Student Loans - Is this true?

Dave2012_2

Given the number of threads starting up about this epetition and the emails doing the rounds is it worth making one of these a sticky with a definitive answer?

Dave

cambsman

wow that is disgusting, i never knew.

jinkssick

get back at them, get the highest grant/loan you can get. get a job. live off the job and use the loan for 3k year ISA. 3k a year at £250 with 8% monthly savers. then Icesave the rest at 5.7%. get revenge.

Vickicb

Thanks for all your replies, Helenrachel, I would be keen to have a copy of your spreadsheet so I can check on my SL - I expect to pay it off towards the end of the next financial year and I don't want to end up overpaying like Imelda did!

Dave2012_2

cambsman wrote: »

wow that is disgusting, i never knew.

With respect, before being disgusted, did you phone up SLC to check for yourself whether this was true or not?

Dave

Uniscots97

Glad I've paid mine off (a few years ago). Mine was paid directly by myself each month my employer wasn't involved at all. I guess it's changed then?

poppy_f1

im soo glad im on the old system when i do actually start paying mine back

oscar52

The above posts are and are not true. It is right that the payments do not go directly to the SLC (and it was SLC that told me this) but all payments are collected (until April) then the SLC credit them in July (again told by SLC). Even though the payments do not reach the SLC, they dont afect interest on the loan. The payment is back dated to the daye it was originally paid, and the interest re-credited. (again told by SLC).

It seems a strange way to do it, but I can understand it in some ways. Everyone gets paid differently - different dates, some weekly others monthly. It would make sense to credit all payments at once.

Whether the system actually works correctly or not is another thing (and I dont think anyone trusts any governement - not those with sense anyway:p )

Sea78

gosh - I have just finished paying mine and I'm so glad I was on the old system - whatever is true they are truely awful and I had ( at the end) 2 collections letters both times because they messed up my payments. Basically, I'd recommend anyone to check every amount you pay - check a note and evidence and then you have it to chase them up on their expensive phone line. Grrr....

cambsman

Dave2012 wrote: »

With respect, before being disgusted, did you phone up SLC to check for yourself whether this was true or not?

Dave

No, but the petition on the no.10 website makes it out pretty clearly, and all the petitions on there have to be vetted for their integrity, many dont get through.