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Student loan nearly repaid - self employed
Hoping this is the best board rather than small biz as theres a bit of crossover? I've tried looking on various sections of the gov site but can't seem to find an answer. I've nearly repaid my Plan 1 SL but am now self-employed as a sole trader (since mid 2021) and confused about how this will work because the loan is…
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Student loan - repay?
Hi, I took my student loan out in 2008. I still have just under 10K to repay. I currently live abroad, thus I think I might be paying 9% ? Should I just pay it off, or invest/ keep it in the knowledge that in the future I will return to the UK (within 2 years) and within another few years potentially want a mortgage?…
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Direct debit minimum 3 months
Hi I’ve just set up a direct debit for a hobby I’ve started that states it’s 3 months minimum contract. If I was to cancel within the 3 month timeframe what could happen? Many thanks in advance for your responses
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Student Loan Repayments from 2nd job
My daughter is a newly qualified nurse and repays her student loan via PAYE as you would expect. She sometimes does extra 'Bank' sessions with a different trust and so receives a different payslip from that Trust and even though this is normally only £100-£200 a week, a student loan repayment is also deducted from her pay.…
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University Course Not Accredited when Told it was
Hi, I received my Certificate for an MSc completed in December 2021 in March 2022 and have been emailed this morning 21.03.23 to say that the qualification is not accredited to the awarding body by the university. I have previously queried this with both awarding bodies and the University and given the copy of the…
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How is 9% calculated of earnings for plan 1 student loan repayment?
I've read the recent article on this website & on the SLC website about how much you re-pay, but I don't understand the figures. On the Money Saving Expert web post it says: if your annual salary (before tax) is £25,000, you'll repay £432 a year of your student loan, but 9% of £25,000 = £2250, isn't it? Thanks in advance…
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How does final payment on Student Loan Direct Debit Scheme work?
I am paying £150 per month from 1st June with a balance outstanding of £1500 currently. How is the final payment calculated and account closed? Anyone been in this position. Also, with interest of 6.9%/7.3% plan 2? - how much above 1500 will I be effectively be paying to include interest? I am hoping it is paid off within…
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Plane 2 student loan when to pay.
I know Martins guide suggests that for most people it's not worth paying off the student debt as they'll never pay it off. I want to understand what the threshold is for considering worth of paying it off. Like what combination of monthly student loans repayments, years left and student debt size makes paying off all or…
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Pay off student loan early???
Hi, My partner still has a student loan (Scotland) and is paying back monthly as per usual process. However, they charge quite a bit of interest on the loan, used to be 4.5% but now I think they said it went up to 5%. Our idea was now to pay off in full so instead of having to make monthly contributions the money can go…
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Student Loan Direct Debit
After an overpayment my student loan is now (by my rough calculation) down to approximately 20 months left. I understand once it gets to 23 months or below there is the option to switch to DD. Do I need to wait to be contacted or will they do this over the phone now if I call them? If I need to wait for them to get in…
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Refund back to loan balances or refund to my account?
Hi everyone. I recently realised I've been paying repayments occasionally despite being under the threshold. I contacted SLC via Twitter and they've come back to me with the wrong calculations on what I've overpaid and also they stated the following 'I would advise if you request a refund for these amounts, the amounts…
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Student Finance Wales - Applying to use Current Year Income
Daughter is at University receiving an appropriate grant/Loan based on the Household Income we submitted. Wife is planning to retire in next year or two, and having unexpectedly realised some funds, has decided to put these funds into her personal pension this year and next year. We were reminded by friends that this…
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Student fee refunds due to covid
Hi all, I have read several websites and it seems unclear if or how to make a claim for fees paid during COVID restrictions. If anyone has any information on if it is possible and if so, how to do so, I would be very grateful.
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Student Loan Plan 5 Calculator
Can anyone advise me where I can get a calculator please to understand how much likely to repay back on a student loan for a student starting in September 2023. I know it will be plan 5 and repaid when earning over 25k and is now over 40 years but cannot find this scenario anywhere online. All seem to be over 30 years…
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Student Loans Company Online Accounts
Just tried to create an online account to provide supporting finance details for my daughters loan application and discovered a loan I took out 30 years ago, and paid off more than 20 years ago, is blocking me from getting online access. After calling the help line who couldn't help other than to say my original paper…
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Student loan: started Uni Sept 2022, then withdrew. Starting at new Uni Sept 2023. Plan 5 or Plan 2?
I started an undergraduate course in September 2022 with a Student loan (Plan 2). I did not like the course and I withdrew from my studies in December. Now I've got an offer from another University to start a full-time undergraduate degree in September 2023. When I apply for a Student loan for these studies would I be put…
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Student Loan - Plan 1
What is the reason for plan 1 to be spilt into two rules - one for those who went to uni before 2005 and one for those who went after? Going through the details I can now see that my loan won't get cancelled until I am 65 - that is 44 years after I graduated (I don't earn enough to pay it off any sooner) but the threshold…
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Student loan repayment
I have a question on what is classed as income for repayment. I have loans starting 1996 with the last one in 1999. My income from my job does not meet the threshold to repay. I am a single parent and receive UC, child maintenance and child benefit. All those combined take me over by approx £30 a month. I don’t believe…
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Repaying Student Loans 2009/10 guide discussion
This thread is specifically to discuss the content of the guide: Repaying Student Loans To discuss or ask a question about the guide: click reply
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Paid off my plan 2 loan up to £3k left
I have reduced my balance from 9k to 3k to be able to move onto paying by direct debit. The interest is currently 6.5% due to move to 7.2/5% I believe. I am paying £150 per month for 24 months approx. How do the student loans company know my salary and what % interest to charge me over these 24 months - especially if I am…
