Help With Student Loans - HERE!

Oldernotwiser

moob wrote: »

Don't mean to hog the thread, but could someone pass comment on my post a few above - I'm genuinely interesting in finding out the consensus of opinion on this repayment disaster.

What repayment disaster?

moob_2

Oldernotwiser wrote: »

What repayment disaster?

See post 769 - I was talking about the way the payments are made into one's loan account.

BruceyBonus

moob wrote: »

See post 769 - I was talking about the way the payments are made into one's loan account.

Although they are only added at the end of the year, they are applied to your loan account as if they were added on the day you paid them. Then when the interest is calculated, it takes account of the fact you paid them earlier.

Oldernotwiser

There's another thread on here somewhere about the misunderstanding that payments are made as you've suggested. If you look you should be able to find it.

I've had a student loan since 1996 and for the last 7 years part of my job has been advising people about them. To my knowledge there's never been any question of a 1% interest rate, they've always been at the rate of inflation. You seem to have misunderstood things somewhat.

moob_2

BruceyBonus wrote: »

Although they are only added at the end of the year, they are applied to your loan account as if they were added on the day you paid them. Then when the interest is calculated, it takes account of the fact you paid them earlier.

Thanks very much - that's a weigh off my mind.

Unfortunate that this is not terribly obvious nor transparent on the annual statement.

moob_2

Oldernotwiser wrote: »

There's another thread on here somewhere about the misunderstanding that payments are made as you've suggested. If you look you should be able to find it.

I've had a student loan since 1996 and for the last 7 years part of my job has been advising people about them. To my knowledge there's never been any question of a 1% interest rate, they've always been at the rate of inflation. You seem to have misunderstood things somewhat.

I guess you're right then - tis just a shame that interest rates rocketed and I'm now paying a fortune in interest - I must have misread the T&Cs.

I wish I started my degree a year earlier, I would have got a mature students grant and not had to acquire a loan for the duration of my degree.

Oldernotwiser

moob wrote: »

I guess you're right then - tis just a shame that interest rates rocketed and I'm now paying a fortune in interest - I must have misread the T&Cs.

I wish I started my degree a year earlier, I would have got a mature students grant and not had to acquire a loan for the duration of my degree.

3.8%/4.8% is hardly a fortune in interest!

moob_2

Oldernotwiser wrote: »

3.8%/4.8% is hardly a fortune in interest!

I couldn't disagree more with you. Considering I started paying this off when I was almost straight out of Uni, and I still pay 400 quid a year in interest.

And, it certainly is when education used to be and should be free.

Oldernotwiser

moob wrote: »

And, it certainly is when education used to be and should be free.

When education was free and grants were available, only 10% of the population went to university, now it's almost 40% Can you guarantee that you wouldn't have been in that 30% who couldn't go?

The_One_Who

Why should non-compulsory education be free? Personally, I think you should be grateful that you aren't paying the full cost of a degree. £3,500 might buy the library a year's subscription to a journal. Do you want to pay to have access to all the journals you'll use? Do you want to have to buy every article you'll ever need, or every book you'll ever read?