Can I defer a student loan if I also have significant savings?

tallwill

Evening all, I have Student loans from 96, 97, 98. I know you have to earn above a certain threshold before having to pay but what about savings?

Is there a limit on the amount of savings you can own before having to pay??

Please note this is for loans from the late 90's, I believe more recent loans probably have different rules.

Thanks very much for any advise on this, it's really hard to find any info online

Snozzle

I have loans up to 1994 and to date I have deferred as the income from my savings does not equal the averaged out monthly income figure that I am quoted each time I get the deferment letter.

To make my life easy and to be as honest as possible, where it asks for your income on the deferment form from savings and investments I have simply been putting the figure for the whole year and beside it putting annually (instead of weekly, monthly etc).

They have accepted this for years now. Hope that helps.

Snozzle

I should say as far as I am aware the amount of savings is irrelevant. I simply forward them my statements showing the interest / dividends and they seem happy with that.

Ed-1

tallwill wrote: »

Evening all, I have Student loans from 96, 97, 98. I know you have to earn above a certain threshold before having to pay but what about savings?

Is there a limit on the amount of savings you can own before having to pay??

Please note this is for loans from the late 90's, I believe more recent loans probably have different rules.

Thanks very much for any advise on this, it's really hard to find any info online

Savings aren't relevant for pre-1998 mortgage-style loans. Deferment is solely based on earnings.

tallwill

Thanks folks, that's really useful information, appreciate you taking the time to answer