Repaying Student Loans 2009/10 guide discussion
Comments
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Hi. I am a students Mum. She started a 3 years BSC back in 2006 and only stayed for the first few weeks. She apparently now has a debt of £1500. Does she still have to pay this even though she never graduated or really even started the course? Is it outstanding for 25 years? She is now 23 nad started another BSC which she hopes to complete.0
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Hi. I am a students Mum. She started a 3 years BSC back in 2006 and only stayed for the first few weeks. She apparently now has a debt of £1500. Does she still have to pay this even though she never graduated or really even started the course? Is it outstanding for 25 years? She is now 23 nad started another BSC which she hopes to complete.
If the college notified SLC that she had left then her loan will have gone into repayment status in April 2007. When she starts earning over £15000 then she will be making repayments as should would do to any future loans. At present it will be gathering interest. The loan will be outstanding till she retires not 25 years as the terms were only changed more recently.
If she is starting a new course then she may be sort of 1 year of her maintenance loan. It would be best to ask this question in the forum as somebody else will be able to advise if she will be eligible to all her loan entitlement.0 -
Have I read this right? I was looking at the table showing when student loans will be wiped, and, as I was under 40, and it was before 1998 when I took out the loan, it will be wiped when I'm 50???? Can anyone confirm this please???:beer:0
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jilly.richardson wrote: »Have I read this right? I was looking at the table showing when student loans will be wiped, and, as I was under 40, and it was before 1998 when I took out the loan, it will be wiped when I'm 50???? Can anyone confirm this please???:beer:
Yes, if you have a fixed term loan you will get it cancelled at 50 if you were under 40 when you last took out a loan and are not behind with your payments.
Loan cancellation
Under certain circumstances we may cancel your liability to repay your loan. We will not cancel your liability to repay if you are behind on any repayments for a student loan.
For example, your loan may be cancelled if:- You were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50.
- You were aged 40 when your last agreement for a student loan was made and you reach the age of 60.
- Your last agreement for a student loan has been outstanding for no less than 25 years.
If you are permanently unfit for work and can provide evidence to show that you receive disability related benefit we may also be able to cancel your liability to repay your loan.0 -
Hi, i was wondering if someone here could clarify a few things for me - I have looked on the SLC website and brefily through this thread but could do with a bit of advice...
I have paid off my student loan and they have stopped taking payments from my payslip (yey!) However, they didn't inform me in time (and I didnt check) that I was coming to the end of my payments, so I have now paid about £700 too much.
Every time I speak to someone the process for reclaiming this back is a bit different... i have to send in all relevant payslips... I only need to send latest payslip... i have to wait for HMRC to contact them next year...
Does anyone have a tried and tested method for getting the cash back (quickly!) off slc, and maybe even sample letters I can use?
Very grateful for any experiences - ta!0 -
When did you complete your student loan? When was your last statement and what was the last repayment they received from HMRC.
you need to provide Payslips and any P60's from the last repayment recieved to SLC and write to the correspondence department requesting a refund.
better to detail what repayment your expecting (ie payslip dates and amounts). Make sure you confirm bank detail information so they can make the payment to you quickly.0 -
Thanks very much Poolie - i think i completed in March, maybe Feb, - i would have to double check statements. Statement was from end FY, - March, but didnt come through for months! Last Payment was July...When did you complete your student loan? When was your last statement and what was the last repayment they received from HMRC.
Ill put together the paperwork you say, and see how I get on!
Thanks again0 -
Hi, now that my student loan has an interest rate of 4.4% it is now my most expensive debt. Can you use a credit card to repay your student loan and if so are there any charges for doing this?0
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Hi, now that my student loan has an interest rate of 4.4% it is now my most expensive debt. Can you use a credit card to repay your student loan and if so are there any charges for doing this?
From the repayment website:How to Repay More Quickly
You can make additional payments by credit or debit card at any time, directly to us, by using the Make a Payment service
If you do make additional payments, this will have no effect on the size of the repayments you make through your salary. Your employer will continue to deduct 9% of your earnings above the threshold, regardless of whether you have made additional payments. You will, of course, pay off your loan more quickly.0 -
MrsManda it appears that LadyTea has a pre 1998 student loan and therefore would not have deductions taken from her salary.
LadyTea - If you make a payment via Credit Card, Student Loans will charge you 1.5% on top of the amount you wish to pay. So make sure you factor this into your decision to make any payment.0
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