Student Loans Annual Statement

NotAGolf

NotAGolf

NotAGolf

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Just got this through the post this morning. Very nice some of £13580 to repay:(. The interest I have to pay on that is over £50 a month:eek:. That sounds like a crazy amount, I thought you were supposed to pay back the same amount you borrowed and the only interest you pay is due to inflation, I know nothing about the economy but that's some crazy stuff! Might have to move abroad!!!
 
You have two options - live as a hermit until news of your existence blows over, or get a job and start paying back the loan..

Everyone has the same problem after uni.
 
Same, the top-up tuition fees are killing it. My two housemates took a gap year (we are all 2006 entry) so they still pay the older fees.

May just move to the US for 25 years then come home or something :p
 
While on this topic...I only have a few hundred left to pay but would rather just fire them the full amount, do you get charged a fee if you pay it off in a lump sum?
 
Toker said:
While on this topic...I only have a few hundred left to pay but would rather just fire them the full amount, do you get charged a fee if you pay it off in a lump sum?
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I don't think so (but I am no expert on the subject). But I have read lots of things about people who pay their loan off in full ahead of schedule continuing to get charged and having problems sorting it out. If you only have a few hundred left then I'd just wait it out and avoid any possible hassle.
 
skolem said:
I was similarly surprised when I found out how much interest I was paying on the loan.

It irritated me as the loan was sold to me as basically 'free money', that obviously I'd have to pay it back, but that the interest would be 'next to nothing' and that I would be 'crazy' not to take it.

Now, it probably wasn't the student loan company how told me all this false information, just all the people (adults and students) around me.

The interest that you have to pay isn't insignificant, and anyone who will be going to uni soon reading this should think carefully before just getting the max loan they can about whether they do indeed need it, as it isn't as cheap as many people say.
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The only person you have to blame is yourself - you read the Terms and Conditions and still signed on the dotted line.
 
mpledge52 said:
I don't think so (but I am no expert on the subject). But I have read lots of things about people who pay their loan off in full ahead of schedule continuing to get charged and having problems sorting it out. If you only have a few hundred left then I'd just wait it out and avoid any possible hassle.
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Yeah I have heard of this before also... considering the incompetance of the SAAS it doesn't surprise me either. I'm sick of seeing the student loan deduction on my pay slip :mad:
 
It's because inflation was around 4% or something so interest is actually something relatively significant. On the other hand, it's the best loan you will ever get as you only have to repay it when you earn over a certain amounts, unlike other loans where if you lose your job or suchlike, you're &^%$ed.

Mind you, it's looking like inflation is crashing down now - if it becomes deflation, do you get a discount on your loan? :D
 
I got my loans pre 1998 and I have to earn over £19000 before I replay them - so basicly I got 12 years before I they cancel my loans and Ive never earned more than £19000 yet! Looking good - I had student loans company as they have caused me problems in pasts by starting to take money out of my back account to replay their loan while I still was in my final year - they could not get it that I was still a student and had proof I was one - Im uni couse was 4 years! I was forced to cancel my direct debit with them and they are to this day still insisting I owe them £1000 in arears!
 
The interest is so high as it's linked to the RPI (NOT the CPI, which the government use as their artificially low measure for inflation). What's really shoddy is that they are classed as "low cost loans" and therefore are not covered under the CCA, despite huge interest now piling up.

Doesn't surprise me hearing about the SLC bungling payments for other people, they are a bunch of disorganised muppets.
 
That's nothing, I pay £310 a month on my Professional Studies Loan a month (still £18k left), this is on top of my student loan repayment.
 
mpledge52 said:
Just got this through the post this morning. Very nice some of £13580 to repay:(. The interest I have to pay on that is over £50 a month:eek:. That sounds like a crazy amount, I thought you were supposed to pay back the same amount you borrowed and the only interest you pay is due to inflation, I know nothing about the economy but that's some crazy stuff! Might have to move abroad!!!
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Inflation at the moment = 5%? (ish)
Loan amount = 13580

5% of 13580 = 679

So that's £679 a year in interest, which is about £56 a month :)

jamief said:
The only person you have to blame is yourself - you read the Terms and Conditions and still signed on the dotted line.
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True, however the interest rate on these used to be a lot lower, they upped the rate a year or so ago.
 
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