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    • Chrisbb
    • By Chrisbb 21st Sep 16, 7:59 PM
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    Chrisbb
    Student loan
    • #1
    • 21st Sep 16, 7:59 PM
    Student loan 21st Sep 16 at 7:59 PM
    Hi, apologies if this in the wrong forum, but does anyone know if it's possible to request a reduction in the monthly payment of a student loan. My son is working full time, mortgage, 2 pre school children, wife working part time only as nursery costs are prohibitive, but is finding it harder and harder to afford his student loan payment each month.
Page 1
    • Pixie5740
    • By Pixie5740 22nd Sep 16, 9:26 AM
    • 8,352 Posts
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    Pixie5740
    • #2
    • 22nd Sep 16, 9:26 AM
    • #2
    • 22nd Sep 16, 9:26 AM
    What type of student loan does he have? Pre-1998 or Plan 1 or Pan 2?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • bengalknights
    • By bengalknights 22nd Sep 16, 11:28 AM
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    bengalknights
    • #3
    • 22nd Sep 16, 11:28 AM
    • #3
    • 22nd Sep 16, 11:28 AM
    He would be best calling them and asking up as its more like a tax then loan
    • Mogley
    • By Mogley 22nd Sep 16, 12:13 PM
    • 29 Posts
    • 28 Thanks
    Mogley
    • #4
    • 22nd Sep 16, 12:13 PM
    • #4
    • 22nd Sep 16, 12:13 PM
    Not sure about whether you can reduce the payment because post 1998 it acts like an extra tax (if it is pre-1998 ignore the next comments).


    However, can your son get access to salary sacrificed childcare vouchers that are accepted by his childcare provider? This would pay tax relieved childcare but also has the bonus of reducing his taxable salary (It may not be around for much longer though). The lower taxable salary means the student loan payment would reduce. This may help a little whilst childcare costs are part of his expenditure.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
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