Student Loan growing

BillyBills

Hi all,

My son graduated from university in London last year and since then he has heard nothing from Student Loans Company. Not a letter, or nothing. He hasn't been working yet (just living at home with us at the moment, the rascal) so he doesn't need to make payments, but I heard that every month you're not working they pile on even more money/interest onto the loan. So we're worried that it keeps growing, but have no way of finding out by how much.

I though they would at least send a letter?! Any ideas about this?

:A

robber2

googled that for you;


https://www.slc.co.uk/students-and-customers/loan-repayment/interest-rates.aspx


regards


Rob

yoshiyella

So graduated a year ago and not worked? Odd!


As Rob has done you can google it - or just read all the information that was provided when applying,

redpete

BillyBills wrote: »

Any ideas about this?

:A

Insist your son takes some initiative to sort this out himself (easy to find out from the website). Maybe even insist he starts earning some money.

BrassicWoman

you can't afford to subsidise him so time to give the "rascal" a tough love talk


https://forums.moneysavingexpert.com/discussion/comment/74314697#Comment_74314697

DCFC79

Why is he not working ?

Is it just pure laziness ?

Westie983

Should have got a letter from April after his graduation.

Check his address on Student Finance England isnt still registered to his university address. You can also log in here, and check the balance.

Student Finance Repayment

Westie983

ViolaLass

He's an adult, he should be looking this up himself. It won't affect you.

Sir_Robin

There is no need to worry. It will certainly be growing but unless he suddenly gets a job earning well over 40k he's not going to pay it off and that's by design. The government inflated the interest to ensure this.

For the average graduate it's tax that's supposedly written off when we retire.

Herzlos

He should get an annual statement, and it'll be acruing interest until cleared.

Nasqueron

Sir_Robin wrote: »

There is no need to worry. It will certainly be growing but unless he suddenly gets a job earning well over 40k he's not going to pay it off and that's by design. The government inflated the interest to ensure this.

For the average graduate it's tax that's supposedly written off when we retire.

Under the system Labour introduced it is until you retire. The coalition system is fixed term - after 40 years it's wiped in England/Wales. Someone who started uni in 2010 will have their debt wiped by 2053/4. My own debt (started 1999, final year 2004) will still be active until 2048 when I can retire and I will have been paying it for 43 years, assuming I don't clear it