Student Loans discussion

rambojones

Just like me! I am pursuing it with SLC and Financial Ombudsman. I was 39 in 1991 when I was 'advised' by SLC not to worry about paying it back because if i never earned enough it was written off at age 50 anyway. So taking this advice on board I took the loans. Never did earn enough to pay it back, in fact was unemployed for 2 years after graduating. Got to age 50 and I was informed I had been given wrong info; that because I was over 40 when the last loan was taken out in 1994/95, it was now aged 60!! I nearly fainted to say the least and have been worried ever since. All these years of interest piling up. Trained as a teacher 4 years ago and next month will be over the threshold, aged 56 and having to pay this bl***y loan back. So yes I think you were misled, mis-sold, given bad advice just as if it was a credit card, mortgage, etc. Bad advice is bad advice. I have requested copies of documents showing that in 1994 they gave me the right advice. I doubt they are going to be able to provide anything but we shall see. I am also querying monthly repayments as I did a quick calculation on the FSA's website based on my loan repayment etc and would be repaying at 6.34% if their monthly repayments are to be believed. I have also got my MP involved and he has at least written to them on my behalf. So I am not going down without a fight let us say. If something feels wrong, it is wrong!! Good luck.

rambojones

soolin vbmenu_register("postmenu_13380783", true);
Deliciously Dedicated Doubly Diehard MoneySaving Devotee

By the way, do not let 'Soolin's' negativity upset you. He's happy his sons in debt, while thinking he's saving money! Oh well. Ignorance is bliss I guess. :eek:

soolin

rambojones wrote: »

soolin vbmenu_register("postmenu_13380783", true);
Deliciously Dedicated Doubly Diehard MoneySaving Devotee

By the way, do not let 'Soolin's' negativity upset you. He's happy his sons in debt, while thinking he's saving money! Oh well. Ignorance is bliss I guess. :eek:

Your argument is nonsense I cannot see the correlation between a student loan and being happy that my DSs are saving money They are not saving money, they are spending huge wodges of it getting a better education than I ever managed.

I am never happy with debt but I am happy that my sons have got to uni. Without the loans they could not have afforded to go, so what was the alternative? Either we sold the house to fund them or they took a student loan...not ideal but the better option surely.

What do you propose ordinary working class students do then to pay for their tuition, accomodation etc or maybe we should go back to the days of my extreme youth where only 'posh' people went to uni and the rest of us knew our place and went to work.

Getting into debt is not a good idea but sometimes needs must, that's why I took a mortgage when I wanted to buy a house rather than sit and wait and hope that the council might eventually house me, it was unaviodable. .However I don't then start looking for loopholes to avoid paying it back.

Oh and by the way, I am a female.

The_One_Who

Why do some students need to be told everything? Why can't they do it for themselves? There is a wealth of literature available about student loans, all you have to do is read it. If there is something you don't understand either try and find out about it or ask someone.

I have taken out a student loan and am well aware that I will have to pay it back, but if by some chance I haven't managed to in 35 years it will be written off. It is not debt in the sense that you will be chased up for it or that it will have an effect on your credit score.

Oldernotwiser

rambojones wrote: »

Just like me! I am pursuing it with SLC and Financial Ombudsman. I was 39 in 1991 when I was 'advised' by SLC not to worry about paying it back because if i never earned enough it was written off at age 50 anyway. So taking this advice on board I took the loans. Never did earn enough to pay it back, in fact was unemployed for 2 years after graduating. Got to age 50 and I was informed I had been given wrong info; that because I was over 40 when the last loan was taken out in 1994/95, it was now aged 60!! I nearly fainted to say the least and have been worried ever since. All these years of interest piling up. Trained as a teacher 4 years ago and next month will be over the threshold, aged 56 and having to pay this bl***y loan back. So yes I think you were misled, mis-sold, given bad advice just as if it was a credit card, mortgage, etc. Bad advice is bad advice. I have requested copies of documents showing that in 1994 they gave me the right advice. I doubt they are going to be able to provide anything but we shall see. I am also querying monthly repayments as I did a quick calculation on the FSA's website based on my loan repayment etc and would be repaying at 6.34% if their monthly repayments are to be believed. I have also got my MP involved and he has at least written to them on my behalf. So I am not going down without a fight let us say. If something feels wrong, it is wrong!! Good luck.

Whilst it's obviously completely wrong that you were told incorrect information and I hope that you are successful in fighting things, are you saying that you wouldn't have gone to university if you had known the true facts? You certainly wouldn't have been earning over £24,000 as a teacher now if you hadn't gone. I also have to say that you're muddling the word advice with the word information but I'm sure that seems like splitting hairs at the moment.

I hope that you're successful in your fight but I can't see how they can argue when you are able to produce proof of what you were told.

bestpud

Oh here we go - the old classic!!

Nobody agrees with me so I will bring in a 'new poster' to back me up almost word for word! :rolleyes:

Oldernotwiser

Well spotted!

tootiefrooties

soolin wrote: »

I am never happy with debt but I am happy that my sons have got to uni. Without the loans they could not have afforded to go, so what was the alternative? Either we sold the house to fund them or they took a student loan...not ideal but the better option surely.

What do you propose ordinary working class students do then to pay for their tuition, accomodation etc or maybe we should go back to the days of my extreme youth where only 'posh' people went to uni and the rest of us knew our place and went to work.

I haven't read this entire thread so massive apologies if this has been said or is totally irrelevant! I symathise with you on this, and when you ask "what was the alternative", I only hope that the government acknowledges the alternative soon which is to provide grants or free tuition for higher education, as with further education.

I know this isn't black and white and plenty of people will start shouting about taxpayers money in a minute, but it is a sad sad fact that if, say, you go to the medical school in any uni then 99% of the students come from an extremely priveleged background. And why? Because the longer the course is, the fewer people can do it who are from a working class background. I think it's so sad, and it really takes opportunities away from people.

You are right that in this instance (like many) debt is a necessary evil. And hopefully for most it will pay off! Although I know people with good degrees who are working in Tesco...

Oldernotwiser

piefacerecords wrote: »

I haven't read this entire thread so massive apologies if this has been said or is totally irrelevant! I symathise with you on this, and when you ask "what was the alternative", I only hope that the government acknowledges the alternative soon which is to provide grants or free tuition for higher education, as with further education.

The alternative is for the government to stop trying to get 50% of the population into HE and to cut student numbers to a realistic level so that only those who are really suited to this kind of study go down this road. If we were to do this then perhaps the country might be able to afford grants and free tuition again.

(By the way FE is only free up til the age of 19, so not a very good comparison!)

tootiefrooties

Oldernotwiser wrote: »

The alternative is for the government to stop trying to get 50% of the population into HE and to cut student numbers to a realistic level so that only those who are really suited to this kind of study go down this road.

Definitely agree with this. Too many people going to uni for the sake of it, when they don't even know what to do as a career (killing time...) and too much importance being placed on academia over practical and vocational skills - mcdonalds degree anyone? Ba in david beckham studies etc. etc.

Not everybody is suited to studying and yet often railroaded into thinking that's the path they have to take.