Student Loans - refund process joke

Mine is paid off in June, I was told to call in April to see what they can arrange for me...all seems a little odd the way they finish off the loan.
 
Xire said:
Mine is paid off in June, I was told to call in April to see what they can arrange for me...all seems a little odd the way they finish off the loan.
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It's ll down to the fact they have no idea what you pay, until HMRC tell them, even in April they won't know what you have left.

However finished mine last year or perhaps year before. Despite the scare stories, it was extremely easy and fast. Just called them, sent of my payslips and got a lovely rebate
 
Guest2 said:
Has anyone else had a similar experience when attempting to claim back money from Student Loans Company?
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Yes, my wife had the same. Took them three months before they stopped taking the payment out of her salary, despite setting up a fixed direct debit 6 months before the end of the loan, and she had to claim back three months deductions, which took them 4 months to process.
 
Hades said:
As a parent of two kids I'm highly considering taking out a £60k loan for the pair of them and using it as a deposit on a house somewhere to get them started in BTL. It seems to make more sense than spending it on a degree when they probably won't have a decent job to come out to anyway.
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Good idea. By the time it comes to matter, they'll have a stable base, lack of debt and can just go through Open University to get a degree if they want without using their soul as collateral.

Of course they'll miss out on three years of drunkenness and debauchery.
 
rallyfan1986 said:
Do they stop the payroll deductions once you set up a direct debit?
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I contacted SLC about 8 months before I was due to finish paying off the loan and got switched to a direct debit instead of payroll deductions. It took two months for payroll deductions to stop so I called SLC again and the rep that I spoke to simply adjusted the DD to account for the extra money that I had paid.

It was sure nice to have finished paying off the loan, which was over two years ago now. :)

h4rm0ny said:
Good idea. By the time it comes to matter, they'll have a stable base, lack of debt and can just go through Open University to get a degree if they want without using their soul as collateral.
...
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I hold to the idea that university is only good for people who want to get decent degrees in STEM where the degree is actually worth something, or to go to somewhere prestigious (e.g. Harvard, Yale, Stanford, MIT, Cambridge, Oxford, etc) to network and make friends who can open doors for you later in life (I know of a number of people who did just that). University is pretty pointless apart from that IMO.
 
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I just decided to login to check the balance and its still at £1851 which I paid over the phone. Usually at least when you pay it online it registers it after a few days
 
Hades said:
As a parent of two kids I'm highly considering taking out a £60k loan for the pair of them and using it as a deposit on a house somewhere to get them started in BTL. It seems to make more sense than spending it on a degree when they probably won't have a decent job to come out to anyway.
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It pays off if your kids are intelligent enough.
 
Mr-White said:
It pays off if your kids are intelligent enough.
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... and your kids get a degree in something 'useful'. Some professions necessitate the need for a degree. For example, try becoming a doctor without going to medical school, or a chartered engineer without getting a degree in engineering.
 
jon86 said:
... and your kids get a degree in something 'useful'. Some professions necessitate the need for a degree. For example, try becoming a doctor without going to medical school, or a chartered engineer without getting a degree in engineering.
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That's the problem, people chose such useless degrees, spend all their time drinking and then don't pursue a career in the same field as their degree.

I once knew a librarian who had 2 degrees and 2 student loans but she wasn't even earning enough to pay back the loans.
 
Mr-White said:
That's the problem, people chose such useless degrees,
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I hate that phrase.

It'll be a sad, sad world when we have not artists, authors or actors.

The measure of success isn't just how much money you can earn.

What's wrong with just studying for something you have a passion for, rather than thinking how much you'll earn doing it?

Mr-White said:
I once knew a librarian who had 2 degrees and 2 student loans but she wasn't even earning enough to pay back the loans.
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You can only get a student loan to cover 4 years study, so I don't know how she managed that.
 
I changed mine over to DD's about 10 months back and this thread reminded me to give them a call to make sure it was all paid off. It wasn't, somehow I still owed £8.90 even though my payments finished in December. The process seems to work ok if you set up the DD to be fair.
 
Hades said:
As a parent of two kids I'm highly considering taking out a £60k loan for the pair of them and using it as a deposit on a house somewhere to get them started in BTL. It seems to make more sense than spending it on a degree when they probably won't have a decent job to come out to anyway.
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Exactly.

When my dad graduated in the 1970s, he was 1-in-20. When I graduated in the 2000s, I was 1-in-2, common as muck. It's no wonder that most graduates end up in irrelevant jobs now. Got a B(Eng.) in Electronic Engineering, and all I have to show for it is a string of £13k/£14k admin monkey jobs and a £15k student loan.
 
Pawnless Endgame said:
all I have to show for it is a string of £13k/£14k admin monkey jobs and a £15k student loan.
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If you're only earning £14k, you're not paying anything back - so surely that's the same as having no loan at all?

I'm also suprised you haven't got a job in your degree field. Did you get a 2:1 or a 1st? What was the Uni?
 
In my early days I did have to pay a very small amount as the threshold back then was £12k and I was slightly over that. But yeah, I haven't had to pay a penny in the last 10 years.

Got a 2:2, so drinker's degree :D Staffs Uni. Not sure what went wrong, but just checked my old jobhunting spreadsheets...

Year 2000 - 5 jobs applied for, 2 interviews, 1 job offer (got quite lucky there)
Year 2002 - 62 jobs applied for, 6 interviews, 1 job offer
Year 2009 - 156 jobs applied for, 7 interviews, 1 job offer
 
Pawnless Endgame said:
In my early days I did have to pay a very small amount as the threshold back then was £12k and I was slightly over that. But yeah, I haven't had to pay a penny in the last 10 years.

Got a 2:2, so drinker's degree :D Staffs Uni. Not sure what went wrong, but just checked my old jobhunting spreadsheets...

Year 2000 - 5 jobs applied for, 2 interviews, 1 job offer (got quite lucky there)
Year 2002 - 62 jobs applied for, 6 interviews, 1 job offer
Year 2009 - 156 jobs applied for, 7 interviews, 1 job offer
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Ahh, the days of the old system, seems like aeons ago now. However...

...

Lol, Desmond called, wanted his Tutu back! :D But as they say, it's not what you've got, tis how you use it! :)
 
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