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Repayment Threshold 2024/25
With RPI for March in at 13.5%, from 6 April 2024 the repayment threshold for • plan 1 loans will rise to £24,990 (22,015 x 1.135 rounded up) • plan 4 loans will rise to £31,395 (27,660 x 1.135 rounded up) The following repayment thresholds are currently frozen • plan 2 loans at £27,295 until 6 April 2025 • postgraduate…
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Deferring student loan – income from joint savings account
Hi there, I have the old style student loans, now manage by Erudio, for my course started back in 1997. I have deferred repayments every year since. This year we sold our house and moved cities, now temporarily renting before buying a new house. The money from our house (well, our shared ownership flat, specifically) is in…
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Erudio Student Loan status - pre 1998
Hi. Hoping to find either some advice or a reliable impartial source of advice regarding my student loans. From other posts on here I am hesitant to contact Erudio directly until I know the facts for myself! I have 3 loans - 1996, 1997 and 1998. I had never reached the salary threshold for earnings to have to make…
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Means Testing for student maintenance loan
Hi, I know that the maintenance loan is means tested on family income, and I know that it is based on pre-tax income too. But what I cannot find is how the self employed are means tested, is it on turnover or profit. Also - re-rental payments. Is it based on the income received before expenses are deducted or after EG:…
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Parent contribution to student fees
Hello, I’m looking for advice please - my son may go to uni sept ‘26. I’m looking at a car lease scheme through work where I’d pay through salary sacrifice. When I submit my salary details for parent contribution to student loans etc will I use my gross salary before or after the car lease payment ? Thanks in advance
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REPAYING STUDENT LOAN FROM ABROAD
My son has lived in the USA for 9 years and has always paid his monthly UK student loan payments. He sometimes struggles to afford them and frequently threatens to stop paying them. I nag him to keep paying! What are the risks if he stops paying?
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Confused about maintenance loan for year 2
My son has been told that his maintenance loan for the second year of his course is £4651 which is £90 less than year one. Does anyone know why this would be? I haven’t been asked to provide any salary details for this year. I thought I had read that maintenance loans weee to rise by about 2 per cent do I am not sure how…
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Student Loan 1999 Plan 1
Hi all I haven't been here in years, hope I am posting in the right place. I took out a £3698 student loan in 1999, 3 payments received between 1999 and 2000. Due to daily interest this was £11,247.22 on 6.4.2003. I have always worked since 2003 for local government and the money has come out of my wage slip accordingly. I…
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Student Finance - current year dropped by 60pc, but never claimed before
Hi All, I have one child currently in second year, another about to start this Autumn. In the past I have been fortunate to have earned above the upper limit for living costs, so have never applied. This tax year just ending I will have earned a lot less (well below the upper limit). I was planning to submit an 'Current…
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Student Loans: Martin's 'Halfway House'
MSE mentioned the ‘halfway house’ option for Plan 5 student loan repayment (ie: take loan, clear in full once future earning potential is established). I’d now like to consider what I refer to as the ‘quarter-way-house‘ and ‘three-quarter-way house’ student loan options for our son starting University in September 2023,…
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Student finance Parental rental income
Hi Our daughter is going into her final year at uni in September. Up till now we have not provided income details to Student finance as our household income was above the threshold for any more than the minimum maintenance loan. However, last year both my husband and I left our jobs and now rely solely on a small rental…
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Helping grandchild with Uni fees
I was intending to give my grandchild (I will have a further grandchild at Uni next year too) £5,000 per year towards University tuition fees. I thought I would pay this directly so avoiding it being seen as a ‘gift’ and so liable to tax if I die within 7 years. I know that the family will have difficulty paying the top up…
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Student loan nearly repaid - self employed
Hoping this is the best board rather than small biz as theres a bit of crossover? I've tried looking on various sections of the gov site but can't seem to find an answer. I've nearly repaid my Plan 1 SL but am now self-employed as a sole trader (since mid 2021) and confused about how this will work because the loan is…
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Student loan - repay?
Hi, I took my student loan out in 2008. I still have just under 10K to repay. I currently live abroad, thus I think I might be paying 9% ? Should I just pay it off, or invest/ keep it in the knowledge that in the future I will return to the UK (within 2 years) and within another few years potentially want a mortgage?…
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Direct debit minimum 3 months
Hi I’ve just set up a direct debit for a hobby I’ve started that states it’s 3 months minimum contract. If I was to cancel within the 3 month timeframe what could happen? Many thanks in advance for your responses
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Student Loan Repayments from 2nd job
My daughter is a newly qualified nurse and repays her student loan via PAYE as you would expect. She sometimes does extra 'Bank' sessions with a different trust and so receives a different payslip from that Trust and even though this is normally only £100-£200 a week, a student loan repayment is also deducted from her pay.…
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University Course Not Accredited when Told it was
Hi, I received my Certificate for an MSc completed in December 2021 in March 2022 and have been emailed this morning 21.03.23 to say that the qualification is not accredited to the awarding body by the university. I have previously queried this with both awarding bodies and the University and given the copy of the…
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How is 9% calculated of earnings for plan 1 student loan repayment?
I've read the recent article on this website & on the SLC website about how much you re-pay, but I don't understand the figures. On the Money Saving Expert web post it says: if your annual salary (before tax) is £25,000, you'll repay £432 a year of your student loan, but 9% of £25,000 = £2250, isn't it? Thanks in advance…
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How does final payment on Student Loan Direct Debit Scheme work?
I am paying £150 per month from 1st June with a balance outstanding of £1500 currently. How is the final payment calculated and account closed? Anyone been in this position. Also, with interest of 6.9%/7.3% plan 2? - how much above 1500 will I be effectively be paying to include interest? I am hoping it is paid off within…
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Plane 2 student loan when to pay.
I know Martins guide suggests that for most people it's not worth paying off the student debt as they'll never pay it off. I want to understand what the threshold is for considering worth of paying it off. Like what combination of monthly student loans repayments, years left and student debt size makes paying off all or…
