Student Loan

KIM

Hi
I wonder if anyone can help.
I took a £500 student loan, when i was studying part time in May 2002, which i still appear to be paying off. So far this year i've paid £670 to the SLC out of my pay. Last year it was around £550. What are the interest rates and repayments for part time loans? Anyone know?

Ive tried ringing but cant seem to get through to make sure this is correct. I will try again over the next few days but anyone have any input at this stage?


Ta
Kim

BrunoM

Was under the impression they were basically "rate of inflation" - certainly shouldn't be wildly different - and I remember hearing of an instance recently where a number of people weren't told to cancel their DD having paid it off in full, so kept paying even though there was nothing left to pay.... investigate! Call the SLC directly I'd think?

Rafter

Does sound like you are paying too much and if it is being deducted from your pay it may be your employers fault?

Suggest you get your payroll department to investigage and also approach the SLC to refund you anything you have overpaid.

R.

KIM

Hi Both
THanks for the quick replies.
I;ve just phoned SLC and they state they have no records since April 2005, so i have to check payroll as you suggested rafter.

Hope i get a nice big refund, im certainly due one as i should have only paid £560 he said on the phone....

Thanks again.
kim

Cardinal-Red

The link up between the SLC and Inland Revenue is pretty poor so there are numerous instances of payments being continued once the whole sum is printed off. The SLC themselves print on their annual statements that if you foresee finishing paying off the loan within 12 months, you should contact them.

Good luck with your refund!!