University Offers coming in....time to apply for finance
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Re: University Offers coming in....time to apply for finance
In a lot of cases it’s not worth trying to ‘pay it off’ quicker. It’s not a normal loan.
Even if the interest rate goes up massively, it’s not going to make any difference to the amount your DC pays every month.
The amount they pay purely depends on their own salary, the threshold they start paying and the set % of their salary over the threshold. These should be fixed, though the threshold will likely increase . (There’s a risk a government may try and change the T&Cs in future, but no one has a crystal ball and everyone will be doing a rethink)
The only thing that will change if the interest rates go up is the hypothetical amount they ‘owe’.
Even if the interest rate goes up massively, it’s not going to make any difference to the amount your DC pays every month.
The amount they pay purely depends on their own salary, the threshold they start paying and the set % of their salary over the threshold. These should be fixed, though the threshold will likely increase . (There’s a risk a government may try and change the T&Cs in future, but no one has a crystal ball and everyone will be doing a rethink)
The only thing that will change if the interest rates go up is the hypothetical amount they ‘owe’.