student loan repayment threshhold

mk_webman

I was a bit surprised to see the article on student loan repayment say it kicks in after £15,000pa earnings. This hasn't started yet - see below lifted from SLC:

Under the new Student Support scheme, you are liable to start repaying your loan from the April after you graduate or otherwise leave your course, and when your gross income exceeds £833.33 per month (£192.99 per week or £10,000 per annum). From April 2005 this threshold will increase to £1,250 per month (£288 per week or £15,000 per year).

Robert_Sterling_3

Just in time for the next General Election.
Students will benefit, to some extent, by paying up to £500 per year less off their debt each year. However the length of time it takes to clear their debt will be increased..

MMMIARMW_II

Don't forget student loan repayment thresholds are at two levels.  Depending on if you took out an old style loan ie started uni in sept 1997 (or before), or a new style loan which begain sept 1998.  The old loan repayments start when you earn over 20k (not sure of exact figure)

Robert_Sterling_3

These people should know

kparka

Don't forget student loan repayment thresholds are at two levels.  Depending on if you took out an old style loan ie started uni in sept 1997 (or before), or a new style loan which begain sept 1998.  The old loan repayments start when you earn over 20k (not sure of exact figure)

I got my 1st student loan '96 or'97, oh god thats so long ago... but i didnt earn £15k let alone £20k before they started to take payments for it... you have to let them know you dont want to be paying it if your earning under that i think. But then again the repayments are usually only low.

MMMIARMW_II

You have to apply to have the loan defered (if you want to do this). Forms should be sent to your address, or you can get them from the SLC. On the forms you declare you last 3 months income, if it falls below the threshold then your repayment if defered to the following year. When you can go through the process again.

[Deleted User]

You have to apply to have the loan defered (if you want to do this). Forms should be sent to your address, or you can get them from the SLC. On the forms you declare you last 3 months income, if it falls below the threshold then your repayment if defered to the following year. When you can go through the process again.

MMMIARMW_II - do you have to apply for a loan deferment if you are repaying under their ICR scheme ??

Enviomon2

I've had a real torrid time with student loan lending, it's absolutely spirled out of control but I guess student loans are the bes tloans to have.

I think I owe about 20k to the student loan company, given that I owe so much are there any special rules about how I will be paying it back?

crana9

not that I know of. how did you get that high a debt with them? even on a 4yr course @4k/yr, that would only be £16k..did you do a longer course or something?

Enviomon2

I made the last reply because I remember reading something way back in the slc terms that stated different terms for those who borrow more times than usual. I guesss I should just scan through their terms and conditions again.