Unemployed. How quickly can I stop paying back student loans?

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  • Unemployed. How quickly can I stop paying back student loans?
  • Premier Icon glenh
    Subscriber

    Since I am shortly to be made redundant, I’m looking to reduce my outgoings.

    How long after becoming unemployed can I stop paying back my student loans? Can I call them up and stop paying straight away?

    sonik
    Member

    i think you have to have been registered with the dole office for 2 weeks before you can stop. not 100% though. give them a bell to double check.

    surely if theres no pay to take 9% of then they dont take anything? or are you paying by DD?

    Premier Icon glenh
    Subscriber

    They don’t take a % of my pay (the loans are too old for that system), but yes, I pay by DD.

    sofatester
    Member

    Too old? How much do you flipping owe?

    Premier Icon glenh
    Subscriber

    I started uni before 1998, so my loans have a fixed repayment (so long as I am earning over 85% of the national average).

    If you ring them and tell them you’re being made redundant they will probably stop it from the date of your redundancy. When I became self-employed three years ago I rang them up to talk about my options since I didn’t know what my income would be, and they put it on hold straight away for a year.

    I am on the old (pre-98) system too, will have finished paying them in March!!! Wooo!

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