Student Loans Company (SLC) - Am still paying is this right??

playaz
playaz Posts: 265
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edited 30 January at 9:13AM in Student MoneySaving
Hi everyone,
I am trying to ascertain about my student loan (feel free to move this thread to another section of the forum that is better suited).

I received a message from the SLC saying that as my loan is almost paid off, I have to pay the remaining balance off via direct debit (approx £2350) to prevent overpaying.

I have setup the payments for this all online, however it got me thinking. I graduated in 2004 (did 4 years at uni, 1 year was a flop so I changed to another course) - after uni I did temp work for a year then got a 'proper' IT job in 2005 although I don't believe I started earning over the threshold to pay it back (I believe it was £15,000 then) til 2008 (yeah my first job screwed me over for over 2 years...).

Since 2008 I have always worked excluding 1 year (when I took up a PGCE teaching course although didn't actually go in teaching but back into my previous industry).

So from 2008-2024 (excluding 1 year) I have always paid and nowadays i'm earning around 50k (so abit more than the national average) and it feels bizarre that my student loan STILL isn't fully paid off yet.

I want to speak to the Student Loans Company and get them to check this all out but I'd like some advice from others first who have been/or are in a similar position to me and how I should approach them first. 
Does anyone know what estimated duration to pay off a student loan would be for those who would be on Plan 1 (originally at uni from 2000-04).

Thanks in advance

Comments

  • DrEskimo
    DrEskimo Posts: 2,334
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    It's impossible for anyone to know. We don't know how much you borrowed (there is tuition fees and any maintenance fees you had over the 4yrs) and we have no idea how much you earned over that entire period to work out how much you were paying back each month via PAYE.

    Easiest thing is to just request a statement from them as you have done and wait to see what it says. Anyone else's experience, or any notion of average time to repay will be pretty immaterial to your specific circumstances.

    Certainly doesn't sound completely beyond the realms of possibilities that you still have yet to pay it off. Only last year did I finish paying mine off that was taken out between 2006-2009. 
  • silvercar
    silvercar Posts: 46,767
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    I will ask the forum team to move this to the student board.

    You need to ask the slc for a statement, but on the face of it, it doesn’t seem unreasonable to be paying a loan back 19 years after it went into repayment.
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  • Ed-1
    Ed-1 Posts: 3,852
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    playaz said:
    Hi everyone,
    I am trying to ascertain about my student loan (feel free to move this thread to another section of the forum that is better suited).

    I received a message from the SLC saying that as my loan is almost paid off, I have to pay the remaining balance off via direct debit (approx £2350) to prevent overpaying.

    I have setup the payments for this all online, however it got me thinking. I graduated in 2004 (did 4 years at uni, 1 year was a flop so I changed to another course) - after uni I did temp work for a year then got a 'proper' IT job in 2005 although I don't believe I started earning over the threshold to pay it back (I believe it was £15,000 then) til 2008 (yeah my first job screwed me over for over 2 years...).

    Since 2008 I have always worked excluding 1 year (when I took up a PGCE teaching course although didn't actually go in teaching but back into my previous industry).

    So from 2008-2024 (excluding 1 year) I have always paid and nowadays i'm earning around 50k (so abit more than the national average) and it feels bizarre that my student loan STILL isn't fully paid off yet.

    I want to speak to the Student Loans Company and get them to check this all out but I'd like some advice from others first who have been/or are in a similar position to me and how I should approach them first. 
    Does anyone know what estimated duration to pay off a student loan would be for those who would be on Plan 1 (originally at uni from 2000-04).

    Thanks in advance
    What year did you do the PGCE? If after 2012 it would be a plan 2 loan which would dramatically alter things.

    You wouldn't have had tuition fee loans between 2000 and 2004 though as they only came in from 2006 so it depends on how the PGCE altered the loan balance.
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