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Erudio student loans now over threshold
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I had 4 student loans from 97-01 and I've always been under the repayment threshold and have deferred. I'm currently in deferment until next summer. However, as the payment threshold has been lowered for 22/23, I will be about £1,500 over the new limit. With the cost of living crisis this is terrible timing and I have several questions. Can anyone help? (1) I'm trying to work out what my potential repayments could be, is it simply my outstanding student loan divided by 60 = monthly payment, or is it based on a percentage of how much over the threshold you are? (2) Is it worth asking Erudio for a settlement offer (if so, do I do this now and make them aware I'm over threshold or do i wait? Had anyone done this and had a reasonable offer? (3) If I have to start repaying, will my loans still 'expire' after 25 years (that would be 2026 for me)? (4) Is there any potential to still defer, even if I'm over the threshold (I don't claim any benefits)? Many questions and if anyone can answer, or shed any light on any of them, it'd be much appreciated. Thanks
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It's a percentage based repayment, this will give you a rough ideahttps://www.student-loan-calculator.co.uk/
There's also a student section further down the forum where people talk about everything to do with being a student, loans etc.
Edit to add link:
https://forums.moneysavingexpert.com/categories/student-money-savingMortgage started 2020, aiming to clear 31/12/2029.0 -
It's not for pre-1998 "mortgage-style" loans.MovingForwards said:It's a percentage based repayment
It's fixed flat-rate monthly payments totalling 60 monthly payments (for up to 4 loans) or 84 (for more loans).2 -
Hi, is this of any help?
https://www.gov.uk/government/news/student-loans-interest-rates-and-repayment-threshold-announcement--3
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1 -
Thanks. That what I thought, but was wondering if this is how it works if it then puts you under the threshold. e.g. I'll be 1,000 over threshold, but my monthly repayments would be 175.00Ed-1 said:
It's not for pre-1998 "mortgage-style" loans.MovingForwards said:It's a percentage based repayment
It's fixed flat-rate monthly payments totalling 60 monthly payments (for up to 4 loans) or 84 (for more loans).
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