Help With Student Loans - HERE!

liviboy

DotCapel wrote: »

Hi, I'm a current student and was wondering how do I make voluntary repayments to my student loan (above what I will be doing automatically upon earning over £25,000/year)

Register at http://www.studentloanrepayment.co.uk

Can setup direct debit payments and make card payments directly to your loan account.

Rachiedabbler70

Mrs_Arcanum wrote: »

Wondering why Student Finance are asking for Financial evidence for 15/16 when this was sent last year? Or have they failed to update the letter to reflect the new year?

I've just received a request for my proof of income as well yesterday and I sent my p60 to them last year. Find it very strange. I do wonder if they've made an error and already disposed of my p60 copy. Hope it doesn't cause problems for my 2 boys at university. Will be calling them to ask why.

Rachiedabbler70

Rachiedabbler70 wrote: »

I've just received a request for my proof of income as well yesterday and I sent my p60 to them last year. Find it very strange. I do wonder if they've made an error and already disposed of my p60 copy. Hope it doesn't cause problems for my 2 boys at university. Will be calling them to ask why.

Phoned student finance just now and they say they haven't got my p60 on file for either son. I told them when I sent it back but they've clearly lost it. Agreed to send a duplicate early next week.

Iainhw

Hi, I am trying to get my head round the obtuse student loan system, with regard to whether to pay it off or not. Currently my daughter owes approximately £40,000, if nothing is paid off for 29 years she will owe £230,000 with interest at (currently) 6%, I assume the government will then write of the £230,000. (defies all logic).
Having worked hard to obtain a degree in psychology and wants to become a home owner, (a one bedroom flat in our area is £350/£400K), what incentive is there for her to earn a reasonable salary if she needs to pay off £2,000 a year just to maintain the (£40,000) status quo for 29 years.
iainhw

Jat64

Hi my son completed 1 yr at uni, he earns 24,000 should we aim to pay off the loan to stop accruing interest or leave it for the 30 years?

silvercar

Iainhw wrote: »

Hi, I am trying to get my head round the obtuse student loan system, with regard to whether to pay it off or not. Currently my daughter owes approximately £40,000, if nothing is paid off for 29 years she will owe £230,000 with interest at (currently) 6%, I assume the government will then write of the £230,000. (defies all logic).
Having worked hard to obtain a degree in psychology and wants to become a home owner, (a one bedroom flat in our area is £350/£400K), what incentive is there for her to earn a reasonable salary if she needs to pay off £2,000 a year just to maintain the (£40,000) status quo for 29 years.
iainhw

Maintaining the status quo doesn't matter if the loan is written off after 30 years. Think of it as a graduate tax.

silvercar

Jat64 wrote: »

Hi my son completed 1 yr at uni, he earns 24,000 should we aim to pay off the loan to stop accruing interest or leave it for the 30 years?

Depends whether you think he will earn sufficient to have to pay back more than the loan amount over the 30 years. If you are thinking of clearing it, think what else he could do with the money.

If you don't think he will be a (very) high earner, then paying it back now doesn't make financial sense.

Susancat

Hello I have been accepted for a masters course and cannot fund myself. I want to apply for a government postgraduate loan. Problem is I took out a student loan in 1994 which I never paid back due to not earning enough. I probably do earn enough now but I had no contact with SLC since around 1999 I think. Would this prevent me from getting a postgraduate loan? I am 51.

silvercar

Susancat wrote: »

Hello I have been accepted for a masters course and cannot fund myself. I want to apply for a government postgraduate loan. Problem is I took out a student loan in 1994 which I never paid back due to not earning enough. I probably do earn enough now but I had no contact with SLC since around 1999 I think. Would this prevent me from getting a postgraduate loan? I am 51.

At some point you are going to stop ducking and diving and make contact.

See comment by Ed-1 below. If the loan has been sold on then the slc would process your application without any knowledge of previous arrangements.

Nothing stopping you apply for a post grad loan now.

Ed-1

silvercar wrote: »

At some point you are going to stop ducking and diving and make contact.

How much should you have paid back? The table to calculate this is here.

Any income above the levels in that table has a 9% "tax" for the repayments.

When you have worked out how much you owe, you can make a plan to pay this back.

Nothing stopping you apply for a post grad loan now.

They went to uni in 1994 and so had mortgage-style loans, not income contingent ones. Those loans are now owned by the likes of Honours, Thesis and Erudio.