Student Loan Write Off

Success40

redpete wrote: »

I think you mean they are penalising you for not following the procedure to defer payments (and probably ignoring previous letters about it, or do they just pass it straight on to a DRC without contacting you at all?).



So you literally work to pay your DDs rather than for nothing.

Sarcasm really is the lowest form of whit!!
What would you prefer....I stayed at home and claimed the dole. I work hard for everything I have, I've brought up 2 children on my own with no help from the fathers. I can hold my head high thank you very much.

Its just a shame that in trying to make a better life for myself and my children I have ended up with a debt that will now prevent me from educating myself further.

I still work and I still pay my bills and when I can get some straight answers from the SLC as to who they actually sold my loan to and when I will start to clear that too.

Don't take the !!!! just because my terminology is not how you would like it!!

:mad:

Success40

*Kat* wrote: »

Wow, what are your DD?

I was made redundant 2 years ago, so the only reason they seem high now is because I was on a higher wage previously.

I am a temp and have been for 3 years on and off. I need to retrain to get a better paid job. When I was made redundant I got back to work straight away but I took a job that paid more than £10k less.

sapamm

Liz3yy wrote: »

I don't know about the new style loan but I have an old style one. I took out a student loan in 97, 98 and 99.

The current state of play with mine is that I have to be earning at least £2000 a month in order to have to pay it back, each year I earn less than that I can apply to defer the repayment of the loan.

I've deferred it every year since I graduated as I'm entitled to.

I am the same, I took out my loans in 97, 98, 99, and 00 and they were all contracted under the 97 terms because that's when I started my course of study. I have also deferred it most of the time since then because I went on to do two masters and won a phd scholarship. Very good at what I do but there are now no jobs in my field, a good advert for choosing the right degree route! I have finally realised the error of my ways and taken up labouring instead which pays not enough (under my contract) for me to need to make payments but it is satisfying and I don't have to deal with bosses and the crappiness of taking a lot of responsibility for little more recompense.

But I digress. I distinctly recall seeing that the loan would be written off (as part of the contract) at either age 50 or 55. More likely 55, but I am certain it was not 60 or 65. However, the SLC website says (I have italicised the relevant part):

Age write-off



New lending is subject to a 25-year maximum term (35 years for Scottish domicile students) because of the changes to the age entitlement for new maintenance loans. Existing customers retain their existing rights for both new and existing borrowing, however. Consequently there are now two kinds of ICR loan:

1. Lending to customers who borrow for the first time in 2006/07 is written off if not repaid within 25 years (35 years for Scottish domicile students). This applies to students who:

• enter higher education in 2006/07 (whether or not following a gap year);
• entered higher education before 2006/07, but elected not to draw down a student loan in previous years; or who
• entered higher education before 2006/07 but were not eligible or entitled to receive a student loan in previous years, but who become eligible for one of the loan products in 2006/07 because for example of the changes to the age rules for maintenance loans, and elect to draw it down.

1. Lending to other customers is written off at age 65. This applies to account holders who:

• obtained a student loan in 2005/06 or in some earlier year, and who are continuing students.

I have been unable to find any other reference to age but I am very much convinced I saw the age 50 or 55. Anyone else have such a recollection? Liz3yy are you able to check your contract? Or how can I check on my contract now, I lost all my papers so I don't have the original. Can I get a copy of the contract I signed from SLC through Freedom of Information?

Sorry, I was not allowed to post a link - look up the SLC site 'write-off terms'

wildballoonlady

Sapamm - I'm wanting to find out exactly the same thing. I took out student loans in 96/97/98 and have deferred since due to bringing up a family and earning very little. I plan to return to full time work but I turn 50 in 9 months time.

Is the loan written off now, as the next deferment application happens after I turn 50? Or, if I start earning over the minimum amount to be able to defer am I tied in to repaying the entire loan from now on?

Is the writing off of a SLC loan even going to happen at age 50?

bbfc

Student Loans were promoted as the cheapest loan you would ever get, hence why most students get one. I have been paying mine back for a while but I never worry about (it's around £10k). It doesn't appear on my Credit Report and I don't class it as an important debt. I had friends who didn't even need a loan (parents paid for everything) and they still got one because of how it works, some bought a car with it or put it into savings etc.

People will moan but if you were offered one you would take it.

Dunroamin

wildballoonlady wrote: »

Sapamm - I'm wanting to find out exactly the same thing. I took out student loans in 96/97/98 and have deferred since due to bringing up a family and earning very little. I plan to return to full time work but I turn 50 in 9 months time.

Is the loan written off now, as the next deferment application happens after I turn 50? Or, if I start earning over the minimum amount to be able to defer am I tied in to repaying the entire loan from now on?

Is the writing off of a SLC loan even going to happen at age 50?

pRE 1998 LOANS ARE WIPED AT THE AGE OF 50, UNLESS YOU WERE OVER 40 WHEN YOU TOOK THEM OUT, IN WHICH CASE THEY'RE WIPED AT THE AGE OF 60. (Apologies for caps.)

Mine were wiped out last year.

wildballoonlady

Thanks Dunroamin. Do you have a link to this information? When I went on the SLC site there didn't appear to be any clear advice for those approaching 50 with pre 1998 loans.

Autumn86

marshallka wrote: »

My son went to work for £2 per hour to earn and learn at the same time.

:rotfl::rotfl::rotfl:

Sorry but what kind of job did he do that paid such a shamefully crap wage?? :eek:

Even toilet cleaners, fastfood jobs, and manual labourers get minimum wage which is about £6,
so he got scammed big time!

Peelerfart

Autumn86 wrote: »

:rotfl::rotfl::rotfl:

Sorry but what kind of job did he do that paid such a shamefully crap wage?? :eek:

Even toilet cleaners, fastfood jobs, and manual labourers get minimum wage which is about £6,
so he got scammed big time!

He didn't get scammed he was on an apprenticeship.

iolanthe07

This thread is nearly four years old !!!!!!!