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Repaying Student Loans 2009/10 guide discussion

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Repaying Student Loans 2009/10 guide discussion

edited 10 June 2010 at 2:59PM in Student Money Saving
914 replies 230K views
Former_MSE_NatashaFormer_MSE_Natasha
672 posts
edited 10 June 2010 at 2:59PM in Student Money Saving
This thread is specifically to discuss the content of the guide:



To discuss or ask a question about the guide: click reply


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  • hi I am currently paying off my pre 1998 student loans and only have around 6 months left. what will this change mean in relation to the remaining sum? will they take the same amount or less each month &/or will I pay it off quicker?
    thanks
  • LokoloLokolo Forumite
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    ClaireMC wrote: »
    hi I am currently paying off my pre 1998 student loans and only have around 6 months left. what will this change mean in relation to the remaining sum? will they take the same amount or less each month &/or will I pay it off quicker?
    thanks

    They will take the same amount but it will be reduced quicker as no interest is being added.
  • The whole 'only pay it off when earning £15,000+' is a total con. I have never earned that much but have paid several times to the SLC through my wage. When questioned about this, the SLC say it does not go by salary but by monthly income....I don't see anywhere that is advertised!!
    Debts to date: A&L Loan: Paid Off!, :TMMU:Paid Off!, :T
    Student Loan £10,000(+4,000 in interest)£14,000, :rotfl:
    NHS Bursaries: Paid Off!
    :T
  • LokoloLokolo Forumite
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    The whole 'only pay it off when earning £15,000+' is a total con. I have never earned that much but have paid several times to the SLC through my wage. When questioned about this, the SLC say it does not go by salary but by monthly income....I don't see anywhere that is advertised!!

    Its done the same as PAYE tax. If you were paid yearly you would only pay back with £15k+, but as you are paid monthly its worked out on PAYE (just like tax normally is!).
  • It's not a tax thought, and the SLC clearly state that you only pay back when on 15K a year.
    Debts to date: A&L Loan: Paid Off!, :TMMU:Paid Off!, :T
    Student Loan £10,000(+4,000 in interest)£14,000, :rotfl:
    NHS Bursaries: Paid Off!
    :T
  • LokoloLokolo Forumite
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    It's not a tax thought, and the SLC clearly state that you only pay back when on 15K a year.

    http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034867

    No problem.

    As I said, its worked out PAYE, just like tax is.
  • unwinaunwina Forumite
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    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    I have an intersting dilema, my freinds son has never had a job since leaving uni a few years ago. However, job is a subjective term, hes been gambling on various sites and is winning considerable ammounts on a monthly basis.

    Since gambling in the UK is tax free and therfore is never declared how does this stack up with the student loans system.

    Just wondered, I know gamblers probably never really win but since he never pays tax/ni etc he earns in the region of £3/4000 a month clear thats not to be sniffed at. My son keeps saying hes gonna give up his job and try this one day.

    Does anyone know what the position is on this.

    regards,
    Alan.
  • Does anyone else who took a loan out between 1998 - 2005 feel we are the real losers? We were the first 'trial' for the Government even though we protested against loans loudly through student protests. We missed out on all the former bursaries and the few that have now been introduced. Now we are missing out on the negative interest and we will have to keep paying our loans off until we finish or reach 65. Those taking loans after that period get them wiped after 25 years!

    Not fair i say:confused:
  • LokoloLokolo Forumite
    20.9K posts
    Part of the Furniture 10,000 Posts
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    Does anyone else who took a loan out between 1998 - 2005 feel we are the real losers? We were the first 'trial' for the Government even though we protested against loans loudly through student protests. We missed out on all the former bursaries and the few that have now been introduced. Now we are missing out on the negative interest and we will have to keep paying our loans off until we finish or reach 65. Those taking loans after that period get them wiped after 25 years!

    Not fair i say:confused:

    Hey I took mine out in 07/08 and the grant and extra loan limit was £30k then, now its £70k! :(
  • I took mine out in 2005 and I have no decrease in interest or bursary.grant.
    Debts to date: A&L Loan: Paid Off!, :TMMU:Paid Off!, :T
    Student Loan £10,000(+4,000 in interest)£14,000, :rotfl:
    NHS Bursaries: Paid Off!
    :T
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