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Student Loan Plan 1 - maximum monthly payment limit? change circumstances or not?
english_rose
Posts: 281 Forumite
Hi all
I've tried to find the answer on here and the SLC website, to no avail. Does anyone know if there is a maximum limit that is paid back each month? I will be moving to a new job soon outside of the UK, with a significant pay increase, although for 1 or max 2 years. The annual overseas earnings threshold for the country I'm moving to is very low. Paying 9% on the difference between the threshold and my new annual salary will see me paying back around GBP 700 each month, which seems a lot. The fixed monthly payment is GBP 98.40. From the website: The fixed monthly repayment amount is how much you’ll be charged if you don’t give us the information we need.
I don't see how I can tell them I'm moving country without also telling them my new salary. I also don't want to get in trouble. Any thoughts? I'll be getting paid in USD rather than the currency of the country I'll be working in, if that makes any difference.
Thanks!
I've tried to find the answer on here and the SLC website, to no avail. Does anyone know if there is a maximum limit that is paid back each month? I will be moving to a new job soon outside of the UK, with a significant pay increase, although for 1 or max 2 years. The annual overseas earnings threshold for the country I'm moving to is very low. Paying 9% on the difference between the threshold and my new annual salary will see me paying back around GBP 700 each month, which seems a lot. The fixed monthly payment is GBP 98.40. From the website: The fixed monthly repayment amount is how much you’ll be charged if you don’t give us the information we need.
I don't see how I can tell them I'm moving country without also telling them my new salary. I also don't want to get in trouble. Any thoughts? I'll be getting paid in USD rather than the currency of the country I'll be working in, if that makes any difference.
Thanks!
0
Comments
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Surely the 9% is static. The purposes being if you earn more you pay more. They rely on high earners to repay.
I've not come across a cap. At the end of the day it's all relative. Your income is higher so should still be affordable even if it looks a lot % wise its no more than you pay now.1 -
There is no cap. You earn more you pay more0
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The change in the threshold at which you being to pay 9% in different countries is determined by the exchange rate, so whilst living cost may be different, the difference should still match roughly what you would pay here on a similar salary.0
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Thanks all0
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Move your payment to direct debit and then you can pay as much as you want
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What do you mean? I currently pay by direct debit but SLC fixed the amount. I don't think you can just decide to pay less if you feel like it.On_my_way said:Move your payment to direct debit and then you can pay as much as you want1 -
Could you elaborate on this please?On_my_way said:Move your payment to direct debit and then you can pay as much as you wantFeb 2008, 20year lifetime tracker with "Sproggit and Sylvester"... 0.14% + base for 2 years, then 0.99% + base for life of mortgage...base was 5.5% in 2008...but not for long. Credit to my mortgage broker0
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