How can I be Debt-free!?!?

nickmartin85

Hi,

I've been at uni for a year, got my student loan, but I want to start paying it off now I'm working full time. Anyone know how to pay this off? It's not coming automatically out of my bank account like I thought it would.

Thanks, Nick.

seraphina

If you haven't graduated yet it won't be automatically taken out of your pay. You need to send cheques off to the Student Loans company (I think their website is https://www.slc.co.uk).

If you have graduated then get in touch with your payroll department, they should be taking it out of your salary.

Bear in mind that student loans are very very cheap. You will be better off sticking any money you have set aside for repayment into a high interest savings account and they paying off the loan at your conveinance. I have done this with some of my student loan, which is now the beginning of my nest egg/house deposit.

Glitterari

Are you still at uni?

It only comes out from the April after you graduate and it comes straight out of your wages. And you only start paying it back once you're earning more that £15k pa.

nickmartin85

This is the confusing bit---

I was at uni full time, left 4/5 of the year through, now i have a job but I still go to uni part time, and I'm earning exactly £15k.

So I should just write a check diect to the student loans company occasionally?

Sorry I'm really no good with this stuff..

Glitterari

Are you getting a student loan for studying part time?

I think seraphina is right - just put the money aside each month and then you can choose to save it or pay it off. You're probably not paying back yet because it's not been long enough yet.