student loans company statements

jpwjpw

Yeah, the SLC are a bunch of muppets. Took three letters from my employer to finally sort them out.
And yes, the fact you pay monthly but interest still charged until they receive a lump sum at the end of the year from the revenue is a disgrace. Oh well, its 0% now so never mind

CLAPTON

jpwjpw wrote: »

Yeah, the SLC are a bunch of muppets. Took three letters from my employer to finally sort them out.
And yes, the fact you pay monthly but interest still charged until they receive a lump sum at the end of the year from the revenue is a disgrace. Oh well, its 0% now so never mind

rubbish........

tom188

And yes, the fact you pay monthly but interest still charged until they receive a lump sum at the end of the year from the revenue is a disgrace.

This is not true. It has been discussed on this board many times before. If you work out the interest on your statement your remark is incorrect.

b0rk

Student loan interest is fair in that the lump sum is credited with interest equal the interest due on the balance paid based. Loan interest and payment interest including PAYE contributions is calculated daily as stated on the original acceptance letter.....

I suppose it would be good practice for SLC to now include a keyfacts document on acceptance but the FSA keyfacts scheme hadn't been set up when SLC first started to issue loans.

tom188

See http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034867

Interest on income contingent Student Loans

Student Loans are different from normal commercial loans:

• the interest rate is subsidised by the government
• you don’t have to start making repayments until you’ve left your course (and, for income contingent loans, until you’re earning over £15,000 a year)

An interest rate for income contingent Student Loans is set each September. This is the maximum which will be charged during that academic year.
Interest accrues on Student Loans from the date they’re paid to you until they have been repaid in full.
If you repay your loan through PAYE or Self Assessment, the Student Loans Company will receive details of your repayments from HM Revenue & Customs (HMRC) after the end of each tax year. When these details come through, the amount of interest you are charged will be adjusted to reflect when you actually made the repayments.

cookiecrunch_2

Well i'm very pleased to be proved wrong about the interest and repayments on my loan but that doesn't alter the fact that i'm still without a statement. As are the majority of my friends, some for more than 2 years.
When i first went to university in 2002 tutition fees were means tested and the maintainence loan was separate. So my tuition fees were based on my parent's income- i understand this has now changed.
Key facts would have been very useful, as would a better, more user friendly website. I think my problem is that i've been in the system too long and have simply dropped off the radar.
CC

olly300

cookiecrunch wrote: »

Well i'm very pleased to be proved wrong about the interest and repayments on my loan but that doesn't alter the fact that i'm still without a statement. As are the majority of my friends, some for more than 2 years.
When i first went to university in 2002 tutition fees were means tested and the maintainence loan was separate. So my tuition fees were based on my parent's income- i understand this has now changed.
Key facts would have been very useful, as would a better, more user friendly website. I think my problem is that i've been in the system too long and have simply dropped off the radar.
CC

I suggest you put in a formal complaint and ask for your annual statement. Make it clear whether they have your correct address etc so they can't use this as an excuse to wiggle out.

Years ago I put in a formal complaint because they mucked something up. As you can take the complaint to an independent assessor once it gets to the second level they will deal with it.

I also think that your friends should all do the same thing. If they are flooded with enough complaints and don't do anything then one of you should contact a broad sheet.

CLAPTON

cookiecrunch wrote: »

Well i'm very pleased to be proved wrong about the interest and repayments on my loan but that doesn't alter the fact that i'm still without a statement. As are the majority of my friends, some for more than 2 years.
When i first went to university in 2002 tutition fees were means tested and the maintainence loan was separate. So my tuition fees were based on my parent's income- i understand this has now changed.
Key facts would have been very useful, as would a better, more user friendly website. I think my problem is that i've been in the system too long and have simply dropped off the radar.
CC

do you have any evidence that tuition fees were means tested in 2002?

cookiecrunch_2

Yes I paid £1050 and my boyfriend- child of a single mother didn't pay any.
http://www.guardian.co.uk/politics/2003/jan/23/uk.education
I draw your attention to the paragraph on the 1990's I started under this system therefore continued under it and owe no tuition fees now as I paid £1050 each year upfront.
Are you normally this combative?

tizhimi

CLAPTON wrote: »

do you have any evidence that tuition fees were means tested in 2002?

Yep they were means tested. I had to pay the full whack because my parents were over the threshold of earnings which also meant I got the minimum amount of student loan- once again because of my parents earnings.

I had to go out and get a job whilst some friends basked in the cash thrown at them and not having to pay tuition fees (that really onnoyed me however at least I had a work ethic unlike others)

I feel for the kids today having to pay £3k+ a year in tuition fees!