What happens to student loan if...

[laetitia85]

What would happen to my student loan if I decide to be a stay-at-home mum?

Will i still have to repay it even though I don't have a job? Does anyone know how it works?

 

[foxred]

they can only deduct it from PAYE when you start earning over a certain amount - so if you are not earning a wage they can't deduct it

 

[laetitia85]

yeah but can that go on forever? surely after a few years they'll ask me for some kind of money?

 

[elaine22]

no they won't - but obviously the interest will add up over time. Then again, if you get to 60 without having paid it, they will write it off! Lol

Haven't paid any of mine off yet!

 

[foxred]

have a look at the student loans company website

www.slc.co.uk

as it depends what type of loan you have, with the type I have the money (repayments are only deducted if i'm earning) they start to charge you a % of your salary again if you start working, but if I never work again, the loan is written off 25 years after the april following my graduation.

 

[laetitia85]

thanks ladies!

 

[Christina1979]

Yep I called them cos i was worried about mine and they said they only take payments if you are earning over £15,000 and the loan gets written off once your 60.

 

[skimpy]

Yep I called them cos i was worried about mine and they said they only take payments if you are earning over £15,000 and the loan gets written off once your 60.

I would ask for that in writing - a friend of mine is getting her SL deducted from her wages, which are nowhere near £15k. Apparently they told her that after x amount of years, they will just start taking repayments anyway. Quite a worry imo.