Paying back student loan (monthly amount)

djmartylyttle

Hi all. I have 2 student loans both pre 1998 and have deferred them every year until now as I had been earning under the threshold. Now my basic is just over the threshold and I am going to have to begin repayment. They are asking for £65 a month but I have many outgoings and a big mortgage. Is it possible to agree with them a lesser monthly amount like say £30?
Any advice would be great,
Thanks!

tomtontom

No chance, you'll have to cut your other outgoings.

CLAPTON

djmartylyttle wrote: »

Hi all. I have 2 student loans both pre 1998 and have deferred them every year until now as I had been earning under the threshold. Now my basic is just over the threshold and I am going to have to begin repayment. They are asking for £65 a month but I have many outgoings and a big mortgage. Is it possible to agree with them a lesser monthly amount like say £30?
Any advice would be great,
Thanks!

no

you have been enormously privileged to have been able to delay payment for more than 17 years.
you could have used that time to prepare for this day.

callum9999

CLAPTON wrote: »

no

you have been enormously privileged to have been able to delay payment for more than 17 years.
you could have used that time to prepare for this day.

I'd hardly call not earning enough money to pay back the loans "privileged"...

Though if their income is high enough to pay back £65 a month and that's a struggle for them, they're financially inept.

macman

callum9999 wrote: »

I'd hardly call not earning enough money to pay back the loans "privileged"...

Though if their income is high enough to pay back £65 a month and that's a struggle for them, they're financially inept.

I think the point being made was that the OP has in the meantime taken on a 'big mortgage' (on an income of less than £27K if it's a pre-1998 loan) knowing that they would need to repay the debt once their income hit the threshold. The mortgage repayments are presumably rather more than £65pm.

mustang121

Aren't student loans written off after x amount of years after the graduation date?


"took out your first student loan in or before academic year 2005/06, then it will be cancelled when you turn 65"

macman

What makes you think the OP is 65? If they took the loan at 18, they'll now be around 35.