Help With Student Loans - HERE!

BruceyBonus

Aspiring wrote: »

Could you tell me please, if I follow the advice of taking loans instead of using my savings, how that would benefit me? Probably a stupid question, but I was more focused on achieving my aspirations than the finance of it all and now I'm beginning to get nervous about it all.

The idea is that you earn more interest in a savings account than you pay on the loan. E.g. you have a loan of £10,000. You also have £10,000 in a savings account. The loan rate is currently 2.5%, so you pay £250 interest. If you can get around 4.5% on your savings account, you receive £450 interest - so a profit of £200. These are just theoretical figures, but that is the principle.

mcding

Hi slc worker,

I am 25 and in my second year of uni in Scotland. I have a mortgage and my husband works full-time. Would i be entitled to a student loan? If so would you be able to give me a quote (approximately)? Thanks

Oldernotwiser

Aspiring wrote: »

I am 46, currently taking an Access Course and have already received a conditional offer of a Uni place. I shall be 49 by the time I achieve my degree.

Could you tell me please, if I follow the advice of taking loans instead of using my savings, how that would benefit me? Probably a stupid question, but I was more focused on achieving my aspirations than the finance of it all and now I'm beginning to get nervous about it all.

What criteria is there to have the loans "wiped out"? Would it leave you with a poor credit rating if that happened?

.

Your Student Loans will be wiped out if you die, become permanently unable to work because of disability or reach the age of 65. As someone who'll be nearly 50 when you finish your degree, it's unlikely you'd repay everything by the time you're this age, so they would then be wiped out. This won't affect your credit rating as you will have completely conformed to the terms of your loan. (I'm in that situation myself, albeit under the old system.)

In these circumstances, funding your studies with your savings becomes even dafter than normal; nobody's going to give you your savings back at 65 if you've used them to fund study, but your loans will be wiped out. I think that's what the younger generation calls "a no brainer!":D

I-Want-Money

Man, all this talk of student loans isnt exactly making me look forward to going uni

Oldernotwiser

I-Want-Money wrote: »

Man, all this talk of student loans isnt exactly making me look forward to going uni

It's a damn sight better than begging!

forensicnat

Hi i finished my Bsc in 2007, when it was charging interest of around £17-20 a month. I then studied for a masters degree and they are now charging £45 a month. This seems crazy! I have studied so hard and didnt spend any more than i absolutely had to but feel im being penalised for studying longer. Is there anything at all i can do??

BruceyBonus

forensicnat wrote: »

Hi i finished my Bsc in 2007, when it was charging interest of around £17-20 a month. I then studied for a masters degree and they are now charging £45 a month. This seems crazy! I have studied so hard and didnt spend any more than i absolutely had to but feel im being penalised for studying longer. Is there anything at all i can do??

No.

The interest is a percentage of the balance. You also pay interest on the interest.

These are the historic rates:

1990/91

9.8%

1991/92

5.8%

1992/93

3.9%

1993/94

1.2%

1994/95

2.3%

1995/96

3.5%

1996/97

2.7%

1997/98

2.6%

1998/99

3.5%

1999/00

2.1%

2000/01

2.6%

2001/02

2.3%

2002/03

1.3%

2003/04

3.1%

2004/05

2.6%

2005/06

3.2%

2006/07

2.4%

2007/08

4.8%

This year was 3.8% until around December when it became 3%. It has since dropped to 2.5%.

You can see here that the interest is actually lower this year than it was last year.

Neeny82

PLEASE HELP ME

I am 26 years old and graduated in 2004. I took out a student loan throughout my years at Uni.

I began work almost imediately after leaving Uni but did not earn enough in my first job to start making repayments.

A year later I got a better paid job with the Probation Service and started making monthly repayments which were displayed on my wage slips.

In 2006 I transferred to a new area of the country but still doing the same job. Although I had to apply externally for this as the areas run independantly of each other even though it is a national service.

I assumed that my payments would continue as normal and gave it no further thought. Although I did not change my address with the SLC, my parents still live at my old address and pass on any mail (and all I've received is the interest statements which I'm ashamed to admit - I don't really look at in much detail)

Well after having a random conversation the other day about student loans, I was asked how much I paid a month. I had a look at my most recent (unopened) payslip. To my horror I saw that on my payslip there was NO SLC payment.

Now here's the worst part - as I use internet banking - I tend to just check on there what my balance is on payday (as it's obviously the same every month). I again didn't take much notice of my pay slips - I would just look at the total balance I was receiving. IT SEEMS SINCE I TRANSFERRED TO MY NEW AREA IN 2006 I HAVE NOT BEEN MAKING REPAYMENTS!

Now I'm worried that if I contact SLC they will tell me I owe lots in arrears which I cannot pay! I can't understand how this has happened but I have not had anytime out of work and like I said they had already started taking the payments when I worked at the other area. I thought they just took it out automatically!

I understand that I should have picked up on this a lot sooner than I have and am now going to get into the habit of scrutinising each payslip and letter.

In the meantime can anyone give me any advice as to what I can expect to happen about this when I contact SLC?????

Many thanks,

WayneH

I've moved house that many times since graduating 4 years ago, that I don't get any letters from SLC and have no idea how much I owe or how long it will take to repay it.

My wage slips show money is being taken out every month, so I've not been lost to the system.

However, I don't have any old SLC records so have no idea what my SLC number is or any contacts on who to ask.

Is there a number I can call or an email I can try to get hold of this information?

sugarshakes

really need help!
I've been withdrawn from university and I need to know what happens now, in terms of paying back the money. I was in my third year of a four year degree. Will the students loan company demand all their money back in one go?! They've just paid a payment into my account on the 5th of Jan, will they claim that back now as I'm not a student?!

My head is all over the place, it's only just happened a few hours ago and I have yet to tell my mum as I know she is going to be so disapointed in me!

Basically I hated my course, and I mean really hated it, and so I stopped going, I was handing in all the work, but I couldn't bring myself to face my lectuerers and everytime I did I felt ashamed that I had no idea what was going on and I was so out of my depth.

My mum has money problems so I've lent her most of my student loan to help her pay back some of her debt, only now I'm not a student I'm scared they are going to demand it back all in one go and go into my bank accound and try and take money that's not there!!!!
Please don't mis-understand me I have no intention of running away from my student loans, I sincerely intend to pay them off make no mistake. I'm just petrified they are going to demand £17 000 back off me all in one go or the £2000 they just paid into my account.

Please can someone give me some advice!!!!! I think I'm going to cry!