Repaying Student Loans 2009/10 guide discussion 25 August 2009 at 12:44PM edited 10 June 2010 at 2:59PM in Student Money Saving 914 replies 230K views

Former_MSE_Natasha

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Repaying Student Loans

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clairemc_4

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

Lokolo

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.

mangadarkogirl

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!!

Lokolo

mangadarkogirl wrote: »

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!).

mangadarkogirl

It's not a tax thought, and the SLC clearly state that you only pay back when on 15K a year.

Lokolo

mangadarkogirl wrote: »

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.

unwina

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.

Beccasavinglots

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

Lokolo

Beccasavinglots wrote: »

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

Hey I took mine out in 07/08 and the grant and extra loan limit was £30k then, now its £70k!

mangadarkogirl

I took mine out in 2005 and I have no decrease in interest or bursary.grant.