Medicine. I think I'll just about repay the full debt within 30 years, whilst working ridiculous hours for comparatively low pay.
Student Loans Company Agressive Letter
- Thread starter FoxEye
- Start date
Medicine. I think I'll just about repay the full debt within 30 years, whilst working ridiculous hours for comparatively low pay.
I really don't see what the issue is with providing the information they're asking for. They just want to ascertain whether you're earning enough in your current situation to still be making payments. If you're not, you have nothing to worry about. And regardless of what any online article says about the loan being wiped off after 30 years, you still have an obligation to pay it until it gets to that point.
Also, this thread reminds me that I've got a remaining balance of just £90.87 left, should be cleared in this months pay.
Also, this thread reminds me that I've got a remaining balance of just £90.87 left, should be cleared in this months pay.
All this arguments about repayments of loans just make me laugh, to be honest.
For myself, I'm repaying 9% everything I earn over the threshold of ~£17k, even then you're not talking huge amounts.
Even when I eventually get up to a £30k job, I'll still only be repaying £90 a month. Compared to the take home pay of ~1900, it doesn't make all that much difference. (I'm of the opinion of I need about £800 a month to sustain myself in terms of housing, transport, bills etc). Anything more than this goes into the hobbies/savings/holiday pot. I wouldn't repay my student loan any quicker because I don't personally see the need to. It's one of the easiest 'loans' in the world because, for me, it's automatically deducted from my pay before I get it so I don't even need to worry. If I ever do come into hard times and lose my job, I'll be under the threshold amount and wouldn't pay it back.
Much better than old Jimmy Payday loans who will break my kneecaps, I can tell you that.
For myself, I'm repaying 9% everything I earn over the threshold of ~£17k, even then you're not talking huge amounts.
Even when I eventually get up to a £30k job, I'll still only be repaying £90 a month. Compared to the take home pay of ~1900, it doesn't make all that much difference. (I'm of the opinion of I need about £800 a month to sustain myself in terms of housing, transport, bills etc). Anything more than this goes into the hobbies/savings/holiday pot. I wouldn't repay my student loan any quicker because I don't personally see the need to. It's one of the easiest 'loans' in the world because, for me, it's automatically deducted from my pay before I get it so I don't even need to worry. If I ever do come into hard times and lose my job, I'll be under the threshold amount and wouldn't pay it back.
Much better than old Jimmy Payday loans who will break my kneecaps, I can tell you that.
It doesn't seem too bad when you're not earning much and you are pretty unencumbered, financially. Wait until you've got a wife, kids, mortgage and it's about £200/month. You sure notice it then.
My final payment is in July, though. Finally be free of it
The OP is one of those people.
Just to explain to everyone what's happening here:
If you're in employment HMRC will update SLC with information that your employer will be making deductions if required.
If you are unemployed and in receipt of benefits HMRC will update SLC that DWP will be making deductions if required.
If you are not in employment or in receipt of benefits HMRC will advise SLC that there is no information on your earnings. At this point SLC will send out a letter to ask you if you are earning and how much.
This is reasonable and should be responded to accurately. Asking for bank statements to trawl through is not.
And therein lies the problem.
Should the SLC just take people's word for it that they aren't earning over the threshold?
They've given the OP the option not to provide the bank statements anyway, so the point is moot.
I recall OP stating his savings in another thread and considering his employment history those savings are absolutely 100% mega insanoso again, well done!
But... move out already
Given that the OP is seemingly living off the bank of mum and dad, I wouldn't be surprised if some of the 'savings' came from the bank of mum and dad too.
Most people in their 30s with advanced notice that their job was coming to an end would be quite keen to get their CV out there quickly and make sure they had something lined up... the OP on the other hand had some ambition to obtain a 50k salary in 5 years, but now doesn't seem so fussed - presumably because his lifestyle is still subsidised and there isn't any pressing need to pay the rent etc..
My sister studied medicine too, while she was quite modestly paid in the beginning she was hardly struggling. She's now a consultant and has quite a comfortable lifestyle and a rather high salary.
You'll easily pay it off, you could be a consultant a decade or so after graduating - you're not going to be on comparatively low pay at that point and it isn't going to take you 30 years.
Associate
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I'll reiterate for those who keep saying the SLC is a 'private' company.
The Student Loans Company (SLC) is a not for profit company in the United Kingdom that provides student loans.
It is owned by the UK Government's Department for Business, Innovation and Skills (85%), the Scottish Government (5%), the Welsh Government (5%) and the Northern Ireland Executive (5%).[1]
The SLC is funded entirely by the UK government and the devolved administrations.
It is responsible for both providing loans to students, as well as collecting loan repayments alongside HM Revenue and Customs (HMRC).
Source: http://en.wikipedia.org/wiki/Student_Loans_Company
The Student Loans Company (SLC) is a not for profit company in the United Kingdom that provides student loans.
It is owned by the UK Government's Department for Business, Innovation and Skills (85%), the Scottish Government (5%), the Welsh Government (5%) and the Northern Ireland Executive (5%).[1]
The SLC is funded entirely by the UK government and the devolved administrations.
It is responsible for both providing loans to students, as well as collecting loan repayments alongside HM Revenue and Customs (HMRC).
Source: http://en.wikipedia.org/wiki/Student_Loans_Company
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- Southampton, UK
Indeed, other GovCos that exist (wholly government owned companies):
- Royal Mint
- Highways England
- Ordnance Survey
- Land Registry
- National Air Traffic Services
The SLC aren't in any special category, it's quite normal.
No, they haven't. Where did I say that? They are insisting on bank statements.
Your assumptions are wrong. All of them. You seem to have a problem with me, for some reason?
I am still living at home, that much is true. Rent varies, but I pay all bills. Gas, leccy, water, phone, council tax, TV, and whatever else needs paying. Obviously I'm dipping into my savings at this point. Savings which are entirely my own and not from any "bank of Mum and Dad" as you put it.
Currently I'm taking time out and doing the place up. Which in itself has become a full time job, as there was a lot that needed doing. Anyway, I didn't take a holiday at all in the first 3 years of my last job, taking extra money instead. So I can take a couple months off and not feel bad about it at all.
In your OP.
If providing bank statements is such a big deal then you can pay them the full amount and get them off your case
Yeah either send them your latest bank statement as per terms and conditions or if you decide you don't want to pay them in full.
What about people who go into university research/academia? Or low paying but academic roles? Whilst I agree less people should go to University, I don't believe its sole purpose should be to churn out graduates for the corporate world. University is meant to be an intitution for learning and academia, whether that be studying medicine to be come a doctor, law to become a lawyer or english to become a writer/poet etc.