Student Loans – Martin Lewis reveals the truth about repaying your student loans that not everyone will know
Anyone with a student loan to pay off will undoubtedly have plenty of questions.
Thankfully, The Martin Lewis Show had the answers last night (Thursday, March 11),
The money-saving guru’s programme on ITV took a close-up look at student finances, including tips for parents of those going into tertiary education now or in the future and guidance for future students themselves.
And, at the heart of the big briefing, he addressed what the deal is for those of us saddled with student debt now.
This included revealing the truth about repaying your student loans.
He said: “You don’t need the money to pay tuition fees upfront.
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“If you have tuition fees, the Student Loans Company will pay them for you as long as you’re a first-time UK undergraduate.
“That loan is lumped together with the living loan that you get… and you repay them as one.”
He then added that people should understand what they repay is dictated by their earnings.
And some may be surprised by how high your salary has to be before repayments start.
“You don’t start repaying until you’re earning £27,295,” he adds.
Watch the video above for the whole explanation on how your loan is repaid.
The Martin Lewis Show is on Thursdays at 8.30pm on ITV.
Student Loans - Martin Lewis reveals the truth about repaying your student loans that not everyone will know
Tags: Student Loans