Student Loan

ElSte123

I just have a question about the student loan - When I signed for my first student loan back in 2009, I was only 17. The loan for the first year at university was around £6500. I was not an adult when I signed to take out the loan - is there any way of appealing the repayments of this loan? I can't believe a child is allowed to loan thousands of pounds.

[Deleted User]

Page 4 seems to address your concerns, assuming similar t&cs were in force -

http://media.slc.co.uk/sfe/1617/ft/sfe_terms_and_conditions_1617_d.pdf

MallyGirl

ElSte123 wrote: »

I can't believe a child is allowed to loan thousands of pounds.

you didn't loan anything - you borrowed.

iolanthe07

is there any way of appealing the repayments of this loan?

Well, writing as a taxpayer, I rather hope not!

dresdendave

MallyGirl wrote: »

you didn't loan anything - you borrowed.

What a ridiculous comment, suggesting that these days taxpayers would be expected to fund degree level education for someone doesn't know even the difference between loaning and borrowing.

Ed-1

ElSte123 wrote: »

I just have a question about the student loan - When I signed for my first student loan back in 2009, I was only 17. The loan for the first year at university was around £6500. I was not an adult when I signed to take out the loan - is there any way of appealing the repayments of this loan? I can't believe a child is allowed to loan thousands of pounds.

No you signed a loan declaration (the 2009/10 one is below) which included entering into a contract with the Secretary of State for Business, Innovation and Skills (now Education) to repay your loan in line with the repayment regulations.



Even FE students can now take out student loans (Advanced Learner Loans) so I do agree that there is a case that there should be more explanation of the terms and conditions of the loan contract at the point at which a potentially quite young adult has to sign the agreement (as there has to be for commercial products) but the government continue to refuse to regulate these loans under the Consumer Credit legislation and the FCA so the onus is totally on the borrower to read and understand what they're signing up to.

adindas

Two-thirds of UK students ‘will never pay off debt’
https://www.ft.com/content/55f4a6f6-3eab-11e6-9f2c-36b487ebd80a

What a complete waste of taxpayers money. The root of this is that because the people are allowed to fund their study for fun, to become celebrity ...

Why not just giving loan for people the study which have been statistically proven to lead to a job prospect or earning which will pay back the taxpayers money.

Too many people study for fun, easy subject, easy to pass and then finishing their study they are working in the job which do not need university degree at all.

Superscrooge

ElSte123 wrote: »

I just have a question about the student loan - When I signed for my first student loan back in 2009, I was only 17. The loan for the first year at university was around £6500. I was not an adult when I signed to take out the loan - is there any way of appealing the repayments of this loan? I can't believe a child is allowed to loan thousands of pounds.

Did you really regard yourself as 'a child' when you were 17yrs old?

Masomnia

ElSte123 wrote: »

I just have a question about the student loan - When I signed for my first student loan back in 2009, I was only 17. The loan for the first year at university was around £6500. I was not an adult when I signed to take out the loan - is there any way of appealing the repayments of this loan? I can't believe a child is allowed to loan thousands of pounds.

A gentleman pays his debts.

Kim_13

Post 2012 students are being forced to pay back more because of a threshold freeze that wasn't part of their agreement. At least you still have the terms you signed up for.

I believed repayments to be 9% of net salary and not gross above the threshold, thanks to dud advice from my 6th form. Due to various issues at uni, I feel it was a rip off. I don't particularly want to repay but we have to do things we don't want to sometimes. I don't know if you are in a similar boat, but any issues are not the fault of the state.

Deadbeat

If the loan terms can be altered after they've been signed, who's to say that the government can't demand further payments from those who have already repaid?