Help With Student Loans - HERE!

RyanP13

I recently spoke to the SLC to enquire how much was left on my 2 student loans taken in the years 2001 - 2004.

I borrowed about £4400.

When i asked how much i had paid off i was told that only one payment had been received in the past three years of employment for £18. Therefore i owed roughly £100 more than i started

Needless to say i was a bit taken aback by this as i know i had been making payments form my salary for almost three years now.

The kind woman on the end of the other line said i would have to provide P60s or payslips for the period where i hadn't been paying to prove that i had paid. Which is about £1100 total.

Luckily I have my payslips and P60s for the periods in question and they said that they would adjust the amount.

My query is exactly how they are going to adjust the payments?

Impet_Limpet

Does anyone know when the student finance direct site is going to be back up,

Its dowin for routine maintainance and will be back up by midnight on Nov 9th...its 3 days late so far. I've started an application online and my partner was supplying supporting info online but we can't continue til the site comes back up again!

Also as a full time student I have a question...
"Local authorities will always count your own income. This will include non-earned income, such as interest from savings, but not casual or part-time earnings during your course.
They may also count income from your parents or partner."

I don't work part time I am working full time hours thoughout the course - so does this count as income?

BruceyBonus

Just a quick question, if the Retail Price Index were to be negative, then would the SLC apply a negative interest rate (or would it just be 0% interest)?

Dalec1

Right my parents have moved to Australia but we've been told that this will make no difference to my Student loan entitlement... Is this correct and will it be correct next year now they are there?

Also I moved university in the summer and have got letters claiming that I owe the SLC well over £1000, which I have managed to put on hold... Anything you would recommend doing? I have a meeting with my union who I hope will ensure that the whole thing is cancelled (the justification for the demands of money are that I left my course early, in fact I did NOT... I completed my year which happened to be before the official end of term for the University)

littlemissmoney

BruceyBonus wrote: »

Just a quick question, if the Retail Price Index were to be negative, then would the SLC apply a negative interest rate (or would it just be 0% interest)?

http://forums.moneysavingexpert.com/showthread.html?t=1231433

Caped_Avenger

I have a relatively small amount of my Student Loan outstanding, and for the last few years i've been paying back through PAYE, plus sending top-up payments by BACS to get it paid off quicker (i know, i'd be better off putting it in savings (until now) but i wanted to get it paid off).

I'm now getting relatively close to paying it off (if i carry on paying PAYE + top-ups it'll be gone before the end of the 2009-10 tax year, if i just pay PAYE it'll be shortly into the 2010-2011 tax year).

So, what happens when it's paid off? Do i carry on paying through PAYE, then the SLC figure out i've overpaid and send me a refund? Do they tell my Payroll department in advance how much i owe so they can stop once it's paid off?

Anyone?

Cheers in advance.

mayb_2

I haven't posted on this thread for sometime but it has struck me as being incongrous that the government when talking about the levels of personal debt in this country, fail to accept that they are responsible for managing to send many young people out into the working world already in debt up to their eyeballs!! policy introduced by conservatives and worsened by Labour)

I think that you should all get your debts wiped out and money returned to those who had to pay out before. Let you start your working life with a clean slate and go back to the grants system that existed before, then attitudes may begin to change towards owing money on credit cards and bank loans just to live at all.

By the way caped avenger I have a horid feeling that the debt is only actually paid once a year from the tax man to the student loans company. They like to sit on it and allow you to accumulate interest on the whole loan until that time. If I have got that wrong I am sure someone will post to say so.

natsplatnat

I have been considering challenging the government over student loans for a while now. One major problem I have is my financial legal (or any other sort of legal) knowledge is at best incredibly minimal!
I do believe that as students we were grossly mis-sold our student loans and therefore we should be able to reclaim them or get compensation.
I know everyone says that student loans are the cheapest way of borrowing money whilst you are studying and they are. But, at no point in applying for my loan did anyone mention how long I would be paying it for (not even an estimation on a ficticious infation rate!). From what I can gather, this fact along with the SLC's inability to send out statements on-time annually breaks the basic guide lines for loans (whether they are government owned or not!)
If I am barking up the wrong tree entirely, please feel free to let me know and I will let this bee out of my bonnet. However, if you agree on some level and even better have some legal input I would be really interested to hear your thoughts. Could I / we become a modern Erin Brockovich?

Dalec1

mayb wrote: »

By the way caped avenger I have a horid feeling that the debt is only actually paid once a year from the tax man to the student loans company. They like to sit on it and allow you to accumulate interest on the whole loan until that time. If I have got that wrong I am sure someone will post to say so.

You're absolutely correct I won't be allowing this if I can stop it. I want to pay my money directly to SLC not through the tax man.

The_One_Who

All the information about student loans is out there for you to read. If it's not then why do I know all about mine? Of course they can't tell you how long you'll be paying it back for, that will depend on your income! They also don't know what future interest rates will be, if they could then I'm sure they would have cashed in long before.