Repaying loans whilst on maternity leave

[queenbew]

Hi there,
I've just discovered I'm pregnant (unplanned, but happy!). As a post grad student I took out a Career Development Loan and am repaying monthly about £240. When the baby comes in late January, I'm really concerned about what I'm going to do about this loan. How am I going to pay it on Statutory Maternity Pay along with all the other costs of living (not to mention the cost of actually having a baby!!).

Just wondering if anyone has had similar experiences, or can offer any advice. Many thanks, O x

I don't know but bumping for you.

Is the monthly payment based on your current salary or just a fixed amount set at the time of the loan?

You could see whether the loan provides any scope for a payment holiday, but I don't think you are automatically entitled to one. Beware though that the interest will continue to accrue.

Thanks for the advice I guess the best thing to do is speak to my bank! The loan is fixed... I'm hoping they will look kindly on me, just for a few months!