Never paid my student loan

hanspans

Hi,
I wonder if anyone can help me please.

I went to uni for 2 years (an HND) in November 1998 until July 2000. I graduated and since then I have heard nothing from the SLC.

After graduating I met a deeply annoying (now ex) partner who led me many a pretty lie and eventually to cut a long story short I ended up homeless and banktrupt. Not good at all. I am fine now, really good in fact, however, I would love to do a Degree as my HND doesn't really help me at work anymore. With all the other money worries and emotional stress I ignored the student loan problem. My question is now what should I do. Having read Martin's article it looks like pre-1998 the loans were mortgage style and could be forever deferred and after 1998 people needed to pay something according to their salaries - so I am not sure where that leaves me. I am happy to pay, sorry I did not before, as I would love to do something in higher education again. It would only be part-time anyway, and I would pay the fees myself, so I wouldn't need to borrow more money, but just in case I applied and the uni/college rejects me cause I haven't paid I wanted to.

Really want to get my life back on track, but for the first time in my life I am trying to save money, so my lovely new partner and I can buy a house together, and I don't want them to take all my money and not have enough left to save.

Any advice would be gratefully received? Anyone else been in a similiar situation?

Many thanks

babs2008

Like you I also chose to do a HND. After which I worked for a few years.

Eventually I decided to go back to uni full time for a year (though I could have done it part time for 2 years) to top up the HND to a degree. So after a year I had a BA. When you choose this route often the universities are flexible over what subject you choose for your degree (as long as you have a decent HND result). I went from music to business.

Both times I took out the full loan from the SLC. I've still not had to pay anything back yet. It will come automatically out of your wage when you earn over £15,000 a year (I dont earn enough yet).

Also, I don't think any uni will reject you because no payments have been made. It would be the SLC who would make that decision anyway and as you may not need another loan it shouldn't be an issue.

With regards to helping you save more money, you may also be able to get a grant for the course, depending on the subject.

Oh, finally, have you had any statements from the SLC? I always get an annual one which tells me the balance and any interest added on. You'll not get any demands for payment. If you've changed address you will need to let them know.

I hope I've helped - if I've missed anything give me a shout!

Oldernotwiser

Loans taken out after 1998 don't have to be repaid unless you earn over £15,000 so you're fine with your current loans so far. These will roll over until you eventually earn this much, although they'll have been accruing interest since you took them out.

If you're looking at studying with the OU (or many other universities offering part time courses), you're likely to get credit for the full time study you've already undertaken so it will take you less time to get your degree.

Part time fees (with the OU or any other university) are based on household income and aren't eligible for loans. If you're household income is less than £16,000 you'll be eligible for a fee grant, if it's over £24,000 you won't get anything and between the 2 figures you'll get some help on a sliding scale.

Hope this helps.

hanspans

Thanks for the replies, and in response to your question re: statements -
No, I've never received any paperwork from them, ever, and I have earnt more than £15k.

True I've never written to them and changed my address - I was in a student house, however I would have thought that it would go through my National insurance number, but maybe I do have to tell them.

Any further advice? thanks xx

Helix

hanspans wrote: »

Thanks for the replies, and in response to your question re: statements -
No, I've never received any paperwork from them, ever, and I have earnt more than £15k.

True I've never written to them and changed my address - I was in a student house, however I would have thought that it would go through my National insurance number, but maybe I do have to tell them.

Any further advice? thanks xx

You are meant to tell them any change of address. Your address isn't linked to your National Insurance number so they would have been unable to find out that way.

Oldernotwiser

hanspans wrote: »

Thanks for the replies, and in response to your question re: statements -
No, I've never received any paperwork from them, ever, and I have earnt more than £15k.

True I've never written to them and changed my address - I was in a student house, however I would have thought that it would go through my National insurance number, but maybe I do have to tell them.

Any further advice? thanks xx

Sorry, your post didn't sound as if you'd earned that amount. I believe that when you start a job you're supposed to tick a box to indicate that you have a SL but I'm prepared to be corrected on this. You need to contact them now to regularise the situation before you go back into education and to arrange a payment plan for the money you owe. You don't need to make normal repayments whilst you're studying again but you will need to sort out the arrears.

markelock

If you want to pay, why not just ring them and see what the position is?

Fire_Fox

Write to the Student Loans Company, give them your address and work details, advise them you are/ are not earning sufficient to pay, also of the date of your bankruptcy, ask for a full statement of what you owe. Then let them decide what to do next. As long as you are dealing with the situation and the SLU haven't been chasing you for money for years you should be fine to start from scratch now.

II_D2_II

i would just save a whole lump of the money you have to give back, and put that in a safe place, then one day f they do ask for the money back then you got it there all in one,, if they dont ask for it by the time you have retired that should be abig amount of money

hanspans

That sure is tempting! To be honest, if someone owed me £6K - I would have tried to chase them anyway. I'll do the honest thing and tell them about the situation, hopefully they will understand and not force me to pay a massive amount.
thanks everyone!