Phil321
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Registered: 10th Mar 01
Location: Manchester
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Anyone now in full time work, how much do you pay back/month on your student loan?
[Edited on 29-03-2004 by Phil321]
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Wayne O Mac
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Registered: 16th Mar 04
Location: Hull, East Yorkshire
User status: Offline
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Only start paying it back after ur earning 16k or more.
May differ in other autorities.
Then u sort how much u pay back with the student loan company
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M2RTY
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Registered: 25th May 01
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about 80 a month here is normal (im on placement year) earning over 25k each easy tho
depends upon wages i think, as its % based
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barry_kellett99
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Registered: 19th May 03
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i pay £60 a month
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Phil321
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Registered: 10th Mar 01
Location: Manchester
User status: Offline
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That sounds about fair. Debating whether to pay it straight back in a lump sum when I graduate though. Don't really want any debts, but at the same time it could be earning 5% in an ISA.
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barry_kellett99
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Registered: 19th May 03
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dont be silly, its not really a debt!
Its based on how much over the threshold you are earning. Im not sure what the minimum earnings is now, it used to be 10 or 12K but i started working i was earning 14K and paid £30 a month back, then when my wages went up to £18k the pay back went up to £60.
If you can afford to pay it all back in one go i suppose it would be better but I didnt have £10k sitting in my bank to give them!
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Gambit
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Registered: 5th Jun 00
Location: Common Sense HQ
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also, you should really only pay back the minimum amount as the loan is linked to inflation.
there is no benefit in paying of bigger monthly lumps - you dont save any money doing this - only thing is it gets it out of the road quicker!
i pay £35.77 a month and earn 25k
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Noonster
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Registered: 20th Jul 03
Location: East Yorkshire
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I want to earn 25k a year  - only earn 18k.
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barry_kellett99
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Registered: 19th May 03
User status: Offline
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quote:
Originally posted by Gambit
also, you should really only pay back the minimum amount as the loan is linked to inflation.
there is no benefit in paying of bigger monthly lumps - you dont save any money doing this - only thing is it gets it out of the road quicker!
i pay £35.77 a month and earn 25k
You earn 7K more than me and only pay a little over half what I am paying back?!
I was not asked how much i was wanting to pay back a month... They just take it. Please inform me some more Mr Gambit!
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M2RTY
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Registered: 25th May 01
User status: Offline
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i want to set aside about 80-100 a month just to get it out the way, student loan totals about 10k i belive
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StuartGee
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Registered: 10th Dec 02
Location: Ellon, Aberdeenshire
User status: Offline
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What happens (so I believe) is this:
There is a minimum earnings threshold, used to be £10k, some say its now £12 or £14k, I'm not sure, but we will say £10k for this instance.
So, if you earn less than £10k, you pay nothing. For those over £10k, they knock off that £10k and what you pay is based on your remainding income.
ie I earn £18k, so will pay back a percentage of the £8k over the threshold limit.
Reckon it's something like 9% of that that they take from you, but couldn't be certain.
So, if it's a 9% repayment:
£18k - £10k threshold = £8k
9% of £8k = £720 per annum or £60 per month.
This is all calculated by the SLC and removed automatically from your wages by the Inland Revenue as part of your PAYE Tax.
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