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July 21, 2025, 02:27:30 pm
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Author Topic: Loans while in University  (Read 535 times)  Share 

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Loans while in University
« on: February 26, 2011, 05:19:25 pm »
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What is the interest on a student loan?

I read somewhere that it is 0% until you earn $40,000 a year. Is that true?
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Re: Loans while in University
« Reply #1 on: February 26, 2011, 05:29:26 pm »
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It is indexed every financial year (end of June) to reflect changes in the Consumer Price Index (Average is about 1.5%-2.5%) but apart from that it's interest free.

Once you earn about 45k you are taxed about 5% of your earnings to repay the debt which is involuntary.
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