What happens to student loan if...

Discussion in 'Home Life & Finances' started by laetitia85, Nov 19, 2007.

  1. laetitia85

    laetitia85 Well-Known Member

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    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?
     
  2. foxred

    foxred Well-Known Member

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    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 :dance: :dance: :wink:
     
  3. laetitia85

    laetitia85 Well-Known Member

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    yeah but can that go on forever? :think: surely after a few years they'll ask me for some kind of money?
     
  4. elaine22

    elaine22 Well-Known Member

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    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 :D

    Haven't paid any of mine off yet!
     
  5. foxred

    foxred Well-Known Member

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    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.
     
  6. laetitia85

    laetitia85 Well-Known Member

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    thanks ladies!
     
  7. Christina1979

    Christina1979 Well-Known Member

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    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.
     
  8. skimpy

    skimpy Well-Known Member

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    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.
     

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