student loan repayments

[wheresmymillionaire]

Please can I ask how much you pay each month out of your pay packet towards your student load repayments?
Thank you.

£300

Your repayments are based on how much you earn and what student loan 'plan' you're on, so won't necessarily match others.
Are you worried that you're paying too much or too little?

no, i'm just interested to see what the average seems to be for when my kids have to start paying theirs back.
£300 is a lot more than I expected.

Students taking loans now are in a very different position to previous - the interest is horrendous and starts on day 1

it is a worry.
DC1 is on a 4 yr course and DC2 is a 3yr course.
im just interested to see how much people pay per month.

A lawyer in London on £120k e.g. would pay about £720 a month. (I don't have a loan)

£0.

I'm on plan 1 and my interest started at day 1 too. I don't think that's new. I definitely remember interest rates being around 5/6% when I was at uni too, so the interest rate was comparable to today's standards

The interest rate changes though throughout the plan lifetime, it's not fixed at the time it was taken out. So if interest rates fall in say 5 years, the loanees benefit from that decrease

I pay £300 but I have 3 loans.
I earn about 46k.

I owe more on my plan 1 than when I took it out.

If you're thinking about what your kids will pay in future, at the moment on the latest 'plan 5' student loan (assuming in England, it's different in other countries), they'll pay 9% on earnings above 25k.
Earn that or less, they'll pay nothing.
Earn 35k, they'll pay £900 a year (9% of 10k).
Earn 100k, they'll pay 6.75k a year (9% of 75k).
So it works more like a tax from that perspective.
They'll pay until it's repaid in full or until it's wiped in 40 years.
Obviously the current system could change again though.

For the newest plan 5 loans interest is also now set to the RPI rate of inflation (so that's a bit more positive than previous plans) but interest does start from day one

DS aged 30 (uni from 2012-2015) pays £660 per month

It won't be much use asking on here as the majority will be on a different system (plan) to your children. The plan for England changed in 2012 so everyone who went to uni beforehand will pay a different percentage of their salary and be tied to a different income threshold to your children.

www.thesalarycalculator.co.uk/salary.php. This is a helpful website to work out how much they'll pay each month.

I pay about £305/month but I have plan 2 including maintenance plus post grad. Earn c. £50k