Disheartened by my student loan :(

paddyrg

Unlucky - but you had a chance to go to uni and live tax-free for years, and so have generally higher earning potential to pay it off. We all had student loans, or at least any of us under 40, and all had to pay back the money we borrowed. That's the point. You had choices, you made this choice, so get on with living with the choices you made. Whilst student protests over money/fees seem cool and exciting as a student, the world doesn't see it the same way, and just wants back the subsidised loans you were given, eventually, when you get round to applying your degree!!

Taiko

The £21,000 threshold on repayments will only apply to students starting from September 2012, not older students.

InaPickle

Taiko wrote: »

The £21,000 threshold on repayments will only apply to students starting from September 2012, not older students.

Thanks. Finally someone who knows what they are talking about. :beer:

Geordie_bear

N3WLIFE wrote: »

Just manage to find my login details for the SLC website. haven't checked it for years

Turns out I currently owe £25,839.18.


And it says that is with all the interest calculated up until 31/03/2010.

God only knows how much it actually is right now

Whats the point....................

my loans for £1,200 but there's no way I'd earn £2,200 a month so I keep deferring! In only 12 years the debt will be written off as it's 13 years old

N3WLIFE

paddyrg wrote: »

Unlucky - but you had a chance to go to uni and live tax-free for years, and so have generally higher earning potential to pay it off. We all had student loans, or at least any of us under 40, and all had to pay back the money we borrowed. That's the point. You had choices, you made this choice, so get on with living with the choices you made. Whilst student protests over money/fees seem cool and exciting as a student, the world doesn't see it the same way, and just wants back the subsidised loans you were given, eventually, when you get round to applying your degree!!

I didnt actually live tax-free for years.

Taking out a loan just to study a few modules, was'nt really worth it in my case

N3WLIFE

InaPickle wrote: »

Thanks. Finally someone who knows what they are talking about. :beer:

Here here!

paddyrg

N3WLIFE wrote: »

I didnt actually live tax-free for years.

Taking out a loan just to study a few modules, was'nt really worth it in my case

If your earnings were high enough to be taxed, why on earth did you borrow so much?! It's a shame you only studied a few modules and paid tens of thousands to do so. I hope you picked a subject you enjoyed at least :-)

suited-aces

diable wrote: »

How much of it was the bar bill?

Well my debt's not far off £20k, and I've never drank a drop of alcohol in my life, so next stereotype please

whittboy

The whole idea of a student loan is that you can afford what you pay back, I don't see why anybody needs to worry about it, my loan is 12k and my repayments of £75 a month basically cover the interest and bit more, ill be lucky if I ever pay it off but I'm happy to pay back the money I borrowed in the first place.

Sophie4120

rtho782 wrote: »

The new rules will mean students don't even pay back a penny until £21,000, and the "interest" is just inflation so it is effectively an interest free loan.

Seems a nice easy ride to me.

The current rules are that the interest is equal to inflation (though of course they bent the rules to suit themselves when we were in deflation...)

The new rules will mean that interest will be 'just' inflation when you are earning the bare minimum, but increases as your income increases, up to (I believe) inflation + 3%.