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Student loan repayments

(5 Posts)
mizu Sat 14-Jan-17 20:21:10

Sorry for yet another student loan thread.

I graduated in 1995 and have 3 loans from '92, '93 and '95 totalling £4,000.
I have never earned enough to pay it off.

I have been offered the opportunity to increase my hours at work for a year to cover my manager's maternity leave.

This will put my salary over the £24,000 I need to earn to start paying back the loan. I will start the increased hours after half term so end of Feb.

The student loan company usually send me a letter around April time or May.

My question is, once I start paying it back will I have to continue paying it back when my salary goes back down next February?

Is it worth calling them and talking to someone?

Grateful for any replies.

Missanneshirley Sat 14-Jan-17 20:25:12

Yes you can deferr annually - I have 3 loans from around the same time period -.deferred for years as never earned enough, then briefly went over the limit and made payments for a year. Then mat leave / rreduced hours took me back below it again.
Beware though you can't do anything within the student loans "year" (or at least that was the case previously)- you have to wait for the deferment letter again.
I've finally only got 3 payments left , it feels great!

mizu Sat 14-Jan-17 21:12:03

Thanks for the reply, when you say student loan year, do you mean April to April?

And will they send me a deferment letter even though I'll be paying the loan back?

Missanneshirley Sat 14-Jan-17 21:20:36

I don't know if it's different depending on who owns your loan now but I seem to remember September being the deferrment month? They will be able to tell you that tho. I think I had to ring to.ask for a deferment form - I've been paying mine monthly for few years now and havent received a deferment letter in that time

mizu Sat 14-Jan-17 21:29:21

Thanks a lot. Think I will give them a call then.

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