repaying student loan

hi123

having looked at the pro and cons,made a decision not to seek subsistence loan for next 2 years
daughter is in 1st year
how can i do this ,emailed student finance no answer phoned 0845 no after holding for nearly 20 min no proper answer
has anyone done this ,if yes please help me know the best way
thanks in advance

Dunroamin

You've made the decision that your student daughter doesn't take out a maintenance loan? Have I misunderstood?

brendon

You have to do an application each year, so your daughter can simply not apply for the maintenance loan when she sends the 2nd and 3rd applications through.

hi123

Thanks
We ie me and my daughter have decided not to seek further maintenance loan
Wanted to know how to go about also am looking to repay loan she has taken out this year as WE are in a position to do so
Am only seeking mechanism to do so rather than rights and wrongs of itQUOTE=Dunroamin;64149504]You've made the decision that your student daughter doesn't take out a maintenance loan? Have I misunderstood?[/QUOTE]

Helix

You can make repayments by card here: http://www.studentloanrepayment.co.uk/. Your daughter will need to login with the same details she uses on the main site.

Not sure how it would work part way though the year though as you won't have had all the payments yet.

brendon

From what I understand, the loan doesn't start gathering interest until your daughter leaves university. So it might be a wiser idea to put the money into a savings account for the time being, and pay it off in 3 years.

amiehall

You are mistaken brendon. All student loans accrue interest while you're studying. New loans are currently collecting interest at 6.3% (RPI +3)

hi123

Thanks
My understanding initially was same ie interest later but have found out its from day joined so nearly 7% already being added
That's one of the reasons to look for not borrowing anymore at least for next year

hi123

thanks very much
just managed to make the first repayment
as you correctly suggested the loan amount was only first term fees and maintenance loan

Helix wrote: »

You can make repayments by card here: http://www.studentloanrepayment.co.uk/. Your daughter will need to login with the same details she uses on the main site.

Not sure how it would work part way though the year though as you won't have had all the payments yet.