For everyone more, this may indicate repaying more than if you’d allow the loan work on their sheer course

You should keep in touch that have College student Money

Such as for instance an especially nosy cousin, their College student Fund work environment wants to learn what’s happening with you. You will need to let them know throughout the obvious transform such as your mobile phone amount, address, family money and bank account, plus less noticeable life situations eg marriage, moving overseas or having your own business.

Maybe not updating your data may imply missing money at uni or, if you are overpaid, spending back the other. Not responding to characters or passage with the information shortly after uni you are going to indicate being energized large rates or even punishment costs.

Repaying very early can be more high priced

You can choose to clear your student debt or make higher repayments at any time. This might be tempting if you want to be free of your loan ASAP, but it’s usually only worth it for large earners (i.e. those with a starting salary above ?30,000).

Plus, once you funnel extra money towards your loan, you cannot get it back later on (i.e. if you’re skint or want to spend it on something else). Think it over carefully and only pay up if you can afford to.

Warning: The new terminology are not set in brick

Shockingly, the Student Loan’s terms can be amended even after you’ve signed the price. Interest rates are the obvious example, but the earnings threshold and even loan wipeout can be tweaked or dropped at will.READ MORE