Help With Student Loans - HERE!

The_One_Who

I've heard so many different things about dates, it seems no one is very sure. If I'm honest I don't really care since I know it won't effect anything in the future. But just so I understand: I am a current student who started university in 2006 and will graduate in 2010. As I understand it my debt will be written off after 35 years (I'm Scottish) if it has not been repaid. Am I correct?

bestpud

The_One_Who wrote: »

I've heard so many different things about dates, it seems no one is very sure. If I'm honest I don't really care since I know it won't effect anything in the future. But just so I understand: I am a current student who started university in 2006 and will graduate in 2010. As I understand it my debt will be written off after 35 years (I'm Scottish) if it has not been repaid. Am I correct?

I don't know about Scotland, but in England, you'd be saddled with it until you reach 65.

That's correct, I know, as I began in 2005 and it is written in my t&cs.

It changes to 25 years in 2007 when the new funding system came in and everyone started getting charged tuition fees.

I don't know about pre 2005.

ETA: apologies - yes you are correct:

It is from 2006 the new system kicked in.

Age write-off

New lending is subject to a 25-year maximum term (35 years for Scottish domicile students) because of the changes to the age entitlement for new maintenance loans. Existing customers retain their existing rights for both new and existing borrowing, however. Consequently there are now two kinds of ICR loan:


1. Lending to customers who borrow for the first time in 2006/07 is written off if not repaid within 25 years (35 years for Scottish domicile students). This applies to students who:

• enter higher education in 2006/07 (whether or not following a gap year);
• entered higher education before 2006/07, but elected not to draw down a student loan in previous years; or who
• entered higher education before 2006/07 but were not eligible or entitled to receive a student loan in previous years, but who become eligible for one of the loan products in 2006/07 because for example of the changes to the age rules for maintenance loans, and elect to draw it down.

2. Lending to other customers is written off at age 65. This applies to account holders who:

• obtained a student loan in 2005/06 or in some earlier year, and who are continuing students.

Oldernotwiser

bestpud wrote: »

It depends if you are talking about the old, old system, or just the old system!

For students taking their loan out between 2005 and 2007, it is written off at 65.

You're absolutely right, of course. When I talk about the "old system" I mean the pre 1998 "mortgage style" loans. I must be more careful to make that clear.

The_One_Who

I knew I was right. I've had so many disagreements about this with friends. Most of them can't really get around the debt thing and understand that it doesn't really matter.

pinkcmv

Hi I was hoping somenone could advise me.
I am a lone parent and decided to attend University in Sept 2006.
Unfortunately 3 months into my studies a close family member fell ill and i was the only person able to look after them. I therefore suspended my studies until Sept 2007 to care for them, I then fell into financial difficulty as I was not working.
I started to receive letters with regards to returning to my studies and letters of repayment demands. I had been very pre occupied trying to care for my child and family member that I unfortunately did not get round to chasing up these letters.
I am now in a better position and would like to return to my studies, but I was told from a friend that I may not be able to apply for more funding as I still owe money.
I know I have left this quite long , but is anyone able to advise me please?

bestpud

pinkcmv wrote: »

Hi I was hoping somenone could advise me.
I am a lone parent and decided to attend University in Sept 2006.
Unfortunately 3 months into my studies a close family member fell ill and i was the only person able to look after them. I therefore suspended my studies until Sept 2007 to care for them, I then fell into financial difficulty as I was not working.
I started to receive letters with regards to returning to my studies and letters of repayment demands. I had been very pre occupied trying to care for my child and family member that I unfortunately did not get round to chasing up these letters.
I am now in a better position and would like to return to my studies, but I was told from a friend that I may not be able to apply for more funding as I still owe money.
I know I have left this quite long , but is anyone able to advise me please?

So you only actually completed three months and then you deferred through the proper channels, ie you notified the uni and student finance that you were taking a break? But you didn't return in the September and didn't contact them at all about it? So as far as the uni and student finance are concerned, you've dropped off the face of the earth?

How much funding did you actually receive? You obviously received your loans and grants in September 2006 but did you receive them in January or April 2007?

And also, did you receive anything in the way of grants/loans in September 2007 (in what would have been your second year) - I assume not if you didn't re-register?

Sorry for firing questions at you but your situation depends on the answers.

If you only received funding during the first year then you may still be able to get a full three years help, but I'm not sure what happens about the overpayments they were seeking. You may have future grants cut to repay that.

If you post the answers someone will be able to help, I'm sure.

Welcome to mse btw.

pinkcmv

Hi bestpud

Yes thats correct, I deferred after 3 months and filled out the relevant papers to confirm I would suspend my studies.

The full amount for my course fees were paid, I was also given a further £1000 loan for living expenses/childcare and £300 grant.
I also received the same amount in January 2007 only.

I did not re register in September 2007, because of my circumstances at the time.


Thank you for your response and welcoming me.

bestpud

pinkcmv wrote: »

Hi bestpud

Yes thats correct, I deferred after 3 months and filled out the relevant papers to confirm I would suspend my studies.

The full amount for my course fees were paid, I was also given a further £1000 loan for living expenses/childcare and £300 grant.
I also received the same amount in January 2007 only.

I did not re register in September 2007, because of my circumstances at the time.


Thank you for your response and welcoming me.

So is it Januarys grant they are asking you to repay?

You should actually be entitled to another three years funding - a full course basically but you would have no room for any further drop outs because there is a max four years funding.

I'm really not sure whether they will insist you repay the grant but you could give them a call and ask. Have they gone quiet over this now? I would have thought you'd want to call them anyway in case they start taking further action to recover it. That has happened to someone else on here recently just to pre-warn you.

Have you applied for this year, or are you looking at next year?

I'd give your LEA a call either way and ask their advice. Mine are very helpful.

FWIW, I think you should be able to negotiate a way out of this, going on what others say.

chillertwist

Help!

My employer is not deducting any student loan repayments and i'm getting quite worried. I used to pay my student loan each month but then the deductions suddenly stopped. This was around 3 years ago! I've since changed jobs and my new employer hasn't deducted anything either.

I don't know why my deductions have stopped and now i'm terrified that I'm going to get a big bill for arrears. Someone please help, i don't know what to do!

I left uni in 2000 without finishing my degree. My total student debt is only in the region of around 4k I think.

Regards

sunnysmiles

Hi,
I was funded last year by saas and slc for an hnc and this year for uni, will I still be funded for the four years at university? I have been elligable for the bursary so my loans havent been to the maximum.