Student Loans - Are you paying it back?

Totally Dubbed said:
I'm dreading paying mine back...
Going to be over 20k :/

And I'm lucky I didn't end up as the 9k per year students.
2009-2013 course (4yr sandwich)
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This has been mentioned, but why on earth are you dreading it? If you're earning peanuts (in terms of a graduate) between £15,000 and £18,000 a year - the most SLC is going to take out of your pay is £16 a month (on £18k a year) - less than most mobile phone contracts.

If you're earning £25,000 a year, SLC take out £69 a month, but you're earning a decent amount.

If you're earning £36,000, SLC take £151.00...

It increases with earnings so not to seriously disrupt your overall earnings. Most students live on next to no money, you can live on £15,000 a year and if you're earning that SLC aren't going to be taking anything from you. If I was earning so much that SLC were taking thousands a year, I wouldn't be annoyed at how much I'm repaying... but rather how much you'd be taxed given how much SLC are taking.
 
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Say you won't miss 151 a mo that, when you have to pay council tax, bills, and trying to get a mortgage. 151 out of your pay packet is a lot and its for pretty much the rest of your life, on some of these debts you have now. It's not so much getting the mortgage, it's being able to afford all the payments and the SL on top.
If you don't think you notice, you certainly will.
 
Glaucus said:
Say you won't miss 151 a mo that, when you have to pay council tax, bills, and trying to get a mortgage. 151 out of your pay packet is a lot and its for pretty much the rest of your life, on some of these debts you have now. It's not so much getting the mortgage, it's being able to afford all the payments and the SL on top.
If you don't think you notice, you certainly will.
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Obviously £151 a month is noticeable, but less noticeable to someone earning £36,000 than someone earning £16,000. Also, this is using the system when fees weren't £9,000 - so most people have around £20,000 of debt. At £151 a month, it'd be paid off in 11 years, so not their entire working life.
 
Currently paying mine back at the minimum. I couldn't care less about it and I did 3 years without receiving a degree at the end. I think its a fair amount to lose each month for the things I learned and the support I received. Paying back more than the minimum is just crazy talk unless you win the lottery or something but tbh if I won the lottery I would just leave the country for a bit so it was wiped.

I would rather pay a graduate tax but sadly as soon as people hear the word tax they get their knickers in a twist when, if implemented properly, you would probably end up paying the same amount.
 
lukeharvest said:
Obviously £151 a month is noticeable, but less noticeable to someone earning £36,000 than someone earning £16,000. Also, this is using the system when fees weren't £9,000 - so most people have around £20,000 of debt. At £151 a month, it'd be paid off in 11 years, so not their entire working life.
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My friend has a large student loan and pays £60 a month.

£40 of that is interest.
 
[TW]Fox;22836521 said:
The interest on his loan is 1.5%. How does it account for 66% of his repayments?
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Because he's going to be paying it back, or at least a large part of it back, over a very long time, one would assume.
 
Glaucus said:
Say you won't miss 151 a mo that, when you have to pay council tax, bills, and trying to get a mortgage. 151 out of your pay packet is a lot and its for pretty much the rest of your life, on some of these debts you have now. It's not so much getting the mortgage, it's being able to afford all the payments and the SL on top.
If you don't think you notice, you certainly will.
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You don't notice it as payrises are just slightly blunted by the additional rises every time.

Sure a snap shot in time makes it look high but its more of a case that you will notice the extra in your pay when you stop paying it back. Pluse of course without the degree it is likely you earn less that what you earn now minus the SLC deduction.
 
5UB said:
Is there a way to login through the Student Loans Company to see an updated balance of the loan? So you can see it decreasing? - Or can you only phone up or ask for a paper statement?
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You can login, You will need your ART ID and password (call them to request this be set up in first instance). The balance only updates at the end /start of each financial year
 
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Totally Dubbed said:
By my statement, i mainly meant the fact that i have a debt on my head as soon as i stop studying.
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Its not really 'a debt on your head' is it? You don't need to worry about paying it back, you don't need to budget for it, you don't need to make sure you have the money each month, etc etc.
 
I paid mine off recently. I graduated in 2004 and began paying it back early 2005. I went abroad in 2009 and stopped paying it. I came back to the UK this year and the deductions started again. They were massive and as I only had about half left to pay back I decided to pay it all off; for no reason other than I had the money in the bank to pay it.
 
Paid back a small amount first couple of years into work, but now I only earn £7,488 a year so pay nothing ;) And that's how it will stay if I get my way!
 
panthro said:
I paid mine off recently. I graduated in 2004 and began paying it back early 2005. I went abroad in 2009 and stopped paying it. I came back to the UK this year and the deductions started again. They were massive and as I only had about half left to pay back I decided to pay it all off; for no reason other than I had the money in the bank to pay it.
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And this is why the public cannot be trusted with 100% of their money.
 
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