Help With Student Loans - HERE!

princesspinchie

Hi,

I'm thinking about applying for a PGCE starting next year, are there any loans or grants available? I looked on the TDA website and its a bit vague. I'm particularly concerned as the course websites mention tuition fees which I don't think I could pay all at once.

Thanks for any help,

Emma

teach1981

Hi

Was wondering if anyone could help me. I was a scottish student between 1999-2003 and am have been paying back my student loan to the SAAS since then. It is income dependent so every month I have been paying it back religiously. I know that repayments are dependent on the interest rates however at the time I took this loan I was given the impression that this is the cheapest loan you could get. I received my annual statement today saying that I have repaid £1100 this year but £502 has gone to pay interest. This is nearly half the amount that I have paid out. A call to the SAAS confirmed that this is right as interest rates were 4.8% last year. However, this leaves me feeling very concerned because if these rates were to continue i will still be paying this back for another 21 years! Can this possibly be right? I still owe £13200 to a loan which was just over £15000 and have been paying it since 2004? I feel like this is a total chain around my neck. At first I was told if it had not been cleared within 10 years the rest is wiped but today the lady told me it is not until you reach retirement age. Just feel I have been missold the whole thing and people should be warned if they are going to be lumbered for nearly 30 years after graduating! Help!

Oldernotwiser

Interest rates on student loans have always been at the rate of inflation; the figures sound about right to me.

Paying back less than £100 per month for a loan that has enabled you to be earning over £27,000 at such a young age doesn't sound like a bad deal;as your career progresses you'll be paying off the capital much faster than you are at present. Nobody "sells" a student loan to anybody; could you have gone to university without it?

edwardjcp

Hello,

I have a student loan outstanding of 4k which I would like to get paid off ASAP though voluntary payments, I would expect to have this paid off by the end of November.

Given no deductions are made from my pay being self employed, I have to declare the amount to be paid on my self assement; though if it is paid off will HRMC still want to have a years worth of calculated repayments contributed through self assement for the tax year 07/08 and if so should I just declare the amount to be paid as the outstanding balance and retain the cash for payment in January?

Thanks in advance,

Ed.

HaleBopp

Hi SLC,

Sorry this may have been covered before but here goes:

I was a student between 1996 - 1999 and have three student loans with the Student Loans Company, Glasgow but also get statement from Honours Student Loans about the same three loans. The amount it says I need to be earning is £2,161.00 gross per month before needing to pay back. I am nowhere near this rate and can't foresee a time when I will be. A friend has told me that after 25 years of having your loans they are automatically wiped out? Is this true? I am concerned as I am not working at the moment and although the interest rate is low it worries me that a debt which I am unable to pay off is getting bigger and bigger and bigger. :eek:

The idea that at some point it could be wiped out is very appealing! Hope you can help, Hay

Oldernotwiser

HaleBopp wrote: »

Hi SLC,

Sorry this may have been covered before but here goes:

I was a student between 1996 - 1999 and have three student loans with the Student Loans Company, Glasgow but also get statement from Honours Student Loans about the same three loans. The amount it says I need to be earning is £2,161.00 gross per month before needing to pay back. I am nowhere near this rate and can't foresee a time when I will be. A friend has told me that after 25 years of having your loans they are automatically wiped out? Is this true? I am concerned as I am not working at the moment and although the interest rate is low it worries me that a debt which I am unable to pay off is getting bigger and bigger and bigger. :eek:

The idea that at some point it could be wiped out is very appealing! Hope you can help, Hay

I'm in exactly the same situation as you are. Unless you were over 50 when you took out the loans then they're wiped out after 25 years. Double check all the paperwork with HSL as they can be absolute [EMAIL="b@stards"]b@stards[/EMAIL] about "losing" deferrment forms and getting you into arrears and adding charges, which DO have to be repayed. Don't worry about it; I know I don't!

annmarie123_2

I am trying to get a further student account in my third and final year. I have an account with Natwest and have tried a few others first i said i had another account and was looking to move - but absolutely no joy Any ideas please
Broke student

Oldernotwiser

annmarie123 wrote: »

I am trying to get a further student account in my third and final year. I have an account with Natwest and have tried a few others first i said i had another account and was looking to move - but absolutely no joy Any ideas please
Broke student

You'll be better starting a new thread on this as you've posted on the student loans thread. Alternatively do a search as the subject has been discussed before.

R1chy11

In a bit of a difficult position. I've started two degrees in the last 3 years and i've just started the 2nd year in the 2nd degree. They were both in similar subject areas but i've now realised the reality that i dont want a career in this field. I know what i really want to do and have been accepted onto the course for next year. I'll be 22 when i start but have already taken 3 years of student loans. Should I continue taking a student loan when i restart or will this leave me paying ridiculous amounts once i've finished. i really want to get my degree over and done with so i can start the rest of my life. As i dont start until next september though should i finish this year or stop now and try and get some money behind me now?

Thanks for reading and any advice

R1chy11

R1chy11 wrote: »

In a bit of a difficult position. I've started two degrees in the last 3 years and i've just started the 2nd year in the 2nd degree. They were both in similar subject areas but i've now realised the reality that i dont want a career in this field. I know what i really want to do and have been accepted onto the course for next year. I'll be 22 when i start but have already taken 3 years of student loans. Should I continue taking a student loan when i restart or will this leave me paying ridiculous amounts once i've finished. i really want to get my degree over and done with so i can start the rest of my life. As i dont start until next september though should i finish this year or stop now and try and get some money behind me now?

Thanks for reading and any advice

Posted as a new topic as its more general, thanks