Repaying student loan

[lwatcay]

I did a four year course at university and graduated in June 2005. Do I need to start paying back my student loan when I earn �10,000 or �15,000. I know that the threshold has increased but is that only for students taking out loans now?

[loobie]

I graduated last year and you have to be earning over �15000. I was on exactly that amount and they did not take any money from me. Now I am on �16000 the repayments have started... a measly �7 per month. If you wanted to pay back more you can send a cheque to them. they should send you a leaflet explaining everything but if not just give them a call to request one.

Hope this helps.

[c00ky83]

I disagree loobie - when you exceed �15000 they take 9%. I just got the info last week. �7 a month? You'll be taking pension by the time that's over!

[kempie]

Using this calculator confirms that for every �1,000 per annum you earn over the �15,000 threshold you repay �7.50 per month (which is 9%).

[loobie]

Thank you Kempie. Not sure how you disagreed with me C00ky when that amount has been deducted from my salary for the last few months. And I'm not actually planning on staying on my salary or only paying back silly amounts. Like I said you can pay back more anyway.

[c00ky83]

I do apologise. I didn't realise it's 9% of the DIFFERENCE between your wage and �15000. I was thinking 9% of �15000 = �1350...sorry!

[loobie]

No prob's c00ky, I'm very glad it's not that though as all my wages and more would be going on the debt!!!