SAP will pay a lump sum to the Student Loan Company to help speed up the repayment of your Student Loan and reduce the amount of interest you pay over the longer term. You then repay SAP over 12 months, at the rate of a minimum of 3% of your gross basic salary. Your payment will be deducted from your net pay. Meanwhile, SAP will help you to start saving for the longer term, by paying 9% of your basic salary into your pension.
Student Loan is part of the 'Savings Choices' SAP offers to help you get the savings habit. The other three are Pension, Pension Lite and ISA. Click here to find full details of how Savings Choices work.
At a glance
- Flexible benefit
You can sign up for flexible benefits at any point during the year. Be aware that you can’t always make changes to these benefits at any time during the year, so check on the conditions when you sign up.