How big is student loan now? 13 May 2018 at 12:22PM in Student MoneySaving 5 replies 1.4K views

mariasnake

Hi, with a daughter at uni and having inherited some money, I am thinking about paying off her loan so she doesn't ever have to make repayments out of her salary. How can I or she find out the current size of her loan?

sheramber

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678799&_dad=portal&_schema=PORTAL

mariasnake

Thanks - have tried but page "currently unavailable". Will try again later

Cash-Cows

Check the student finance pages on this site as paying off the loan might be a waste of money.

tacpot12

I would agree that it might be unwise to pay the loan off now. Your daughter may never have to pay off her student loan. I would advise you invest the money. Depending on what happens you can either give your daughter a capital sum or pay her an amount per month to cover the loss of income when she starts paying the loan.

My instinct is that the above approach will work out much better for you both.

Dobbibill

Hi Mariasnake - welcome to the forum.

As she is still in Uni, would it be wiser to invest the money for her while she finishes her studies.

She will only have loan repayments deducted if she meets the threshold. When this happens you may want to reconsider if she is a higher earner. She may never earn enough to pay off the loan otherwise so as a low earner it wouldn't be the best use of the inheritance IMHO. Perhaps gifting her a lump sum when she is ready to take out a mortgage would be a better use.

While she is still studying there are alot of ifs, buts and maybes - waiting until she is in FT employment the better option.