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

losthour

Does anyone know when we will get the statement for the April 08 to March 09 period?

Poolie

The statements for the April 2008 to March 2009 period will be issued once SLC has received the file with your repayments from HMRC. The statements are usual issued not long after the end of the month once the interest calculations have been carried out.

Your repayment may or may not have been received yet. The majority of statements are usually sent between June and November

losthour

Thanks Poolie. No doubt mine will be late.

Poolie

Just to say I had 2 employers over the last year (1 happened to be SLC - Worked in IT so I understand how the payments come in, get applied, interest calculated and statements produced).

I got my Final Annual Statement yesterday and it was the only statement I received so both parts of my payments from seperate employers must have been in the files that were loaded during the last month or so depending on how many statements they are issuing at present due to other letters.

originalsindyuk

hello there me lovelys,

well i think that its very wierd i have been working and paying back for nearly 5 years and i have recieved no correspondance from them whats so ever, i have no idea what the interest rates are how much has been paid off la la la.

i know the wholething about save it dont repay it but its the only loan i have with interest, as i said i have no idea what the rates are.the loan was taken out round about 2001/2002.

any ideas any one?

Masomnia

Try here: http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3866794&_dad=portal&_schema=PORTAL

You'll be able to find out what you owe at least. I think you should be able to find out previous rates somewhere.

Poolie

originalsindyuk you might be wise to give SLC a call. They will be able to find your details on the system. Since you have been repaying for 5 years, salary depending, you may be getting close to paying your loan off.

power100

If you are self employed then you may be able to avoid making any payments. I earn over 15K a year and am eligible to pay the loan back but have not yet made any payments and plan to pay to it back as a lump sum at some point.

Poolie

power100 if you self employed you should tick the box that says you have a student loan post 1998 on the tax return. HMRC will then calculate how much student loan is due along with your tax and NI. Paying off a lump sum is fine but be warned that you will be still expected to make the payment to HMRC.

If you don't tick the box and the system detects it then you will receive a revised notice from HMRC regarding your payment.

girly1

No definitely not, I am only paying the minimum as saving for a house. It's the cheapest loan you'll ever get I would pay off other debt first!