student loans company statements

cookiecrunch_2

I wonder if anyone can give me some advice. I have a student loan and there have been PAYE deductions for the last 2 years, but this year i haven't had a statement- i've rung twice asking for one and written to the customer service adviser. But i haven't had a thing.
This bothers me a little because my friend has just had his and it turns out that he's been paying PAYE but it hasn't come off his loan for this year- i'm worried i'll be the same and i can see it being a nightmare to sort out.
thanks for any help.
CC
PS anyone else feel that student loans are the least transparent and most misold loans given to vunerable young people?

Lokolo

Statements usually come in Septmber.

But you can check online

http://www.studentloanrepayment.co.uk

tom188

Lokolo wrote: »

Statements usually come in Septmber.

But you can check online

http://www.studentloanrepayment.co.uk

Actually once in repayment the statement should be issued some time after 5 April once HMRC have notified the student loans company of the PAYE repayments. Previously I have received the statement in June but the one for 08-09 only turned up in the post this week.

tom188

PS anyone else feel that student loans are the least transparent and most misold loans given to vunerable young people?

I agree that the way they are administered is rather awkward, but I think the PAYE system works pretty well . However, im not sure how student loans can be considered are mis sold, given that they are voluntary and the terms wipe the floor against any commercial alternative.

cookiecrunch_2

I know they're a good rate- but what bothers me is that when i took it out there was no attempt to tell me the rate of interest and i don't remember being told that it would accrue all through uni. Plus the fact that it's deducted off me every month but only taken off the capital once a year means they're actually making alot more money off me than they need to. Student loans would be a golden opportunity to teach young people about loans, and compound interest etc. I certainly didn't feel it was voluntary, if i wanted to go to uni i had to have one, but yes in terms of interest they are good. I suppose i just feel it's another hassle and the loans i've taken out since have been far more transparent in what i'm going to pay back and how they work. plus i don't have to nag for a statement.
CC

Lokolo

cookiecrunch wrote: »

I know they're a good rate- but what bothers me is that when i took it out there was no attempt to tell me the rate of interest and i don't remember being told that it would accrue all through uni. Plus the fact that it's deducted off me every month but only taken off the capital once a year means they're actually making alot more money off me than they need to. Student loans would be a golden opportunity to teach young people about loans, and compound interest etc. I certainly didn't feel it was voluntary, if i wanted to go to uni i had to have one, but yes in terms of interest they are good. I suppose i just feel it's another hassle and the loans i've taken out since have been far more transparent in what i'm going to pay back and how they work. plus i don't have to nag for a statement.
CC

So if someone offered you a CC or Loan you wouldn't look up the info yourself?

Its all available. Its peoples fault if they can't be bothered to loan the stuff.

CLAPTON

cookiecrunch wrote: »

I know they're a good rate- but what bothers me is that when i took it out there was no attempt to tell me the rate of interest and i don't remember being told that it would accrue all through uni. Plus the fact that it's deducted off me every month but only taken off the capital once a year means they're actually making alot more money off me than they need to. Student loans would be a golden opportunity to teach young people about loans, and compound interest etc. I certainly didn't feel it was voluntary, if i wanted to go to uni i had to have one, but yes in terms of interest they are good. I suppose i just feel it's another hassle and the loans i've taken out since have been far more transparent in what i'm going to pay back and how they work. plus i don't have to nag for a statement.
CC

The tax payers money spent on your education has clearly been wasted.

The fact that student loans are up rated in line with the RPI each year was on the original details you received when you signed on for a loan, on the SLC website, in numerous newspaper articles etc.

Did you once try to find out?

Do you know that from September 2009 the interst rate will be ZERO... (given that any normal loan will probably be between 10% to 30% you may consider this a good deal.

The fact that payments are taken from you each month but only applied once a year is is a load of nonsense and has been discussed thousands of times... they give you full credit for each monthly payment.

It may be true that school should teach about compound interest etc... (it did in my day of course, not that anyone was interested) but as a graduate don't you feel you can look this up yourself?

Your subsequent loans have been at a massively higher APR with much greater monthly payments

cookiecrunch_2

wow that was quite an attack!
I am still waiting for a statement from the student loans company-,it is now the end of August and despite me writing and calling i have heard nothing- quite disgraceful.
I do not get an update of my interest rate or terms and conditions, my credit card has just sent me an update, why do the student loans company find it so hard? My payments may be taken off each month but since i cannot get a statement how do i know??
My point about compound interest is that I know about it but so many of my peers are unaware of interest rates and APR- the student loans would've been an ideal time to force the money message home, you only have to read this website to realise that many children, and adults have no idea about money issues. I was 18 and stupid, i was told ''you'll pay back the same as you borrow, it's the best loan you'll ever have, i believed them'' Yes those things are true but i feel weighed down by debt, of my own making but when there's £15k that will take 34 years to pay back what's the incentive to live frugally. It sounds as if i'm blaming others for my debt and money problems; but i think it's wrong that people graduating from my course now will have £35k to pay back before they even start working. A system imposed on them by a government who went to university in the days of grant maintainence. Why is my contribution to tution fees based on what my parents earn when they aren't the ones who will be paying it back? It should be based on my income when i'm earning... that's income tax.
Lets not kid ourselves that a student loan is anything more than a graduate tax.
CC

CLAPTON

you are obviously a joker

do you really believe your contribution to tuition fees is means tested?

cookiecrunch_2

I am confused, when i went to university my parents had to fill out a form- the tutition fees i paid were based on what they earnt, as was my loan amount.
I don't mean to joke.
I have now after 3 phone calls got on to the student loans compnay website, (thanks lokolo) but all it gives me is a balance- which has gone down in the last year but i can't see a statement. Am i missing something?
CC

CLAPTON

tuition fees aren't means tested.. everyone has to pay them but you can get a full non means tested loan.

maintenance loans and grants are.

I do agree about the appalling service from SLC ... statements are due in August time often just don't arrive; when they do they are often simply wrong.