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Student debt/loan
carlyh69
Posts: 303 Forumite
Anyone know when they make you aware of how much you owe? just finished my course and want to start paying the loan of ASAP. Just have no clue how much i owe!
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Comments
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I think you get a statement around April of the following year, and then repayments should start automatically once you begin earning over the threshold. I'm sure a quick phone call to the SLC will clarify things, and I think they do take early/over repayments.'We shall not cease from exploration, and the end of all our exploring will be to arrive where we started and know the place for the first time. '
-- T. S. Eliot0 -
Give them a call. I had a really good experience when I phoned them last time - they've really bucked up their customer service.
I hadn't (for whatever reason) received a statement since 2003, so I requested a current balance and some back statements. They took about 3 days to arrive, which was much better than the 10 working days the guy on the phone quoted! (i wasn't in any rush though)
I dont quite earn enough to have it deducted from source, but I'm going to save what it costs me every month in interest and then pay a lump sum when I get the chance just so the compound interest doesn't kill me.
It's a good idea to work out what it costs you each month in interest and try to meet that payment on your own. Mine costs about £40 a month at the moment, but in September the rate goes down to 2.2 so it'll cost about £25 a month or so. That's still £300 a year...
My advice to you is get on top of it, and pay it down asap. I had two years of postgrad and a year of crap jobs to let the loan inflate by a £1000. And I dont get that money back...Student Loan Company Ltd: 17,805 (2.8%) Overdraft: 500 (Interest free)
Savings: £5,100 - Target by end of 2008 £5,000+
Net Worth 1/7/06: -£32,698 -- Net Worth 25/8/08: -£13,350.0 -
Oh yeah, and it's a freephone number. 0800 40 50 10Student Loan Company Ltd: 17,805 (2.8%) Overdraft: 500 (Interest free)
Savings: £5,100 - Target by end of 2008 £5,000+
Net Worth 1/7/06: -£32,698 -- Net Worth 25/8/08: -£13,350.0
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