Parents paying off loan?

ceewash

I've read so much about paying off loan. Here is our situation. Son's loan is 45,000K. As he lives in China the threshold for payment is 21840K and this changes every year. Atm he is earning a very good wage but don't know how long this will last. His repayments are likely to be about £225 month (just waiting for confirmation from Student loan). 
The interest rate is 4.1%. Should we pay it off for him and then he can repay us? Can provide more info if anyone on here can advise. We are sick of dealing with SLC and it is more difficult from China. Even have been threatened with bailiffs for paying wrong amounts whilst trying to (genuinely) trying to get our heads round the system.

grumiofoundation

Generally it is only worth paying off the student loan when it becomes apparent you will (or in this case your son will) pay off the amount they borrowed - most student won't due to the write off after 30 years

Even in these cases there may well be better used for the money e.g. for use for a deposit on a property (esp if can use Lifetime ISA -although only for UK residents).

You mention your son paying you back.

How would this be structured? As a formal loan or informal?

How much will he pay you back? Will it be the same as if he was paying back student loan (i.e. a % of his salary).Will you write off the loan at the same time the government would have or will he have to pay it all back (therefore potentially paying back more than if you hadn't paid it off)

ceewash

I've had another think about this. As he doesn't know if he will continue to earn a high wage then it might be best to set up a stocks and shares  ISA over maybe 10years. Then he could decide for himself what to do with the money. As he lives abroad, incidentally our other son also lives abroad, then I think it would have to be in my name for now. I don't think it;s possible to do it in their name. Does anyone know about this/