Student Loans discussion

melancholly

dmg24 wrote: »

Has anybody ever met an SLC representative?

do they even have any?!

Idiophreak

gazat wrote: »

As to my reasons why, they are my own.

"I think I've been missold...but I refuse to tell you why".

Yeah, you'll get lots of help with that...

Oldernotwiser

I've been a Careers Adviser for several years and I must have spoken to hundreds of people about student loans. What I (and most other advisers) would have said was;
1.The student loan is at the rate of inflation so, in real, terms, you're never paying back more than you borrowed.
2.You only pay anything back when you earn over £10/15,000 pa, when you pay back 9% of anything over that amount
3. If you earn less than that, at any time, you can defer repayments.
4. It's wiped out when you die, develop a major disability/after a certain amount of time.
5. It's totally unlike taking out a car loan for a similar amount; nobody comes knocking if you lose your job and can't pay.
6. If you earn less than the threshold you fill in a form once a year and that's it.

If that's misselling, go on, sue me!

Idiophreak

Oldernotwiser wrote: »

If that's misselling, go on, sue me!

Don't think they won't try

bestpud

Oldernotwiser wrote: »

I've been a Careers Adviser for several years and I must have spoken to hundreds of people about student loans. What I (and most other advisers) would have said was;
1.The student loan is at the rate of inflation so, in real, terms, you're never paying back more than you borrowed.
2.You only pay anything back when you earn over £10/15,000 pa, when you pay back 9% of anything over that amount
3. If you earn less than that, at any time, you can defer repayments.
4. It's wiped out when you die, develop a major disability/after a certain amount of time.
5. It's totally unlike taking out a car loan for a similar amount; nobody comes knocking if you lose your job and can't pay.
6. If you earn less than the threshold you fill in a form once a year and that's it.

If that's misselling, go on, sue me!

Ah, but you forget to tell us your henchmen were simultaneously applying the thumb screws ONW! :rotfl:

Oldernotwiser

bestpud wrote: »

Ah, but you forget to tell us your henchmen were simultaneously applying the thumb screws ONW! :rotfl:

I never had henchpeople, not even an Igor!

gazat

Oldernotwiser,

Why so defensive? Who is talking of suing you? I've not once suggested such a thing.

The question remains, to what extent do you think that, as a careers advisor, that you are qualified to give advice about financial matters. What assurity do students have that if they talk to one of your other unregulated colleagues that the quality of advice is consistant? Just to highlight the lack of expertise here, you state that the interest rate goes up in line with inflation, but you do not state which inflation rate you would be using - there are so many measures ie RPI RPIX CPI CPIX to name a few. And more to the point, why should you? You are a careers advisor, not a financial advisor!


There is a reason that not just anyone can go into the world of lending and that they require a licence.

There is also the question whether, as a member of the university (I assume), a duty of care is established when offering that advice.

Of course you personally would not be culpable - you were just following the directions given to you by your superiors.

The question is, is the method of advising students on the matter of a financial liability sufficient to ensure that they are fully informed.

Student loans do not seem to be regulated in the same way that ordinary loans are - whilst I agree they are amongst the most favourable term loans that you could come across, do students still deserve the protection afforded to other consumers (ie key facts, disclosure of conflicts of interest etc).

I would still like to hear from anyone who feels that they may have been missold their student loan(or received bad advice from someone reasonably expected to be in a position of authority). If you would prefer to msg me privately I could well understand.

Thanks,

dmg24

Onw did not advise on student loans, she gave the information that she knew (which was correct). There is a big difference.

You still have not answered any of our questions:

* Why do you feel that you were missold the loan?
* What were the sharp sales tactics used that made you take the loan?

Oldernotwiser

gazat wrote: »

Oldernotwiser,

Why so defensive? Who is talking of suing you? I've not once suggested such a thing.

The question remains, to what extent do you think that, as a careers advisor, that you are qualified to give advice about financial matters. What assurity do students have that if they talk to one of your other unregulated colleagues that the quality of advice is consistant? Just to highlight the lack of expertise here, you state that the interest rate goes up in line with inflation, but you do not state which inflation rate you would be using - there are so many measures ie RPI RPIX CPI CPIX to name a few. And more to the point, why should you? You are a careers advisor, not a financial advisor!


There is a reason that not just anyone can go into the world of lending and that they require a licence.

There is also the question whether, as a member of the university (I assume), a duty of care is established when offering that advice.

Of course you personally would not be culpable - you were just following the directions given to you by your superiors.

The question is, is the method of advising students on the matter of a financial liability sufficient to ensure that they are fully informed.

Student loans do not seem to be regulated in the same way that ordinary loans are - whilst I agree they are amongst the most favourable term loans that you could come across, do students still deserve the protection afforded to other consumers (ie key facts, disclosure of conflicts of interest etc).

I would still like to hear from anyone who feels that they may have been missold their student loan(or received bad advice from someone reasonably expected to be in a position of authority). If you would prefer to msg me privately I could well understand.

Thanks,

I wasn't being defensive at all, my post was purely factual. I was certainly not acting on instructions from my superiors! Careers Advisers are independent professionals and pride themselves on being objective and unbiased. If you knew more about this then you'd realise that CAs at university offer guidance to students LEAVING university rather than those planning on attending, so no, I wasn't employed by a university.

To be honest, all this talk of financial advice is a load of codswallop. The information that students were given (as detailed above) is factually correct; they can then choose to take out student funding or not, as they wish. I'll give you MY advice, not as a Careers Adviser, but as a human being. Stop trying to weasel out of repaying your student loan; you're wasting your time because, a. you're wrong and b. if you think any government would write off all the student loans then you're dafter than I think you are (and that would really be an achievement!)

Oldernotwiser

Idiophreak wrote: »

Don't think they won't try

They'll have a job catching me!