just wanted to ask, i havent worked in a year coz i couldnt find a job…ive only worked in total 2 years after my graduation…
im pregnant now, and wish not to work at all, i want to stay at home…whats the rules and regulations of payiong off the student loan? cant it be cancelled? or do i have to find work with a baby on the way or after the baby to pay off my loan?
thanks
Re: student loans…
Aashi, student loan repayments are only required if you are earning over the threshold.
If you are worried about it (because you are choosing not to work as opposed to an inability to work) make a small payment each year… equivalent to what you would pay if you were earning the minimum (£15,000 per year). There are calculators online to work out what this would be.
Otherwise you would have to register yourself as unemployed (but looking for work) at the JobCentre.
Even if you were working, it’s advisable not to pay this one off quickly.
Here is some interesting information about student loans (especially the last part). Please do read the whole thing:
Repaying Student Loans: How, should you & special calculator …
Re: student loans...
So if we don't pay it within 25 years it gets wiped out?
Re: student loans...
Yea. But be aware that it is a loan and you're expected to make payments. So unless you legitimately can't (unemployed), you should. However, do the minimum required so that it doesn't financially burden you.
Re: student loans...
OK, I'm unemployed and starting another course at uni in September Inshallah, so won't be able to pay it off yet.
Re: student loans…
That’s fine. They will probably send you a repayment letter at some point. You can reply back giving evidence that you are battening uni and they should not send you any more reminders until the course is over.
If you are long term unemployed, you must register yourself to make it legitimate (but then you would also have to be ‘looking for work’). I don’t know if it went through but the SLC wanted to blacklist people who were defaulting on their loans, so you don’t want to end up in this position.
If you’re choosing not to work, better to make minimum repayments. The logic of which is explained in the link in the other post.
Student loan defaulters given black marks | Money | guardian.co.uk
Re: student loans...
I think there is no interest for student loan in student finance england yeah?
Re: student loans...
^There is.
This academic year there isn't but in normal circumstances there is. It does vary though.