Notice: Undefined index: CountryID in /home/default/thestudentzone.com/user/htdocs/includes/header-nodomain.php on line 10
|
5TH DEC 2008
|
|
|
|
|
|
|
|
|
|
|
So in order to go to college or university, you've had to take out a student loan or student overdraft, the spending is great but the repayments aren't so great, here we give advice for repaying your debts
In brief:
* You only begin paying off your Student Loan when you start earning over £10,000
* The Student Loan is repaid through the PAYE system and is administrated by the Student Loans Company (SLC) and the Inland Revenue
* Student Overdrafts are generally graduated down to £50 over a 3 year period after you finish university
Repaying your Student Loan
The terms for repaying your loan are the same whether you are a full-time or part-time student. You will not have to start repaying your loan until the April after you have finished or left your course. The amount you repay will be linked to your income. You will be expected to repay 9% of your income each year over £10,000, or the monthly (£833) or weekly (£192) equivalent.
The SLC will work with the Inland Revenue to collect repayments. They will be taken by your employer and shown on your pay statement. If you are self-employed, the repayments will be collected through the tax self-assessment system.
You will not have to make repayments while your income is below the threshold of £10,000.
The table below shows the monthly repayments, which you would need to pay if you were earning different amounts, and how much the repayments would be as a percentage of your total income.
MONTHLY REPAYMENT INFORMATION | Income each year | Monthly repayment | Repayment as a percentage of income | Up to £10,000 | £0 | 0% | £11,000 | £7 | 0.8% | £12,000 | £15 | 1.5% | £15,000 | £37 | 3% | £17,000 | £52 | 3.7% | £20,000 | £75 | 4.5% |
Provided by The Student Zone (United Kingdom)
|
|
| |
Notice: Undefined index: LoggedIn in /home/default/thestudentzone.com/user/htdocs/articles/article.php on line 413
|
|
|
|
|
 |
HOME -
TRAVEL
-
FINANCE
-
CAREERS
-
COLLEGE & UNI GUIDES
-
FEATURES
-
ENTERTAINMENT
-
COMPETITIONS
-
INTERACTIVE
-
CONTACT
|
|
