Student loan

Chrisbb

Hi, apologies if this in the wrong forum, but does anyone know if it's possible to request a reduction in the monthly payment of a student loan. My son is working full time, mortgage, 2 pre school children, wife working part time only as nursery costs are prohibitive, but is finding it harder and harder to afford his student loan payment each month.

Pixie5740

What type of student loan does he have? Pre-1998 or Plan 1 or Pan 2?

bengalknights

He would be best calling them and asking up as its more like a tax then loan

Mogley

Not sure about whether you can reduce the payment because post 1998 it acts like an extra tax (if it is pre-1998 ignore the next comments).


However, can your son get access to salary sacrificed childcare vouchers that are accepted by his childcare provider? This would pay tax relieved childcare but also has the bonus of reducing his taxable salary (It may not be around for much longer though). The lower taxable salary means the student loan payment would reduce. This may help a little whilst childcare costs are part of his expenditure.