Student loan repayment gov.co.uk

Burnsie1983

I currently have about £1800 to pay off.

I had started to keep an eye on my balance monthly to calculate the interest in real time (£ not %) and then to decide weather I should pay off this before interest free credit card.

I think approx £10 per month is interest. Whereas if I only paid minimum credit card off per month, of probably have to balance transfer...which might be 5%, which is less that the £10 per month for the final 17ish months of student loan repayments

Anyhow, does anyone have any ideas how/when your balance is updated on the gov.co.uk site?

My balance has not reduced since pay day, but that was only last week, so I assume your new balance is calculate mid month??

marcia_

Burnsie1983 said:

I currently have about £1800 to pay off.

I had started to keep an eye on my balance monthly to calculate the interest in real time (£ not %) and then to decide weather I should pay off this before interest free credit card.

I think approx £10 per month is interest. Whereas if I only paid minimum credit card off per month, of probably have to balance transfer...which might be 5%, which is less that the £10 per month for the final 17ish months of student loan repayments

Anyhow, does anyone have any ideas how/when your balance is updated on the gov.co.uk site?

My balance has not reduced since pay day, but that was only last week, so I assume your new balance is calculate mid month??

 Have you not had a letter from the Student loans company to end paying out of your wages and to pay by direct debit? They usually do that when you have only a small balance to stop any overpayment. You can then set the DD to an amount to get it paid quicker 

silvercar

If you tell us what plan you are on, we can tell you the interest rate. If you don’t know what plan, then when did you start university and which home nation is the loan from?