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Student loan repayment via DD verses PAYE
leviathan
Posts: 257 Forumite
Hi all,
I've still go a few of the older student loans, I started in 1996 which I understand was the year before the loan values all went up.
I've been paying them off since I graduated via direct debit from my bank account.
What pains me is people who just a year later are able to do them via PAYE and also before tax!!
Certainly this isn't fair, but previous calls to SLC have given me nothing.
Is this really the case that I'm going to be paying back an extra 20%ish of the loan value that someone who got them a year later??
Anyone been successful is adressing the issue?
Dave
I've still go a few of the older student loans, I started in 1996 which I understand was the year before the loan values all went up.
I've been paying them off since I graduated via direct debit from my bank account.
What pains me is people who just a year later are able to do them via PAYE and also before tax!!
Certainly this isn't fair, but previous calls to SLC have given me nothing.
Is this really the case that I'm going to be paying back an extra 20%ish of the loan value that someone who got them a year later??
Anyone been successful is adressing the issue?
Dave
0
Comments
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I don't understand why you'd be paying more than someone on PAYE.
Your repayments are collected through your bank account over 60 months, which means you will be paying more, however, you should clear your balance a lot quicker than someone on the new system.0 -
rubbish ..post 1998 students have to pay their loan out of taxed income.0
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Even if it was coming out before tax for the new scheme students (which I don't know if it is or not), at least they didn't take three grand from us up front for tuiton fees. I'm quite grateful for that.:staradmin:starmod: beware of geeks bearing .gifs...:starmod::staradmin:starmod: Whoever said "nothing is impossible" obviously never tried to nail jelly to a tree :starmod:0
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