Repaying Student Loans 2009/10 guide discussion

bananamania

Oldernotwiser wrote: »

The website means what it says, existing students will stay on the current scheme for everything: fees, loans and repayment threshold.

you won't believe how very happy this makes me.
thanks!

gordsthoughts

Hi,
I've got a pre-1998 loan, but my employment is uneven, so one month I might get £800, another I might get £3000, so overall, it comes to less than the cut-off (£26000 or so) but working by the deferment rules, it sometimes breaches the £2250 cutoff.

What do I do here? Do I apply for deferment and will they then see the figures and work out the average and accept deferment, or do they contact the employer and suss out whether they think I have a particular average salary, who might well get it wrong as the kind of work I do is on temporary contracts, and no guarantee of work beyond particular dates. So there's even a chance I could go over the £26000 at the end (if I'm lucky, but it's unlikely).

I'm confused as to what they do at their end, and whether it's going to be to my detriment, because I stand to lose about £1400 at the end of the year, and it's unclear as to whether I can claim it back if they were wrong (aside from losing that money that could go to pay off other things). And I don't want to fall foul of rules and find myself served with papers or something nasty like that (not sure if that kind of thing ever happens, but they do like to instil a bit of fear on the deferment form).

Thoughts much appreciated

Poolie

Hi Gordsthoughts,

You have to supply 3 months payslips for your deferment application. SLC will then work out the average monthly to work out the annual figure.

If you not eligible for deferment then the repayment amount would be due every month regardless of your income.

alybong

Hi can anyone help ?
Im 42 and living in scotland I have 3 loans from 96, 97 and 98. Can anyone tell me if they will be wiped at any time or should i just go ahead and start paying them off,,, i am working but only part time and recieve housing benefit, tax credits. any help or info would be great as its really starting to worry me !!

MrsManda

alybong wrote: »

Hi can anyone help ?
Im 42 and living in scotland I have 3 loans from 96, 97 and 98. Can anyone tell me if they will be wiped at any time or should i just go ahead and start paying them off,,, i am working but only part time and recieve housing benefit, tax credits. any help or info would be great as its really starting to worry me !!

I 'think' repayments are the same in Scotland as England. In which case for pre-98 loans they get cancelled at 50 providing you were younger than 40 when you took out your last loan.

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867002&_dad=portal&_schema=PORTAL#cancellation

alybong

if that is so then you have made my day MrsManda :-)

gordsthoughts

Poolie wrote: »

Hi Gordsthoughts,

You have to supply 3 months payslips for your deferment application. SLC will then work out the average monthly to work out the annual figure.

If you not eligible for deferment then the repayment amount would be due every month regardless of your income.

Thanks Poolie - any idea what happens if I'm accepted for deferment, but then my following year's salary is actually over the magic £26400. Do they then chase me up about all those missed payments the following year?

Oldernotwiser

alybong wrote: »

Hi can anyone help ?
Im 42 and living in scotland I have 3 loans from 96, 97 and 98. Can anyone tell me if they will be wiped at any time or should i just go ahead and start paying them off,,, i am working but only part time and recieve housing benefit, tax credits. any help or info would be great as its really starting to worry me !!

Your loans will be wiped out when you reach 50. There's no point whatsoever in paying them off if you earn beneath the threshold.

Poolie

They won't chase you up and you would just make the normal repayment amount.

BFace_2

Hi I have a question that may seem stupid but I am hoping you can help me..

Is inner London weighting included in your yearly income?