Anyone with a student loan to repay has seen the Martin Lewis Show with Interest tonight (Thursday).
The Money Saving Guru’s Program at ITV took an in-depth look at student finances, including tips for parents of those entering college now or in the future and guidance for prospective students themselves.
And at the center of the big briefing, he addressed what the deal is for those of us who are now burdened with student debt.
This included exposing the truth about repaying your student loan.
He said, “You don’t need the money to prepay your tuition.
“If you have tuition fees, the Student Loans Company will pay them for you while you are studying in the UK for the first time.
“This loan goes along with the living loan you get … and you pay them back as one.”
He added that people should understand what they are paying back, which is determined by their income.
And some will be surprised at how much your salary needs to be before repayments begin.
“You don’t start paying back until you make £ 27,295,” he adds
Watch the video above to learn how to repay your loan.
- The Martin Lewis Show is on Thursdays at 8:30 p.m. on ITV