One off payment against postgraduate loan

ssmi

Hi.My daughter has an undergrad and postgrad loan (masters) and we want to make a one off payment that reduces the postgrad loan not the undergrad. However on the website if you select bank xfer you are required to enter the customer number - which applies to both loans. How can we ensure which loan the repayment is applied to? Does anyone have any experience of this? Thanks in advance 

Brie

can't answer your question but I'm wondering why you would want to pay one loan in preference to the other?

ssmi

Brie said:

can't answer your question but I'm wondering why you would want to pay one loan in preference to the other?

Interest rate higher on post grad loan

silvercar

I think you need to phone up to do this.

Consider before making this payment will mean that the loans will get paid off eventually. If they wouldn’t otherwise get cleared, you could be gifting money to the government.

ssmi

silvercar said:

I think you need to phone up to do this.

Consider before making this payment will mean that the loans will get paid off eventually. If they wouldn’t otherwise get cleared, you could be gifting money to the government.

Thank you for this. Yes we have considered the repayment - unfortunately based on what we know today this loan would be repaid within the time frame 

Ed-1

Sounds like a good idea given the repayment threshold has (once again) been fixed at £21,000 for 2025/26.

https://wonkhe.com/wonk-corner/dfe-is-making-a-fat-profit-on-masters-loans/