Really worried about Student Loan repayments

[balroymum]

I've been a bit of an idiot. Loan statement fir last 4 years or so has had 'payment suspended'on it. I should have checked as suspected my salary was above the threshold. Had a baby and thought perhaps maternity pay had affected it. I think I may also have secretly been hoping that it might have been paid off as some loans were.

Anyway, letter came today to say that repayment will start at beginning of next financial year. I have used the on line calculator and it says my payments will be 226 pounds a month. I have 240 deducted for nursery vouchers and am also trying to clear credit card debt.

Does anyone know if I will be able to make an arrangement to pay less than 226 a month - at least until DD is in school (20 months away) I feel sick and cross with myself - any advice?

What year(s) did you take out a loan?
Mine was 2000-2003 and have always had a certain percentage deducted from my salary once I was earning over 10k i think (thresholds were lower). I now pay approx £120 per month on a 31k salary.
If you took a loan out at different time your T&Cs may well be different.
Have you contacted student finance for info?

Thanks for replying notaqueef. I'm going to ring tomorrow morning but will probably lie awake worrying all night first. It is from 2000. I think I should have been paying back months ago but they seem to have over looked me. Until now.

As NotAQueef says, your terms depend on when you took out the loan, but they're not an evil corporation - I suspect they'll let you defer.

I really hope so Anything. I will of course start paying something but 226 would be a real struggle right now. Even thinking about asking my parens for a loan. I know that they wouldn't mind but doesn't feel right. DH not keen on idea but ...

if they are taking £226 a month you must be earning a hell of a lot as they take a proportion of your earnings over the limit

oh, and for the credit card debt ... look at my spreadsheets - thread bumped to top of board

I'm intrigued by your secret hope that your student loan "might have been paid off as some loans were".

Why would anybody have paid off your loan? It's yours.