Repaying Student Loans 2009/10 guide discussion

Boozer

I have an issue regarding SLC, i borrowed about 5K back in 1999, as soon as i finished college i came to work abroad and have not had any contact with them since, so i do not know how much i owe these days, a bit scared to phone them to ask to be honest.

I know the answer is probably phone them, but is there anything else i should or could do??

Poolie

Boozer wrote: »

I have an issue regarding SLC, i borrowed about 5K back in 1999, as soon as i finished college i came to work abroad and have not had any contact with them since, so i do not know how much i owe these days, a bit scared to phone them to ask to be honest.

I know the answer is probably phone them, but is there anything else i should or could do??

No phone them asap as they could have been charging your account with the penalty charge since you failed to advise. The sooner you get the problem sorted the better it will be.

They are likely to have had correspondence returned from your previous address and therefore will not send any letters till you contact them.

all_change

Hi,
I have a small amount left to pay on a pre-1998 loan. I am paying this off monthly by direct debit (not via my employer).
I phoned SLC today and requested login details (I haven't used their online system before).
I hope to pay off all of the remaining amount just before september (when I get an annual statement) since the interest rate will go up then, and they will sadly no longer be paying me interest!
Is there any chance that this settling-up will be a straightforward process? My husband's post-98 loan is taking a long time to sort out - he has probably paid off more than enough but cannot get an accurate balance and is still paying through his employer. I am hoping that my pre-98 loan will be straightforward - can anyone advise?
Many thanks
AC

Poolie

all_change you should be able to ask for a settlement figure for your account and it will be accurate.

Regarding your husbands, ask him to call SLC, given the details of the payslips and P60s. As long as his last statement was accurate then all he should need is his P60 from this tax year and April's payslip. SLC should be able to give him an accurate balance based on the information.

all_change

Hi,
Thanks for that, it's really helpful for both of us.
AC

colc

I am a supply teacher as there are no jobs where I live and I took out a student loan in 2004. In November last year I worked full time for 6 months covering a sick teacher and each month I had my SLC payment taken off me. I have not earned over the £15000 over the last tax year so I called my tax office to be told that I am not entitled to anything back as I am a supply teacher! Well this is news to me as the SLC make no mention of this. I was told to call the payroll at Capita and they told me it is nothing to do with them and they cannot refund me my payments! I feel cheated and angry as well as totally confused. Can anyone shed any light on this?

Poolie

If you have not earnt more than £15,000 in the tax year then you can apply for the repayments to be returned. You would need to contact SLC for the refund as this was a previous tax year now.

WARNING -If you have the repayments returned then this will take you longer to repay your loan. Also the interest will be based on you not making any repayment during that tax year.

Cruelemort

Does anybody know when the SLC repayments site will be updated? My outstanding balance and interest is still calculated to 31/03/2009, but the payments and interest should now have been recalculated and updated to 31/03/2010 but i see no update on the website?

Cheers

Poolie

Mine is the same and I am not expecting that to change till the following below happens:

SLC are awaiting on the information from HMRC. HMRC will be awaiting the information from employers. Employers have till August if I remember correctly to submit the information before fines are issued.

Once SLC have the information then it will be loaded into the system and at that month the interest calculations will be backdated and recalculated.

Once this has happened, SLC will take a snapshot of the live system for the repayment portal.

Poolie

Interest on Students Loans for Post 1998 is currently 0% till 31st August.

From 1st September, the interest rate should be 1% above Bank of England Base Rate till it rises till 4.4%. This is awaiting confirmation from the Department for Business, Innovation and Skills by the Higher Education Minister.