student loan interest rate now 4.8%

bs0u0128

from 1st sept 2007

gems2381

:mad:. Does that apply to all students past and present?

Jazzyjeff_2

Yes it certainly does, its because the inflation index they use was so high at the beginning of the year. Next year the rate should hopefully drop quite a bit.

floss2

My sons (19 & 21, 1 about to start, other 3 yrs in, 3 to go) are going to have a bigger debt on graduation than me & their father had in mortgage when they were born!

gems2381

I think my student loan must be about £14,000 now, I don't really know because I just ignore it! I'm not on enough to pay it back just yet, but if I do overtime they sometimes take about £6 for the month. Like £6 will make any difference!

Yorkielass

I've finally started earning enough to start paying my loan back - but I'm not even covering the interest, need to earn a couple of thousand a year more before I start repaying the loan :rolleyes:. I try not to think about it and let it sit there - I have 3 years worth at the minimum and OH have 4 years. I'm just glad we were under the old fees system...

pollyanna24

Think the end of this month will be my last payment for this and I can't wait! Only went to uni for 2 days, but back in my pre MSE days, I took the loan money and ran!

Rob_K

I think it might be the case that even once you've paid it all off, you have to keep paying until march the following year- the loan company then do an audit and work out how much you need to be paid back. Anyone know if this is true?

Lucy1982_2

I have no idea, but it sounds like the kind of weird thing they would do!

someotherdude

If you're making income-contingent loan repayments and you think you'll repay the loan during this year then:
1. call them on 0870 240 6298 to get a balance (as at the end of the last tax year);
2. add in the payments taken from your salary since then;
3. If you've overpaid send in copies of your payslips. They will then refund the balance via BACS and also get HM Revenue & Customs to stop taking payments from your salary (this can take c. 40 days to come into effect).

NB. At the end of the tax year they will recalculate your account after they have received the money Revenues & Customs have skimmed off your salary for the year (your SLC repayments). If there's a shortfall they will ask for that to be repaid / take it from your salary
HTH

Gemmzie

It's still only at the rate of inflation, it went up because of the changes. It'll level out next year