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Paying back student loan on part time work.
kazd
Posts: 1,127 Forumite
I am looking to go to college next year, the first part of the course I will pay myself but the funding is being withdrawn for over 24's for Autumn 2013. Apparently I will be eligible to apply for a student loan as the fee will increase substantially to approx £2k.
My son raised an interesting question. If after completion of studying I get a job paying for e.g. £25k per annum but am part time so salary pro rata. Would I still have to pay back the loan?
My son raised an interesting question. If after completion of studying I get a job paying for e.g. £25k per annum but am part time so salary pro rata. Would I still have to pay back the loan?
£2.00 Savers Club = £34.00 So Far
+ however may £2 coins I have saved in my Terramundi since 2000.
Terramundi weighs 8lb 5oz
+ however may £2 coins I have saved in my Terramundi since 2000.
Terramundi weighs 8lb 5oz
0
Comments
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Not enough information. Part time doesn't idiciate how many hours would be worked.
You pay student loan based on how much you take home in your pay. So if you take home monthly, and take home more than £1250, you pay student loan.0 -
Not sure those figures are correct, if you take more than £1750 (gross) or £1575 (net) per month then you pay interest on the diff over then £21k.
It was just a hypothetical question really, I am assuming that it is based on actual income not what you could be earning if you were working full time.£2.00 Savers Club = £34.00 So Far
+ however may £2 coins I have saved in my Terramundi since 2000.
Terramundi weighs 8lb 5oz0 -
Not sure those figures are correct, if you take more than £1750 (gross) or £1575 (net) per month then you pay interest on the diff over then £21k.
It was just a hypothetical question really, I am assuming that it is based on actual income not what you could be earning if you were working full time.
Apologies I didn't read it properly and didn't know its for next years loan.
But yes, its based on actual income.0
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