student loan repayments

(6 Posts)
ssd Wed 10-Aug-16 16:59:02

can anyone help? if ds took a student loan for £1000, each year so left uni £3k in debt, or maybe £4k, how much would he pay per month once he starts working and earning over the threshold?

as close to the exact figure he would pay back per month would be really useful, thanks

Aimtomisbehave Wed 10-Aug-16 17:04:11

It all depends on how much he is earning over the threshold. It is calculated as a percentage of the earrings over the threshold (e.g. 9% of salary over£15,000pa)

Aimtomisbehave Wed 10-Aug-16 17:05:16

but the threshold and % changes depending on what the set up was when the loan was taken (may not be 9% or £15,000pa like the example)

SueDunome Wed 10-Aug-16 17:07:02

Currently, for new loans, it is 9% over £21k per annum.

ssd Wed 10-Aug-16 17:09:26

thanks

titchy Wed 10-Aug-16 17:43:44

Amount borrowed is irrelevant when working out monthly amount paid back. As a PP said its 9% of salary over £21k pa, whether he borrows £3k or £53k.

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