Repaying Student Loans 2009/10 guide discussion

gnimia

gnimia wrote: »

Thanks very much Poolie - i think i completed in March, maybe Feb, - i would have to double check statements. Statement was from end FY, - March, but didnt come through for months! Last Payment was July...
Ill put together the paperwork you say, and see how I get on!
Thanks again

Just wanted to add an update to this - I sent the letter off and got a payment by BACS almost exactly two weeks later - so pretty quick all in all - they say they will be in contact again to confirm figures once they have received this years info from HMRC.
First time I've been impressed with SLC!

Logie143

I finished university this summer and have since got a decent job, well over the 15k a year. My student loan is about 15k so payments will be out any month now :-( How long have you guys been paying yours off? It seems a hellishly long way off from where I'm sat.

Poolie

gnimia wrote: »

Just wanted to add an update to this - I sent the letter off and got a payment by BACS almost exactly two weeks later - so pretty quick all in all - they say they will be in contact again to confirm figures once they have received this years info from HMRC.
First time I've been impressed with SLC!

Glad to hear you got it all sorted out just the waiting till this time next year approximately for your final SLC statement ever to come through and say your clear.

Have the deductions stopped from your salary yet? If not, once they have stopped send in the copies of your payslips between the repayment and when it stopped and you will get these refunded quickly as well. Just include your bank details so it gets done quickly.

Poolie

Logie143 wrote: »

I finished university this summer and have since got a decent job, well over the 15k a year. My student loan is about 15k so payments will be out any month now :-( How long have you guys been paying yours off? It seems a hellishly long way off from where I'm sat.

If you graduated this summer then your repayments will not start till April 2011 as it is always the April after you graduated. If you could save the spare money for yourself and put it away till your deductions start.

If I was in your position and could do it financially, I would open an ISA (if haven't already this year) or another savings account and put the monthly money in and earn the interest on it. I would look at paying SLC back through your salary and you can always put a lump sum off against it.

Average repayment time if you in a job earning over the threshold last time I heard was approximately 10 years+. Obviously the more you earn the more you pay back and this doesn't take account of any interest rate decisions.

Logie143

Great advice Poolie, thanks alot. I win definately look into setting up an ISA for it, I should get used to not having it now.

avfc1982

Hi All,

I have a bit of a dilemma regarding my student loan. I took out a full loan for each of the years between 1998-2002, so about 12k in total. Since completing my degree most of my employment has been either temporary or contract meaning I have paid little or no national insurance.

During 2004-2006 I was permanantly employed and made NI contributions so paid the 9% required for that 2 year period. From 2006 onwards I have been travelling and working abroad for 2 years and contracting for 2 years, again making little or no national insurance contributions and therefore no loan repayments.

To be honest I completetly forgot about making regular payments, just figuring that I was gettng a better rate in my savings account so why pay it off. In all this time I have never recieved a letter or statement from SLC.

Seeing the student protests sort of jogged my memory so I could do with a bit of advice about what to do. Should I;

a - Leave things as they are and wait for contact from the SLC
b - Give them a call, update my details, get a statement and start repaying
c - Hope I stay under the radar till I'm 65 and get the loan written off, wishful thinking I know!

Any advice greatly appreciated

Oldernotwiser

avfc1982 wrote: »

Hi All,

I have a bit of a dilemma regarding my student loan. I took out a full loan for each of the years between 1998-2002, so about 12k in total. Since completing my degree most of my employment has been either temporary or contract meaning I have paid little or no national insurance.

During 2004-2006 I was permanantly employed and made NI contributions so paid the 9% required for that 2 year period. From 2006 onwards I have been travelling and working abroad for 2 years and contracting for 2 years, again making little or no national insurance contributions and therefore no loan repayments.

To be honest I completetly forgot about making regular payments, just figuring that I was gettng a better rate in my savings account so why pay it off. In all this time I have never recieved a letter or statement from SLC.

Seeing the student protests sort of jogged my memory so I could do with a bit of advice about what to do. Should I;

a - Leave things as they are and wait for contact from the SLC
b - Give them a call, update my details, get a statement and start repaying
c - Hope I stay under the radar till I'm 65 and get the loan written off, wishful thinking I know!

Any advice greatly appreciated

Have you be earning over the threshold? Did you notify them that you were living abroad?

avfc1982

Hi,

Yes, I have been earning over the threshold while in the UK, however not while I was abroad travelling and working.

No, I did not notify them I was going abroad.

Poolie

it is your responsiblity to inform SLC if the deductions are not being taken from your salary. Failure to do so could result in penalty charges being added to your account. SLC are now actively tracing people and charging them for not staying in touch.

You may not have had a letter from SLC if they have ever had post returned to them.

MrsManda

LittleYoda wrote: »

I will be emigrating in January, and living off savings until May 2011 when I start work. I anticipate that I will be earn below the threshold required to make repayments.

Hi,
I'm not sure when you'll stop making payments but in answer to question 2 and 3 is there anyone staying in the UK who is able to manage your account on your behalf?

If you are travelling

You must supply a copy of your travel itinerary.

Plus one of the following pieces of evidence in support:

• proof of savings, such as a bank statement;
• proof of overdraft, such as a bank statement;
• a letter from a parent, spouse or partner confirming that they support you and that the level of support is less than the current deferment threshold; or
• a deferment application form signed by a third party who has your authority to manage your account and confirmation that you are travelling.

As you are emigrating rather than just travelling there is a chance that you will start earning over the amount allowed for deferment. For information on repaying from overseas see the SLC repayment website.

Fixed Term Repayments from overseas

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867170&_dad=portal&_schema=PORTAL

Deferment
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867045&_dad=portal&_schema=PORTAL