8 years post grad and still no SLC loan repayments - wierd?

nick.evans

you and your employer are liable for substantial fines if you do not alert them to this, and if your employer claims you didn't inform them it could all fall at your door, significantly increasing that 16k......

Golden_Anemone

vaporate wrote: »

That is just it: You will never pay it off unless you are earning in excess of 23k per annum, depending on how much you owe of course.

For degrees that started in 1998 - as mine and the OP's did - you pay 9% of all earnings over 15,000. It used to be 10,000 but was increased a few years back.

OP, it does incur interest, fairly low but it still increases. I've been paying my loan back since 2002 and the 12,000 has now almost halved. On a salary of £26k I pay £81 per month so it's a fairly manageable amount.

vaporate

Golden_Anemone wrote: »

For degrees that started in 1998 - as mine and the OP's did - you pay 9% of all earnings over 15,000. It used to be 10,000 but was increased a few years back.

OP, it does incur interest, fairly low but it still increases. I've been paying my loan back since 2002 and the 12,000 has now almost halved. On a salary of £26k I pay £81 per month so it's a fairly manageable amount.

I think you may have misunderstood. You start paying it back once you earn 15k or over (depending when you took the loan out), but if your loan is say around 25k, it will take around 23k per annum to clear it before you are 65.

According to MSE calculator anyhow.

Golden_Anemone

vaporate wrote: »

I think you may have misunderstood. You start paying it back once you earn 15k or over (depending when you took the loan out), but if your loan is say around 25k, it will take around 23k per annum to clear it before you are 65.

According to MSE calculator anyhow.

Ok, I didn't understand that from what you said originally. Your explanation makes better sense. :-)

CLAPTON

vaporate wrote: »

I think you may have misunderstood. You start paying it back once you earn 15k or over (depending when you took the loan out), but if your loan is say around 25k, it will take around 23k per annum to clear it before you are 65.

According to MSE calculator anyhow.

It's generally the case that peoples salary increases over time
partly due to inflation, partly due to increases in real GDP and partly to promotion

so say 30 years ago a decent salary was less than 3,000 pa... this would be seen as very modest now.

vaporate

Golden_Anemone wrote: »

Ok, I didn't understand that from what you said originally. Your explanation makes better sense. :-)

Sorry for the confusion

:beer: