Avoid ever having to pay back your student loan

si1503

Come on guys, is it really that big a deal? I mean we are talking what, 3 x 4k here, so about 12k? Its not exactly a life changing amount of money. You chose to borrow the money from the state when you applied to take a student loan out, so it is only right that you pay that money back.

impy78

si1503 wrote:

Come on guys, is it really that big a deal? I mean we are talking what, 3 x 4k here, so about 12k? Its not exactly a life changing amount of money. You chose to borrow the money from the state when you applied to take a student loan out, so it is only right that you pay that money back.

Really???

Mine's only £5k total, and I got the maximum loan for 3 years

johncolin78

ManAtHome wrote:

Would be a great gimmick - "will work for max £14k for next 25 years", bet you'd get loads of offers...

By the way - is the £14k pa fixed or index-linked? (serious question)

What index?

andyrules

I don't think that they have much idea most of the time and don't talk to me about those b****** at Honours Student Loans! I think that you'll have to keep insisting and get them to quote chapter and verse to you.

sounds like you're not impressed. I must be one of the simplest deferrers, fixed income, same job, yet my application rarely goes through without a hitch, always down to their error. Sorry if any slc workers are on here, I speak as I find!

I had given up trying to find info relating to the older style loans, the site doesn't give anything age related. I posted on here about this last year, and one person pm'd me as they couldn't get the correct information either.

btw, what is Honours Student Loans?

si503 - not sure if you are serious, but 12k is an average annual salary for many round here, so yes, for them it is a life-changing amount of money.

Oldernotwiser

Many of the pre 1998 loans were sold on to the outfit called Honours Student Loans. They make SLC look like the the most saintly and organised outfit you could hope for! There've been Watchdog programmes and questions asked in Parliament about them but nothing seems to improve. They lose deferment forms (even when sent registered delivery) of forget(?) to send them out so that they're always trying to get you to pay fees for being in arrears. HSL are the reason that I'm looking forward to reaching 60 to get them off my back. And yes, I'm in the same situation as you; fixed income, always below the deferment threshold but it's still cost me hundreds to those b*****.

Read and beware!

http://moblog.co.uk/view.php?id=101478

andyrules

onw

omg:eek:

I've just realised, I'm supposed to get my letter from slc in February - it's about the one thing they've always managed to do. Not had it yet, hope they haven't sold me on to HSL!!
Funnily enough, I'm beginning to look forward to being 60!!

nemo2

stebiz wrote:

Student loans can't be written off until you are 65.....not even through bankrupcy.

http://en.wikipedia.org/wiki/Student_loan#United_Kingdom

Stebiz

We all know wikipedia can be wrong. Is there an insolvency professional out there who can tell me whether it's true that student loans can't be written off if you go Bankrupt?

kr15snw

Im not planning on earning under 14k atall. Well, we all know plans dont work but yeh Im planning on going into a studio as a junior which is 15k minimum down here.

Its not just 12k though.

Its 3 X 3k for the tuition fees loan and 3 X 3k for the actual student loan. Its 18k for me Just what I want when joining the real world, 18k debt over my head!

ManAtHome

ManAtHome wrote:

By the way - is the £14k pa fixed or index-linked? (serious question)

johncolin78 wrote:

What index?

RPI, although that does assume that somebody sat down and thought "well you need so much to live on, so this should be a reasonable start-point" (maybe giving the "powers what be" too much credit there).

Oldernotwiser

nemo2 wrote:

We all know wikipedia can be wrong. Is there an insolvency professional out there who can tell me whether it's true that student loans can't be written off if you go Bankrupt?

I'm not an IP but it's true that student loans cannot be wiped out in bankruptcy. You used to be able to do this but they closed the loophole. However you can (and indeed must) include them in an IVA.