Help With Student Loans - HERE!

RabbitMad

Hi, 2 years ago I phoned up SLC and over the phone paid off my full loan. I received a letter confirming that the loan had been repaid in full and didn't here anything further until nearly 2 years later saying I owed £60 ish.

I emailed them saying there must be some mistake - I have paid it off and included a copy of my letter.

They've now emailed back saying that I didn't pay the DD that was due after I repaid the loan and that I owe them £125 ish.

I don't think I owe this money but if the SLC made a mistake is there anyway they can get this money out of me?

I had the Old, Old style loans taken out in 1996-1998 that you had to pay off over 5 years once you earnt enough (about £18K back in 1999)

Any help gratefully appreciated.

mayb_2

Niknakb I had heard the same thing about student loans but I think it is something like 25 years. Whatever your loan is it will cost you more than the interest on a student loan I would have thought. Why not pay your loan in the usual way and if you have any extra money put it in an high interest account anyway - wont cost you anything and you will earn a bit too.

marvellousaunt

Hello all

Apologies if this has already been asked but there's like 300 posts here... :S

I went to uni 2003-2006 and had a student loan. Last year I did an MSc which I was sponsored for. This year I am volunteering for a charity. So basically I have earned nothing and thus paid off nothing from my loan. So that's the situation.

Here's my query - I am thinking of doing a 1 year course at a recognised uni next year. Am I allowed to get another loan?

Otherwise there is no way I can afford £4k fees plus living expenses when I will be in uni full time...

sebastianj

Hi SLC worker,
I know a couple of students who graduated last year but still have not found the jobs they are looking for. One of them wants to go for further studies to Canada as he feels the education he had here was not to the standard.

What advice will you give them,
1- Loan repayment when they have only JSA income.
2- Finance for further studies in Canada.
Appreciate your help, Many thanks
rgd
seb

Gct_2

Hello, i have a question re. student loans
havent had time to ready through the whole thread, so sorry if its been asked before;

I recently started a course at university, however i doubt i will continue with it after christmas. I have signed a long term (1year) contract on a shared student house but obviously if i discontinue my course i will not recieve the remainder of my loan and will not be able to make the rent payments. Will the SLC still pay enough loan for rent purposes? perhaps directly to the landlord. I will be moving back to my family home and will not be occupying the student house.

thanks

roxalana

marvellousaunt wrote: »

Hello all

Apologies if this has already been asked but there's like 300 posts here... :S

I went to uni 2003-2006 and had a student loan. Last year I did an MSc which I was sponsored for. This year I am volunteering for a charity. So basically I have earned nothing and thus paid off nothing from my loan. So that's the situation.

Here's my query - I am thinking of doing a 1 year course at a recognised uni next year. Am I allowed to get another loan?

Otherwise there is no way I can afford £4k fees plus living expenses when I will be in uni full time...

Sorry, if you've already got an honours degree you won't get help from your LEA or the SLC for another course. The only thing that might be available may be dependants grants (if you have kids) or disabled students allowance (if you have a disability) but there is no maintenance or tuition fee help.

You could try the educational grants advice service (EGAS) who will be able to advise on what (if anything) would be avilable to you. It may have to be a bank loan or you may have to save up to study later on.

roxalana

sebastianj wrote: »

Hi SLC worker,
I know a couple of students who graduated last year but still have not found the jobs they are looking for. One of them wants to go for further studies to Canada as he feels the education he had here was not to the standard.

What advice will you give them,
1- Loan repayment when they have only JSA income.
2- Finance for further studies in Canada.
Appreciate your help, Many thanks
rgd
seb

1. If your friend is on JSA they will have less than £15,000 pa taxable income so will not need to make repayments until they exceed £15,000pa.

2. I would assume your friend would have to self finance further studies abroad unless they can get a research grant or something. Again, EGAS may be able to give further advice.

roxalana

Gct wrote: »

Hello, i have a question re. student loans
havent had time to ready through the whole thread, so sorry if its been asked before;

I recently started a course at university, however i doubt i will continue with it after christmas. I have signed a long term (1year) contract on a shared student house but obviously if i discontinue my course i will not recieve the remainder of my loan and will not be able to make the rent payments. Will the SLC still pay enough loan for rent purposes? perhaps directly to the landlord. I will be moving back to my family home and will not be occupying the student house.

thanks

If you stop being a student then you aren't entitled to student loan I'm afraid.

I would speak to your landlord/ letting agent to see what they suggest. Perhaps they will let you leave if you can find a replacement? I am moving into a house later this month where someone has done that (the person would have had to continue to pay the rent unless they could find someone to take over from them). Note: I don't mean subletting - I mean doing it officially!

Perhaps your Uni has a housing office or welfare dept where people are looking for houses? Or perhaps you know someone who is looking for somewhere to live?

tzarina

slcworker wrote: »

Hey, i have alot of Knowledge of how the student loans procedure works. If anyone needs any help, i can advise as much general info.
Obviously i cant divulge into specifics due to Data Protection and the fact that i'd get fired, but anything i can help with, just let me know.

Hi there,

I have just put my free £1750 overdraft (until Aug 2008) into an ISA of 6.5%. My student loan is £4170 now at a rate of 4.8%. Is it worth me paying off my student loan with some of that free money? Then the pressure of having to earn £1750 before next August is getting to me a bit...or am I just coping out? I have done some calculations and obviously I would be getting less interest on my ISA than the student loans company is charging me. I don't have a regular job and so am only making voluntary contributions at the mo. I understand this amount is less than some peoples but I still don't like the idea of debt. My jobs are random and so no regular income really comes in. I am 21 years old.

I hope someone can shed some light for me, it would be very much appreciated, thankyou.

Kate.

roxalana

tzarina wrote: »

Hi there,

I have just put my free £1750 overdraft (until Aug 2008) into an ISA of 6.5%. My student loan is £4170 now at a rate of 4.8%. Is it worth me paying off my student loan with some of that free money? Then the pressure of having to earn £1750 before next August is getting to me a bit...or am I just coping out? I have done some calculations and obviously I would be getting less interest on my ISA than the student loans company is charging me. I don't have a regular job and so am only making voluntary contributions at the mo. I understand this amount is less than some peoples but I still don't like the idea of debt. My jobs are random and so no regular income really comes in. I am 21 years old.

I hope someone can shed some light for me, it would be very much appreciated, thankyou.

Kate.

Do you mean that because you owe more student loan money than you have in the savings account the interest charge on your loan is greater than you are earning in interest on your ISA? Because the interest rate on your ISA is higher than your loan interest?

If that is the case - see Martins article on should I pay off my student loan.
I think this says that effectively you are doing the best thing financially by keeping your savings in an account that pays a higher rate(%) of interest than you are being charged on your loan BUT your decision needs to go on how you FEEL about the situation.

For example, not all my money is earning the best amount of interest cos to understand where I am with my money I need to have things in separate 'pots'. I also couldn't cope with putting my interest free overdraft into an ISA cos then I couldn't see how much I had to spend! This was a personal choice which meant I earnt less interest but spent less as I know my attitude once my account is in the red!