Student loan Scotland to pay or not to pay. Moving to America

Jencrystaltips

I'm new here. Apologies if this thread in wrong place or replicated. My son has scottish student loan which is going up quite rapidly. I think it's about £5,000. He left uni about 3 years ago. He is now moving to America to get married very soon. I have looked up he would have to pay about £246 a month once he reaches the £18,....+ Plus mark. Should I pay this off before he goes as he will be reaching that wage with his qualifications quite soon. I have read and re-read Martin's advice but I can't work out what would be best.

boo_star

If usually boils down to "can you earn more interest than you'll be charged?"

On Plan 1 it's quite likely.

On Plan 2 it's likely to be much harder.

Would he really be paying £246 a month? That'd have him repaying the entire thing in under 2 years.

Edit: He'd be earning roughly £50,000 a year to repay £246 a month. Is that correct?

Jencrystaltips

Many thanks for reply. Looked at chart for US through the student loans website after seeing Martin's info and it said the £245 every month with a wage of £18,...equivalent. Thought it sounded so much.

Jencrystaltips

Country of residence Currency Exchange Rate Earnings threshold ( £GBP) Fixed monthly repayment ( £GBP)
Uganda Ugandan New Shilling 0.000216 £7,345.00 £98.40
Ukraine Hryvnia 0.029456 £3,680.00 £49.20
United Arab Emirates U.A.E. Dirham 0.212256 £11,005.00 £147.60
United Kingdom British Pound 1 £18,330.00 £246.00
United republic of Tanzania Tanzanian Shilling 0.000349 £7,345.00 £98.40
United States of America U.S. Dollar 0.77961 £18,330.00 £246.00
Uruguay Uruguayan Peso 0.02176 £14,670.00 £196.80
Uzbekistan Uzbekistan Sum 0.000162 £7,345.00 £98.40