Published On: Mon, Oct 28th, 2019

Martin Lewis explains ‘horrendous’ student loan statements | Personal Finance | Finance

“If you earn less than that, you repay nothing. The more you earn, the more you repay.

“In effect it works like a nine percent additional tax.”

He added: “So whether you borrow £20,000, whether you borrow £50,000, you can’t but whether you’d borrowed £3 million, if you earn £1,000 over that threshold, you repay nine percent of it which is £90. That’s how it works.”

Mr Lewis added that the only thing that affects the amount one owes is whether they repay the student loan within the 30 years or not.

Source link

Most Popular News