Comments
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If it's the 'pay x% of your salary over £y loan', there shouldn't be an issue. If it was, surely every graduate who managed to save up loads for a deposit etc. would end up paying a higher student loan bill? I wouldn't worry
Unless we're talking huge amounts, might want to check if it's a massive gift.0 -
Only if your interest is over £2k a year.
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678490&_dad=portal&_schema=PORTAL
Don't put it in a "savings" account. You can earn much more interest in current accounts, even after tax.0
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