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Help With Student Loans - HERE!

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  • jskcv1
    jskcv1 Posts: 34 Forumite
    kne wrote: »
    Hi, wondering if someone can help!
    I logged onto the SLC website and have worked out I have around 20 weeks left of payments.
    What happens with final payments etc? Is it up to me to work out what date it will be and tell my company or will the SLC do this for me? I really don't want to pay more than I have too as it is a lot of money coming out of my pay.
    As my salary varies a lot due to overtime the end date will vary too :-/
    Can anyone advise what happens?
    Many thanks...

    Phone them up, tell them you think you are close to finishing the payments, they'll ask you what you've paid so far in this tax year, they then can work out you last payment date for sure, they then tell the taxman to stop taking cash after that date. Roll on April 25th, the day I'm all paid up!
  • kne
    kne Posts: 34 Forumite
    Part of the Furniture Combo Breaker
    jskcv1 wrote: »
    Phone them up, tell them you think you are close to finishing the payments, they'll ask you what you've paid so far in this tax year, they then can work out you last payment date for sure, they then tell the taxman to stop taking cash after that date. Roll on April 25th, the day I'm all paid up!

    Thanks for the reply, I guess I will do that nearer the time as my repayments vary a lot!
    The online calculator on the repayments site helps a lot with working it out, however I have a spread sheet working it out too but its not as accurate.
    As you say roll on the last payment!
  • tabs456
    tabs456 Posts: 10 Forumite
    hi can anyone help, my son is studying in prague, i have supporting him as much as i can can but funds are so low, is there any help he can get from either in england or in prague
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    tabs456 wrote: »
    hi can anyone help, my son is studying in prague, i have supporting him as much as i can can but funds are so low, is there any help he can get from either in england or in prague

    What nationality is he and what sort of course is he studying?
  • straas
    straas Posts: 88 Forumite
    Due to the interest rates on my ISA vs the interest accruing on my loan I've decided it's no longer worth trying to make so little and want to pay the full loan back.

    I've looked around the site and can't find out how I can pay back the loan in full at this stage (I'm still in education)

    Does anyone know how I could go about doing this?

    Cheers
  • MrsManda
    MrsManda Posts: 4,457 Forumite
    straas wrote: »
    Due to the interest rates on my ISA vs the interest accruing on my loan I've decided it's no longer worth trying to make so little and want to pay the full loan back.
    I've looked around the site and can't find out how I can pay back the loan in full at this stage (I'm still in education)
    Does anyone know how I could go about doing this?
    Cheers

    You can log in to your account and there's a payment option. CLICK
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
    straas wrote: »
    Due to the interest rates on my ISA vs the interest accruing on my loan I've decided it's no longer worth trying to make so little and want to pay the full loan back.

    I've looked around the site and can't find out how I can pay back the loan in full at this stage (I'm still in education)

    Does anyone know how I could go about doing this?

    Cheers

    Are you sure you won't need any savings when you finish education? Deposits, removal costs, clothes etc?
  • MrsManda
    MrsManda Posts: 4,457 Forumite
    Are you sure you won't need any savings when you finish education? Deposits, removal costs, clothes etc?

    ONW makes a good point - any overpayments you make on your student loan you can not get back.
  • Hi I studied before 1998 and heard my loan will shrink it is very confusing if i don't pay it off when it shrinks will it grow again?
  • jskcv1
    jskcv1 Posts: 34 Forumite
    kne wrote: »
    Thanks for the reply, I guess I will do that nearer the time as my repayments vary a lot!
    The online calculator on the repayments site helps a lot with working it out, however I have a spread sheet working it out too but its not as accurate.
    As you say roll on the last payment!

    I too have variable repayments this year (ranged from £120 a month up to £310 a month, they took the total paid for this tax year and averaged it out to work out the stop date. It maybe that I need to manually pay a few quid after my last repayment, or they may owe me some. but at least the monthly payments are stopping is my take on it!

    The online calcualtor was useless for me, put in this years figures, which was circa 2.1K and last years balance was 2.3K, telling me that they owed me 1.8K in overpayment. Which was complete rubbish. Phoned up and the last payment date of April was more in line with the figures.

    I would phone them with you details, as it could take time for the stop to be put on by HMRC, last thing you want is to have them taking too much then dragging their feet to repay it back to you.
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