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

Miss-spent_2

Hi hopelesscase. Similar situation this time last year. My son failed his second year and was quite ill (hated uni and living away from home) he couldn't face going back to resit the year and there was no guarentee he would pass. So, like you I was upset but couldn't do much about it. Generally people on this thread were very helpful.
He has worked ever since leaving and is much happier but earns much below the £15000 required to start repaying his loan. We have both checked and the SLC advise that as soon as he starts to earn over £15000 they will take his required contribution but until then there is nothing to do. Also they did not expect payment to start until the April after he had left uni.
We initially thought about him paying back £50 a month but all advice on here said not to as it would make little impression in the long run and he would be better saving to pay off in one go which is what he is doing.
He does still live at home which helps of course.

Lokolo

Chris2685 wrote: »

If he dropped out before uni started I think he has to repay it in full straight away (he shouldn't have spent any of it!). If it is after uni began, he should be able to repay in the same way as everyone else as far as I know.

Maybe your best bet will be to ring the SLC and try and setup some kind of repayment scheme with them?

I am guessing he got the money, !!!!ed it up the wall and then quit uni pretty soon after?

Thats only for grants, not for loans.

Former_MSE_Natasha

The Repaying Student Loans guide has been updated for 2009/10 so this discussion thread is now closed.

Click here to discuss the Repaying Student Loans 2009/10 guide.