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  • FIRST POST
    • tallwill
    • By tallwill 30th Nov 17, 7:14 PM
    • 2Posts
    • 0Thanks
    tallwill
    Can I defer a student loan if I also have significant savings?
    • #1
    • 30th Nov 17, 7:14 PM
    Can I defer a student loan if I also have significant savings? 30th Nov 17 at 7:14 PM
    Evening all, I have Student loans from 96, 97, 98. I know you have to earn above a certain threshold before having to pay but what about savings?

    Is there a limit on the amount of savings you can own before having to pay??

    Please note this is for loans from the late 90's, I believe more recent loans probably have different rules.

    Thanks very much for any advise on this, it's really hard to find any info online
Page 1
    • Snozzle
    • By Snozzle 30th Nov 17, 7:25 PM
    • 45 Posts
    • 39 Thanks
    Snozzle
    • #2
    • 30th Nov 17, 7:25 PM
    • #2
    • 30th Nov 17, 7:25 PM
    I have loans up to 1994 and to date I have deferred as the income from my savings does not equal the averaged out monthly income figure that I am quoted each time I get the deferment letter.

    To make my life easy and to be as honest as possible, where it asks for your income on the deferment form from savings and investments I have simply been putting the figure for the whole year and beside it putting annually (instead of weekly, monthly etc).

    They have accepted this for years now. Hope that helps.
    • Snozzle
    • By Snozzle 30th Nov 17, 7:27 PM
    • 45 Posts
    • 39 Thanks
    Snozzle
    • #3
    • 30th Nov 17, 7:27 PM
    • #3
    • 30th Nov 17, 7:27 PM
    I should say as far as I am aware the amount of savings is irrelevant. I simply forward them my statements showing the interest / dividends and they seem happy with that.
    • Ed-1
    • By Ed-1 30th Nov 17, 7:27 PM
    • 2,043 Posts
    • 1,102 Thanks
    Ed-1
    • #4
    • 30th Nov 17, 7:27 PM
    • #4
    • 30th Nov 17, 7:27 PM
    Evening all, I have Student loans from 96, 97, 98. I know you have to earn above a certain threshold before having to pay but what about savings?

    Is there a limit on the amount of savings you can own before having to pay??

    Please note this is for loans from the late 90's, I believe more recent loans probably have different rules.

    Thanks very much for any advise on this, it's really hard to find any info online
    Originally posted by tallwill
    Savings aren't relevant for pre-1998 mortgage-style loans. Deferment is solely based on earnings.
    • tallwill
    • By tallwill 30th Nov 17, 8:54 PM
    • 2 Posts
    • 0 Thanks
    tallwill
    • #5
    • 30th Nov 17, 8:54 PM
    Thanks
    • #5
    • 30th Nov 17, 8:54 PM
    Thanks folks, that's really useful information, appreciate you taking the time to answer
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