Student Loan confusion!

confusedStudent_2

Hi, I would really appreciate some help!
I am really pretty clueless about my student Loan, I will hopefully be repying my loan starting next year if I get employment. I reckon I will have about £7500 borrowed, but could someone advise me on how much a will have to pay back, with interest and inflation etc.

Also, does having this student loan affect my chance of getting a mortgage after university, with my partner, who does not have any loans?

Many thanks in advance for getting back to me!

Lokolo

Mortgage no.

You can see your most recent owed amount by going here, when it comes back from maintenance. You will also need your ART ID:

https://www.studentloanrepayment.co.uk

Poolie

How much you pay back will depend on your salary. If your earning over £15,000 per annum or £1250 per month you would expect to repay 9% (before tax) above the threshold.

Interest rate is currently 1.5% (Bank of England Base Rate + 1%). The actual rate should be 4.4% from March 2010's RPI figure, due to a change in the regulations the lower amount is always used.

It is your responsibility to inform your employer that you have a student loan when you start work. You should also complete the necessary box on the P46 form. If your employer does not start taking deductions they you have to keep on top of them otherwise you are liable to be asked to repay a large repayment amount directly to SLC.

Make sure SLC have your correct address and contact details in case there are any issues for matching your account with HM Revenue and Customs especially if your not working at the moment.

MrsManda

The only reason your student loan may be taken into consideration when applying for a mortgage is in terms of affordability as they take into consideration any regular payments. But it shouldn't make much difference unless you're really pushing your affordability.

melancholly

http://www.moneysavingexpert.com/loans/student-loans-repay

this article on the main site is something you should read.