Help With Student Loans - HERE!

MrsManda

simplynoidea wrote: »

I've applied for a student loan and starting uni Sep '11 by which time I shall be 55 years old. Looking at the student loan info am I right in thinking that if I am still working my loan won't be paid off until I'm 83 years old?

You are correct that they won't be written off until you are 83 years old but they are loans so you are expected to be paying them back therefore it's possible you will have paid them off prior to that time.

layanna_jade

Taiko wrote: »

No, you would not qualify for the maintenance grant. Eligibility for the maintenance grant is dependent on you being eligible for a fee loan.

Thanks very much. I guess that money is going to be tight for next year.

layanna_jade

Hi

Could you point in the direction of this information please as I've been unable to find it anywhere in the eligibility section on the student finance website?
Thanks

Taiko

http://www.legislation.gov.uk/uksi/2008/529/regulation/55/made

FurryPaws

Hi,

Sorry if this has been asked already, I did a search and couldn't find anything for afew pages..

I'm in NI. I have been repaying a small student loan for about 5 years now. I haven't had a paper statement from SLC since 2009. I have log in details for the website but I can't find where the part is which shows all my contributions to date?

Only thing I can find is the student loan bundle amounts given to me in the 2 year space I was studying. So I think 5 payments to me.

Any ideas? There seems to be several different sections to the SLC website and I don't know which one I'm meant to be on *scratches head*

Thank you

Keep_The_Change

Just reposting this as I dont think i got any replies:


Ok, here's my query if anyone can help? thanks.

-I took out a student loan in 1999/2000.
-Graduated in 2002.
-Have paid bits of it back on and off through the years automatically through emplyment / ductions through monthly wage.
I am currently in full time emplyment.

I currently owe SLC approx £10,800 as of this month.

HOWEVER, I MAY BE in the position at the moment to be able pay off the above amount in ONE LUMP SUMP.

I have NO other loans to pay off, excpet a Mortgage, on a monthly basis.

Should I pay it off?

I am aware that I can put the funds into a high interest account and make some money from it, but I do not wish to do that.
I want to clear this loan off so I am totally debt free.

Is there any DISADVANTAGES to me paying it off in one lump sum?

And if I do pay it off, how does it work?
Do the SLC inform the Inland Revenue and then the IR stop taking deductions from my salary? Or do I need to tell the payroll office of my employer directly, or contact IR myself?

Thanks!

MrsManda

Keep_The_Change wrote: »

And if I do pay it off, how does it work?
Do the SLC inform the Inland Revenue and then the IR stop taking deductions from my salary? Or do I need to tell the payroll office of my employer directly, or contact IR myself?

From a moneysaving point of view it's a waste of money to repay your student loans before you need to, at least while the interest rate is so low. You are effectively losing money if you pay off a debt which you don't need to when the interest rate on the debt is lower than the interest rate on your savings.

Another big disadvantage is that you cannot get that money back if you need it for some reason - lose your job, end up too unwell to work, want to move into a bigger house, have children, want to emigrate or whatever.

The advantage is that the payments will no longer come out of your pay each month so it'll look like you've had a payrise.

Have you read Martin's article on repayment of SL?
http://www.moneysavingexpert.com/loans/student-loans-repay

In order to pay it off in a lump sum you can do this through the website or over the phone. http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867391&_dad=portal&_schema=PORTAL

Once the student loan company are satisfied you've completely repaid the loan they'll tell the HMRC who will issue a SL2 Stop Notice to your employer who will then stop taking repayments.
http://www.hmrc.gov.uk/helpsheets/e17.pdf

You may end up overpaying your loan for a short time while everything catches but you can claim that back.
Alternatively ask the SLC to calculate how much you need to pay off before you only have two years of your repayment term, pay up that point and switch to paying by DD so that a stop notice is issued to your employer before you've repaid your whole loan.
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,5010888&_dad=portal&_schema=PORTAL

mummygirrafe

I have a query on mine if you can help

I have 2 loans one was taken Sept 2005
Then I had another taken Sept 2008 for my PGCE

I am now a full time mother and don't plan to go back into work til DD is off to school, and then I will work part time. So 4/5 years away.

My current loan stands at 25500k, 7k is from PGCE 2008. I am gaining £1000 interest a year so when I finally start work it will be 30K, working part time for awhile whilst my children are young I won't reach the threshold for years and when I finally do it the repayment won't even cover the interest so my loan will only ever increase year by year, so even when I do earn more it will never EVER be gone. I hate that!

Also because 1 of the loans is post 2005 will that part get wiped after 25 years? And how on earth will they work out how much to wipe off if I have made repayments on all of it?
Really wish I'd delayed uni by a year now.
HELP, it will be horrible, I think it will be 50k by the time I earn enough to start denting it-but then again the interest amount will be so high by then maybe I won't. Will I never have a paycheque without it on there.

New_York_No1_fan

DD now approaching her final year at Uni has FINALLY received her figures for student loan and grant, as has No1 son who will be going into his first year.

I understand that final year students get less in the way of a loan, which is what has been quoted , however she will get £300 MORE in her grant than son. Is this correct? Are they not treated the same as far as the grant goes?

Can anyone advise me please?

Taiko

They're both assessed on different thresholds, as per the regulations. Depending on when you began the course, you can obtain more/less than someone starting later.

Thresholds were cut for the 11/12 starters, so it's sounding correct.