Hi

Looking to leave university with about £15,000 of debt !

So exactly how much will be deducted from my wages when I get a job ?

Thanks

Lorna wrote:Hi

Looking to leave university with about £15,000 of debt !

So exactly how much will be deducted from my wages when I get a job ?

Thanks

The repayments are linked to your earnings, here are some examples of repayments

A graduate earning £15,000pa will pay £0pa, £0per month, £0per week

A graduate earning £17,500pa will pay £225pa, £18.75per month, £4.50per we%k.

A graduate earning £20,000pa will pay £450pa, £37.50per month, £9per week.

A graduate earning £25,000pa will pay £900pa, £75per month (out of over £1,500 take home pay) and around £17 per week.

The repayments are FIXED - you will never have to pay more than 9% of your earnings over £15,000pa. so whether you owe £15k or £5k the rate of repayment is the same, just that it will take you a lot longer to repay the debt.

The payments will be taken directly out of your monthly salary i.e. under PAYE

Thanks a lot Phillipa, thats very useful

Andrew Jones is right student debt is depend upon bank's policy...