Part time work - student loan payback?

nimbo

Hi,

I am currently a student, and start a new part time job tomorrow.... It will average about 25 hours a week. (I only have 4 weeks left of teaching this year) so can fit it in...

However I have previously studied...

With part time work will I be paying back my old student loans? I am trying to works out a budget, and was wondering if any one knew?

Many thanks,

MusicalLawyer

If your loans were taken out after 1998 then I'm pretty sure that you won't be paying anything back on them - unless you're earning a stupidly good wage.

You only pay them back when you're earning £!5k per year... thats more than £7 per hour Full Time.

Taz_Sutton

I currently work 18 hours a week and come home with just over £8,000 a year. My full time salary would be over £16,000.

Do I have to start paying back my student loan? I know you have to pay back when you earn over £15000 odd, but as I'm not actually bringing this home each year, will I have to make loan repayments?

Dunroamin

Student loan repayments are based on actual earnings, not pro rata.

Taz_Sutton

Dunroamin wrote: »

Student loan repayments are based on actual earnings, not pro rata.

So at the risk of sounding stupid, I shouldn't have to pay back my student loan yet?

agrinnall

£8000 is less than £15000, so no, you don't have to pay anything yet.

The only complication would come if you did say a month of full time work during the holidays, so your monthly pay would be over the threshold so you might find some repayment deducted at that point. But if you get to next April and your annual earnings are still under £15000 then you can reclaim anything that you paid previously.

Taz_Sutton

Thanks for this! Makes a lot more sense now.

Poolie

Also, student loan repayments do not become liable till either the April after you graduate or immediately following a notice of leaving your course has been submitted by the college or university.