Old and new student loan, confused about repayments?

forsya

Hi there

I wandered if anyone could help?

I have a student loan from when I went to Uni 10 yrs ago of £7223.

I am now studying a PGCE and have the following:
Tuition fee loan - £3375
Maintenance loan - £3912
Grant - £2906

I would like to work out how much I will be paying back when I am on a salary and also how much and will the be joint payments?

Any help or guidance would be really appreciated.

Many thanks xx

forsya

thanks, I am hoping to be a teacher next September and salary will be £21/£22k per annum

MrsManda

Can you confirm whether your first loans were income based or fixed term?

If both sets of loans are income based then you'll be repaying 9% of everything you earn over £15,000 once you've completed your course.
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867326&_dad=portal&_schema=PORTAL

If your first loan was a fixed term loan the rules around repayment of your loans is different as you can choose which one to repay first or repay both together.
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,5604062&_dad=portal&_schema=PORTAL

forsya

Thanks MrsManda

That's really helpful, I'm pretty sure it's income based. So I will then be paying 9% on both loans.

Thanks for the links also, very helpful.

:T

TrueFlower

I had the exact same question. Thanks for clearing it up!