Student loan help 4 June 2018 at 2:46PM in Student MoneySaving 3 replies 908 views

katek7

Hi all

I cannot understand what is going on with my od student loan. Was at uni 2005-2008. Borrowed roughly 3k per year so had in my head thats about 9k to pay back.
I have been paying back since 2009 with one short break for 5months. After not receiving a statement for year have called today and they have told me I owe £11, 773.00. I have advised I dont think this is correct but they say I borrowed 12k??

Surely after paying about £90 per month for years this should be alot less despite the interest?

I just cannot make sense of it and all Im getting from the SLC is write to us??

Any suggestions

marliepanda

katek7 wrote: »

Hi all

I cannot understand what is going on with my od student loan. Was at uni 2005-2008. Borrowed roughly 3k per year so had in my head thats about 9k to pay back.
I have been paying back since 2009 with one short break for 5months. After not receiving a statement for year have called today and they have told me I owe £11, 773.00. I have advised I dont think this is correct but they say I borrowed 12k??

Surely after paying about £90 per month for years this should be alot less despite the interest?

I just cannot make sense of it and all Im getting from the SLC is write to us??

Any suggestions

Have you made sure youve calculated what you borrowed for both fees and your maintenance loan? If I'm correct it was 1k a year then? so an extra £1k tuition fee for 3 years would bring you up to 12k?

TrustyOven

katek7 wrote: »

Hi all

I cannot understand what is going on with my od student loan. Was at uni 2005-2008. Borrowed roughly 3k per year so had in my head thats about 9k to pay back.
I have been paying back since 2009 with one short break for 5months. After not receiving a statement for year have called today and they have told me I owe £11, 773.00. I have advised I dont think this is correct but they say I borrowed 12k??

Surely after paying about £90 per month for years this should be alot less despite the interest?

I just cannot make sense of it and all Im getting from the SLC is write to us??

Any suggestions

Do yourself a favour and start getting into the habbit of good recordkeeping.


Every pay slip, record how much went to SLC.
Keep doing that, every time you get a statement from them with the interest, add all those items to a ledger so you can see exactly when how much money was charged and how much was taken off the loan when you paid.




Here's what I do for recordkeeping (and I do this for my pensions and S&S ISA and bank accounts)





The above shows total outstanding and total recorded by SLC / how much I paid via PAYE but not sent to SLC yet. This means that while SLC knows I've got £5316.75 outstanding, I know that the real figure is actually £3083.75






The above is total that corresponds to what SLC sends me via their statements. That's the official values.





The above shows the decreases caused by my PAYE payments to the SLC, but because HMRC holds it for a year, SLC don't see it yet, so these values are sortof "temporary" but helps me track what has been paid so far to them that the SLC doesnt know yet.





The total net worth graph showing the peak amount owed and progress to paying it off.

zippygeorgeandben

My word what a great reply showing all your incoming/outgoings.
Had my P60 today and it says I've paid £1205 to student loans from PAYE so I'm going to work it out now to see if this is correct.