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Student loan after stopping work, what happens?
pioneer31
Posts: 335 Forumite
Hi,
It looks like I may stop work in the near future and will be supported by my partner.
I still have an outstanding balance on my SL. In recent months my repayments have stopped as the threshold was raised just above my annual salary.
The query I have is, what happens if I stop work? Will I be chased for payments or will it just sit there, accruing interest until I reach 65? (I'm on Plan 1) I won't have an actual salaried income anymore but will be supported by my other half.
It looks like I may stop work in the near future and will be supported by my partner.
I still have an outstanding balance on my SL. In recent months my repayments have stopped as the threshold was raised just above my annual salary.
The query I have is, what happens if I stop work? Will I be chased for payments or will it just sit there, accruing interest until I reach 65? (I'm on Plan 1) I won't have an actual salaried income anymore but will be supported by my other half.
0
Comments
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If you stop work you won't need to make payments in the loan but interest will accrue. The loan will be written off as per this guidance:
1
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