Help With Student Loans - HERE!

Weluvdarling

I have rented our a property, as we could not find a buyer. The property makes a small profit £100 (ie rent - interest payments - agent fees= profit), but monthly rental is nearer £600.

What is the correct number to enter on Student loan deferment form, for pre 1998 loan please ?

thanks in advance anyone !

Greyandfawn

You can apply for a tuition fee loan which you pay back once you have finished your degree and are earning over £15,000 pa.

Greyandfawn

That last post was meant for PenguinMB

Oldernotwiser

rachaelfleur wrote: »

Hi SLC Worker,

I'm an ex student of Architecture and studied for 7 years. Every year I took out a full student loan as I had no parental help. In total I borrowed just over £21,000 (not sure of the exact figure). I've been working now for 3 years and I'm over the £15,000 threshold so payments come off my wage automatically, as it's a percentage of your wage you pay, everytime I get a payrise my student loan payments go up. However, when I received my last statement, due to the interest on my loan, it's now over £22,000. This is really disheartening as it would seem I'll never get it paid off. I can't afford to pay in any extra cause I have other student debts needing cleared as well (credit cards and overdraft). I took my first loan in 1998 and every year since till I graduated and it's through the scottish system. Is there any help out there for people who have such a high loan amount? I currently pay just over £100 a month.

Thanks

I'm not an SLC worker but I'll try to answer you.

You really need to concentrate on paying off your credit cards and overdraft and not worry about your student loans. You must be on a fair salary if you're paying back £100 per month and you need to relax and accept that you'll be paying back 9% of everything over £15,000 for the foreseeable future.

There really isn't anything you can do about this and there's certainly no point in making extra payments if you have other, less manageable debt to pay off. With low interest rates and an increasing salary you will now have started to make inroads into the loan . If you should lose your job or choose to work part time in the future then your payments will stop or decrease in relation to your salary, which certainly isn't the case with credit card debt!

Oldernotwiser

PenguinMB wrote: »

i am currently in my 1st year of university and live by myself so im entotled to full grants and just recieved a letter confirming £1000 bursary in march. but the biggest help would be helping if the government paid my course fees. i rang up but they said something about if you join after (X) year you are not entitled to get your course fees paid anymore. is this true or is there hope??

Your post is very puzzling; have you not taken out your fee loan this year? What about your maintenance loan - have you taken that out?

he6rt6gr6m

Okay. Heres a Q. If the Maintenance Grant is taken, which is £2,765, does that take £2,765 off the entitlement of £4,510 of a Maintenance Loan, making it £1,745?

Im wondering because Im of the 'low-income' household (really low, at the mo!) they talk about, but £4,510 is pretty low, especially comparing it to some of the amounts Im seeing in this thread!

Cheers!

MrsManda

he6rt6gr6m wrote: »

Okay. Heres a Q. If the Maintenance Grant is taken, which is £2,765, does that take £2,765 off the entitlement of £4,510 of a Maintenance Loan, making it £1,745?
Im wondering because Im of the 'low-income' household (really low, at the mo!) they talk about, but £4,510 is pretty low, especially comparing it to some of the amounts Im seeing in this thread!
Cheers!

The simple answer is no. You have to request the full loan that you are eligible for via the income assessed part of the application. You will then recieve a mixture of grants and loans, the exact amount dependent on your application. For a rough estimate of how the loan and grant amounts relate to each other you can go HERE
To work out your eligibility to student finance (loans, tuition loans, grants) you can use the calculator HERE
I get a combination of loans and grants which amount to ~7k. Which is very useful but just shows how much debt I'll be in in the end - good incentive to work hard I guess.

he6rt6gr6m

VERY! :P Thanks very much.

rachaelfleur

Oldernotwiser wrote: »

I'm not an SLC worker but I'll try to answer you.

You really need to concentrate on paying off your credit cards and overdraft and not worry about your student loans. You must be on a fair salary if you're paying back £100 per month and you need to relax and accept that you'll be paying back 9% of everything over £15,000 for the foreseeable future.

There really isn't anything you can do about this and there's certainly no point in making extra payments if you have other, less manageable debt to pay off. With low interest rates and an increasing salary you will now have started to make inroads into the loan . If you should lose your job or choose to work part time in the future then your payments will stop or decrease in relation to your salary, which certainly isn't the case with credit card debt!

I kinda thought that would be the case. So basically I should just ignore it and concentrate on my more pressing debts. And don't worry I certainly won't be making extra payments, although I am on a good wage, most of it's used to pay silly student debts. We can only learn from our mistakes. If I hadn't done my course I wouldn't be earning the money I am and I don't plan to be in this mess for the rest of my life. Thanks very much, feel better now

jskcv1

Has anyone logged into this website yet with the details the SLC have mailed through? and more specifically tried using the repayment calculator? It seems complete nonsense to me.

I have an outstanding balance of about £2400 from last year, I entered in this years repayments using both the the monthly and yearly value. Excluding the last 2 payslip deductions this year, I've so far paid £1665, with bonus payments I've estimated this is likely to increase to £2070 by year end.

I expect it to tell me I've got about £400 outstanding come April, but it tells me the estimated figure is a huge negative figure of £-2K, and I'll be due a rebate.

It can't be right.......(I wish it was!)

Do these people ever think of testing these websites before launching them!

Why I'm interested, I want to stop payments to HMRC for next year and manually pay of the small balance, otherwise I'll end up paying all next year for them to credit back in April 2010, I dont want that to happen.