Should I Pay Off My Student Loan? 2008/09 article discussion

Miss_Jill

My daughter has a small student loan which she has not started to pay off yet. She is hoping to go to uni for a second time in Sept, (she didn't complete the first course) will she be able to get another student loan?

Oldernotwiser

Miss_Jill wrote: »

My daughter has a small student loan which she has not started to pay off yet. She is hoping to go to uni for a second time in Sept, (she didn't complete the first course) will she be able to get another student loan?

How long was she at university for the first time?

yummymummy09

also (just throw this into the mix) if you go into teaching, 10% of your loan is wiped every year you are employed as a teacher...

Lokolo

yummymummy09 wrote: »

also (just throw this into the mix) if you go into teaching, 10% of your loan is wiped every year you are employed as a teacher...

Are you sure about this?

argood

yummymummy09 wrote: »

also (just throw this into the mix) if you go into teaching, 10% of your loan is wiped every year you are employed as a teacher...

Unfortunately that scheme has been discontinued for quite some time.

More information here: http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867370&_dad=portal&_schema=PORTAL

MrsManda

Limpwaster
With regards to repayment:
With one of your statements - probably the first you received after graduation you should've received a leaflet about informing the SLC of personal circumstances
HERE
As you haven't received any correspondence since your first statement it may be wise to check that the SLC have your up to date contact details. It is a term of your contract that you will inform the SLC of any changes in contact details and personal details (subsection J).
Chris2685
I can't find anything which says specifically that they are entitled to demand payment in full immediately if you've broken the terms of the contract apart from if you receive overpayments they may request repayment (subsection r). However the contract states:
d+m) an agreement to repay the loan plus interest, penalities and charges as laid out in the contract and under the Teaching and HE Act of 1988
g) an agreement that action for repayment/in connection with loans will be brought before the civil courts
o) if terms are broken the SLC may share any information in taking action to recover outstanding loan amounts


On the basis of this I presume the SLC can't directly say you must repay the loans immediately but they may take you to court if you've broken the terms of your agreement and the court may make you repay immediately plus the cost of bringing the action.

Doomcow

maaaaan i had to take a student loan out to cover graduate endowment. what a scam!

now im stuck paying back 3grand that i didnt want and had no plan to spend.

work all my student like and i get penalised at the end.

Jacka87

I seem to be in a similar position to a couple of people on this fprum.

I started my job after graduation in January and I am earning over the threshold for repayments. As far as I can understand as I graduated last year I am supposed to atart paying money back as of April. As nothing was taken from my acount in my last pay slip does this mean for some reason they are not taking the money out or am I supposed to inform them at the start of April??

I cant seem to find my last letter from them but I am sure they said they would start deductions as of April so why have they not done it? Also is it they themselves or HMRC that take the deductions cos I am having issues with them not taking tax off me either! I know that sounds great but I am really worried of a huge bill coming in when they finally sort it and say you now owe XXXXX amount!

limpwaster

MrsManda wrote: »

Limpwaster
With regards to repayment:
With one of your statements - probably the first you received after graduation you should've received a leaflet about informing the SLC of personal circumstances
As you haven't received any correspondence since your first statement it may be wise to check that the SLC have your up to date contact details. It is a term of your contract that you will inform the SLC of any changes in contact details and personal details (subsection J).

I havent changed address since I was a few months old I am however moving soon, so I will inform them then and see what happens I guess...

fluffywoo

Hi there

I have a student load of around £6000 and I having been living abroad for over 3 years. I informed the SLC 3 years ago that i would be moving abroad to live with a partner, after which i have not moved back. I started work 2 years ago but had not been working for a year before that. Anyway, to cut a long story short, i haven't paid back any of the loan during my 3 years out here (although have made contributions before i moved out) and wondered if i should start paying it back? However, i have been told that if you are out of the country for more than 3 years you don't need to pay it back. Is this true?.

Thanks FW