How big is student loan now?
in Student MoneySaving
5 replies 1.4K views
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?
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My instinct is that the above approach will work out much better for you both.
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.
Just be better than you were yesterday.