Student Loan growing

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
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  • yoshiyella
    yoshiyella Posts: 589
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    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
    redpete Posts: 4,683
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    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.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • BrassicWoman
    BrassicWoman Posts: 3,200
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    you can't afford to subsidise him so time to give the "rascal" a tough love talk


    https://forums.moneysavingexpert.com/showthread.php?p=74314697#post74314697
    2021 GC £1365.71/ £2400
  • DCFC79
    DCFC79 Posts: 40,595
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    Why is he not working ?

    Is it just pure laziness ?
  • Westie983
    Westie983 Posts: 5,213
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    edited 2 June 2018 at 2:57PM
    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
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
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    Total £4095.19/£7332.95 = 55.84%
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    He's an adult, he should be looking this up himself. It won't affect you.
  • Sir_Robin
    Sir_Robin Posts: 52
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    edited 2 June 2018 at 3:41PM
    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
    Herzlos Posts: 14,620
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    He should get an annual statement, and it'll be acruing interest until cleared.
  • Nasqueron
    Nasqueron Posts: 8,379
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    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
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