Help With Student Loans - HERE!

Oldernotwiser

verguson wrote: »

Well three thousand. I worked abroad teaching English in a developing country for 4 years and never filled out the deferment despite never earning enough to reach the payment threshold. A very stupid mistake which has seen me rack up over 3 grand in arrears. One loan has already been branded a default harming my credit rating (for some reason 3 years of loans are on two different accounts) and the other is already there, I'm back in the country and trying to behave like a grown-up but I'm job hunting right now the daily phone calls and letters from the SLC are distressing.

I started studying in 1997 (Mortgage Loan). I'm pretty sure there's no way I'll be able to avoid paying this eventually but any advice gratefully received. Even if its about just how bad credit ratings can be.

If not ist a cautionary tale to others. Fill out that form every February.

I forgot to defer one year for a few months and racked up a couple of hundred in charges!

Unfortunately, arrears and charges are treated just like any commercial loan so all you can do is to try to negotiate a payment plan with your lenders which should stop some of the hassle.

If you enquire on one of the MSE boards that deals with loans and debts you'll probably get more information on defaults/credit ratings etc than you will on here.

As you say, a cautionary tale!

Hopeless_Saver_2

My husband (currently on disability and unemployment benefit) wants to try to get back to work soon. We are about to send off the kids' grant applications with our present very low income. But then the information will no longer be correct. Will we be in big trouble? Can't see what to do.......Thanks for reading.

Hopeless_Saver_2

Hope I'm in the right place this time. I'm worried that if my kids apply for grants etc on our present very low income and then my husband later does manage to work (at present on Disability), will we then be in trouble? What would happen? Thanks for reading

Oldernotwiser

Hopeless_Saver wrote: »

Hope I'm in the right place this time. I'm worried that if my kids apply for grants etc on our present very low income and then my husband later does manage to work (at present on Disability), will we then be in trouble? What would happen? Thanks for reading

You can only apply on the income you have at the moment and then update the figures next year if things get better.

Don't worry!

Hopeless_Saver_2

Thanks! But I would wait a whole year till the next year's application? Then would the kids have to give back the money (that they would have spent)?

Oldernotwiser

Hopeless_Saver wrote: »

Thanks! But I would wait a whole year till the next year's application? Then would the kids have to give back the money (that they would have spent)?

Each year's student finance is based on your annual application so, if you're on a low income at the start of this year, then that's how it's assessed. Your student children may need to be prepared for a lower income next year but there'll be no need to pay back anything for this year if your application is accurate.

Hopeless_Saver_2

What a relief! Thanks so much for that good news. I'll go ahead and apply now. Thanks, Oldernotwiser

Miss-spent_2

Reading the above threads has given me a question to ask about defering.
If you have a student loan outstanding and are working, but the job is lowley paid (say £7000 P.a.) do you have to fill in a deferment form. I thought you didn't have to do anything until you earned over £15000.
I would be greatful for advice.

Oldernotwiser

Miss-spent wrote: »

Reading the above threads has given me a question to ask about defering.
If you have a student loan outstanding and are working, but the job is lowley paid (say £7000 P.a.) do you have to fill in a deferment form. I thought you didn't have to do anything until you earned over £15000.
I would be greatful for advice.

You only have to fill in a deferment form if you're on the old , pre 1998, mortgage style loans. With the current system, deductions are taken automatically from your salary when you earn over £15,000.

BusinessStudent

Hi Al,

I applied online for my 2nd year student fiance for uni

The declaration form has come back but it looks like I've applied for a loan aswel as the non repayable grant.

I do not need the loan. I only want a grant.

What should I do?