Deferring student loan – income from joint savings account

andyjirvin

Hi there,

I have the old style student loans, now manage by Erudio, for my course started back in 1997. I have deferred repayments every year since.

This year we sold our house and moved cities, now temporarily renting before buying a new house. The money from our house (well, our shared ownership flat, specifically) is in a joint savings account under both mine and my wife's names. It looks like the interest from that could be £70 a month.

I'm not earning anywhere near the deferment threshold, so I don't think that interest is going to make a huge difference, but it does make the deferment more complicated.

My question is whether I have to declare the entire amount, or should I only declare half of it? Or do I even declare it all?

My biggest worry, hopefully unfounded, is that they look at the the lump sum in the bank (from the house sale) and use this as evidence that I can afford to start repayments. That money is vital for buying our next place and is as much my wife's (if not more of her contribution) than it is mine. I'm sure I'm worrying unecessarily here.

Any advice on this matter welcome. Please let me know if I need to expand and provide more info!

Thanks

Andy

silvercar

Hello and welcome to the MSE forums.

They can only demand payment in line with the rules, they can't expect you to pay more from lump sums. 

I'll ask the forum team to move this over to the student board, where you may also find similar questions.

https://forums.moneysavingexpert.com/categories/student-money-saving

andyjirvin

Thank you that's useful to know. Apologies for posting in the wrong area!