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student finance help

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Once I have graduated who do I contact if I get a job or can't find a job? Read More
dealer221 Avatar
1w, 3d agoPosted 1 week, 3 days ago
Once I have graduated who do I contact if I get a job or can't find a job?
dealer221 Avatar
1w, 3d agoPosted 1 week, 3 days ago
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(14) Jump to unreadPost an answer
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#1
Any loan repayments are linked to your NI number. If/when you earn enough they'll start to take repayments from you. If you don't earn enough are aren't working you won't pay anything.
#2
So I don't need to call anyone or notify them if I am working or not working they can find out automatically?
#3
Paddy_o_furniture
Any loan repayments are linked to your NI number. If/when you earn enough they'll start to take repayments from you. If you don't earn enough are aren't working you won't pay anything.


So I don't need to notify them about if I'm working or not they can find out automatically
#4
Don't bother getting in debt.
#5
I wouldn't worry....by the sounds of it you're not going to graduate
#6
You only start paying the loan back when you're earning more than £21K, I think they take 9% of your income after that and it's all done automatically
#7
zipt
You only start paying the loan back when you're earning more than £21K, I think they take 9% of your income after that and it's all done automatically
True but the interest is already adding up on it.
#8
japes
I wouldn't worry....by the sounds of it you're not going to graduate


It's a question. Answer the question or if you are unable to just don't comment.
#9
TIL, people go to Uni and borrow money without even looking into how they pay it back...
#10
Ok hopefully this answer may be more helpful to you than some of the other pointless ones.

Yes Student loan is a debt and may be used in affordability checks you may have when applying for new lines of credit.

BUT, Student loan debt isn't a conventional debt. It is repaid almost as a tax, where 9% of your earnings over £21k are repaid directly to SLC and deducted at source when you start working and earning over this amount.

If you are not working, yes interest will continue to build, but you make no repayments. Also, student loan repayments will not automatically until the new tax year AFTER you graduate. Eg you graduate July 2017, even if you start employment immediately, Student Loan repayments will not begin until April 2018, unless you choose to select repayments when you begin and select the option on your new starter checklist for your employer.

All deductions are linked to your NI Number as mentioned before, so you do not need to do anything for that, and when your repayments are due start a student loan notice will be issued by HMRC to your employer to advise them to make deductions.

You can choose to make voluntary payments on your debt directly to SLC, but this is optional.
#11
shaft1973
Don't bother getting in debt.
Take you don't have or never had a mortgage then?
#12
It's worth a mention that they slap 6% interest on each year too.
#14
as someone already said, it all gets sorted automatically when you start to earn over a certain amount. it gets deducted from your monthly pay and appear on your payslip.

apparently, and i disagree with this, if you don't earn over a certain salary amount or don't have a job, the debt gets written off after a certain number of years so it is not a debt to worry about if you end up unemployed or earn a low wage.

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