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In need of advice re: paying back student loan


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Written on: 29.10.2009 [14:09]
Sofia
Sofia
Topic creator
Posts: 2
I'm worried about getting a bad credit record just from paying back my student loan. If I don't get a job, or don't earn much, I won't be able to make repayments on time: could this affect my credit rating long-term?
Written on: 30.10.2009 [10:38]
Finley
Finley
Posts: 3
You do not need to pay back your student loan unless you earn enough to be able to do this. At the moment, you need to earn more than £15,000 a year, or £1,250 a month. Once you are earning more than this, your student loan repayments will be taken automatically out of your earnings. The amount you repay is nine percent of what you make ABOVE this threshold. If you earn £20,000 a year, you only earn £5,000 above the threshold, so you'll pay £450 a year, which is less than £40 a month. Your student loan isn't listed on your credit record, so it can't affect that. And again, you'll only make repayments when you can, so you won't start gathering debt!
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  • Written on: 11.11.2009 [15:55]
    Nidra
    Nidra
    Posts: 6
    Your student loan isn’t listed on your credit report, but that might change soon. They are apparently thinking of changing the rules to make it so that it shows, but it wont actually affect your rating.

    Written on: 25.11.2009 [12:38]
    Gary
    Gary
    Posts: 1
    Plus don’t worry about not making repayments on time, it is up to your employer to arrange for the student loan repayments to come out of your pay, as long you have informed them then it will come out every month if you earn above the threshold.