Repaying Student Loans 2009/10 guide discussion

angiebobbins

I've got a student loan which amounts to £2036.96 including Admin Charges & interest charges. I have contacted SLC to start making repayments. My income is £22400 pa. The SLC wanted my partners income details which is roughly equal to mine. SLC have written back to me to say they require payments of £550 per month.

Firstly -this is a totally unreasonable amount, as I understand it they are meant to divide the total amount owed by 60. Is that correct? Also, why is my partners income used as this is my debt, taken out in my name and I cannot find anything on their website which says they take partners income into account when calculating repayment. If anyone can help I'd very much appreciate it.

Poolie

When did you take your loan? I would certainly question why they wanted your partners income details.

You normally pay over 60 moths if the loan is pre 1998. I would contact them again and ask for more information.

cheekychopper

I got my first loan in 2005 then I changed courses and universities in 2006.

so..... does that mean my 1st year 2005 loan has to be paid back until Im 65 and the following years have to be paid back for up to 25 years???

or do I have to pay them all back up until Im 65 or they're paid off???

Poolie

You should be paying your loans back through PAYE or SA until your 65 at it based on when you originally took out your loan.

Did you have any grant of any kind as it could be that the grant was never repaid and will be a grant overpayment which will need to be recovered.

You are best to speak to SLC. If you changed courses and Uni's ie dropped out and started again your account should have entered repayment once SLC were advised. Since you were not earning over £15000 pa then no repayments would be expected.

christiegirl

I took out a student loan in 1995, have not been working until earlier this year but started paying £2 per month - I've just read that I can defer payments if I write to them every year and it can be written off now I'm 50????

Any help appreciated???

Poolie

You should have started phone to ask to start deferment the moment your income dropped unless you have any admin charges or arrears.

Get on the phone ask for the form and get it completed. Once they have deferred your loan ask for it to be back dated. They can backdate up to 3 months if i remember correctly.

If you were under 40 when your last agreement was made then yes your loan should be written off at the age of 50. If you have been paying them since you were 50, work out what you have paid and request it back. They should also give you an interest on this as well.

superstar_catwoman

Hi
I'm looking into things like sickness/redundancy insurance etc at the moment and one thing I've been asked to check before getting quotes is if we still have to continue repaying our student loans if on long term sick? I would get full pay for six months then half pay for the next six, should I need to be off this long, so after the first six months do I still pay if my income is reduced? Come to think of it do you still have to pay it when on maternity leave? I'm assuming you do!

Many thanks for any advice - I have googled it but with no success!

Oldernotwiser

superstar_catwoman wrote: »

Hi
I'm looking into things like sickness/redundancy insurance etc at the moment and one thing I've been asked to check before getting quotes is if we still have to continue repaying our student loans if on long term sick? I would get full pay for six months then half pay for the next six, should I need to be off this long, so after the first six months do I still pay if my income is reduced? Come to think of it do you still have to pay it when on maternity leave? I'm assuming you do!

Many thanks for any advice - I have googled it but with no success!

Anytime that your income goes below £15,000 pa you stop paying your Student Loan. This would be the case in sickness, redundancy, maternity and just !!!!!!ing off around the world.

rodman

What happens to someone if you are still studying degree (full time) and working the same time earning more then £15.000 a year, do you have to inform student loan co and start paying off your loan?

Lokolo

rodman wrote: »

What happens to someone if you are still studying degree (full time) and working the same time earning more then £15.000 a year, do you have to inform student loan co and start paying off your loan?

You inform them via your work and deductions would be made out of your pay as per usual.