Student loan query

frepol

Should this be on the discussion thread where we can all give an opinion?

Ahem. Consider wrist well and truly slapped.

Enviomon2

Does anyone have any further details about how "the amount you've borrowed" effects the amount you have to repy.


I'm under the impression that until I earn over £15k I'm not forced to pay any of it back, but given that I've had to borrow over 20k, the amount I'm going to have to pay over 15k of my income is something I really need to know.

Many thanks.

crana9

I'm pretty sure you repay 9% of your gross income over the threshold regardless of the amount you owe. it might be easier for you to just ring the SLC and ask them though (although I accept they have the brains of pilchards)

[Deleted User]

Does anyone have any further details about how "the amount you've borrowed" effects the amount you have to repy.


I'm under the impression that until I earn over £15k I'm not forced to pay any of it back, but given that I've had to borrow over 20k, the amount I'm going to have to pay over 15k of my income is something I really need to know.

Many thanks.

the £15k threshold comes into effect April 2005, and as crana9 correctly says you repay 9% of all earnings over this figure.

I found this information on the Student Finance Direct website.

they have a very good repayment calculator @ http://!!!!!!.com/5msyu

R.T Firefly

Travelqueen

I would say if you can even contemplate affording it before you reach the threshold then do - I only reached it 2 years ago, but had been paying for 2.5 years previous to this, temping, travelling & doing contract jobs to keep up the payments. Although I struggled at times (especially last year when I was well below threshold again) it does mean that my last payment is in March 2005... only £400 to go! wohoo...

That of course means the extra money per month will now be going to pay off the other debts... ::)

dag_2

to expect other tax payers to fund three years of blowouts and hangovers is irresponsible, to look for a loophole in paying this back is very very much selfish

Maybe ... but fortunately, your intentions are never questioned. There is nothing in the terms and conditions of student loans that require you to be responsible or unselfish.

New style student loan repayments are collected by the Inland Revenue. Since payment is deducted from wages along with tax and national insurance, you can't avoid it quite as easily as you could in the past. Unless you've given a false identity or national insurance number somewhere along the line - but that would be fraud - and you could go to prison for that.

The people I do begrudge (and you should too) are those who siphon appreciable amounts of money from our welfare state to fund their large litters of children, council houses etc. Why? because many of them aren't doing a damned thing to find themselves employment or further their prospects.

Oh dear ...

Dossier students and council house wasters and the like.

Is it not the case of the few bad apples which do abuse the system tarring the ones that need it most.

So it's about the "deserving" and "undeserving" poor, is it? You'd have thought that the 1834 Poor Law Amendment Act had never happened. Or Charles Dickens, for that matter. Next it will be "genuine" and "bogus" asylum seekers - oh, whoops, that's happened already. People who have had their homes demolished and their money stolen take huge risks to flee from violence and persecution - only to be greeted by racism, and a media that calls them vermin wherever they go. If you stand by and let it happen - or consider yourself morally superior - then you will be the next target.

First they came for the Jews
and I did not speak out
because I was not a Jew.
Then they came for the Communists
and I did not speak out
because I was not a Communist.
Then they came for the trade unionists
and I did not speak out
because I was not a trade unionist.
Then they came for me
and there was no one left
to speak out for me.

I'm sure you're right.....but I would point out that the DSS bill is quite substantial.

... compared to what? The HM Prison Service bill?

....but when I hear anti-student propaganda I feel that I have to re-dress the balance and flag up the actions of other sections of society.

Unfortunately, it doesn't redress the balance. You don't make yourself thinner by calling someone else fat - and you don't make yourself more intelligent by calling someone else stupid. Smearing each other only furthers resentment, divisions and violence. Divided we fall - but united, we can stand.

The govt are quite happy to punish the pensioners who have paid into the pot but only too willing to hand out benefits to the younger generation.

... punish? Oh come on. In case you hadn't noticed, all permanent UK residents over 60 who run out of savings are entitled to a minimum income of £105.45 per week, plus their rent and council tax paid, plus a winter fuel allowance. That's a lot more than the combined take-home pay and benefits of many NHS staff. And that's just the ones who stay at home. The pensioners who actually work benefit from much bigger tax allowances, tax credit premiums, and zero national insurance.

Personally I don't begrudge that, because I like to think that I'll be that age some day too. But it's not possible for everyone. The average life expectancy of a homeless person is 45 years.

Indeed, the life expectancy of a middle class person is on average seven years longer than a working class person. If it's equality that you want, then there's a case to be made for abolishing the pension system completely. But what do you replace it with? Institutions? They tried that in 1834, and it turned out to be more expensive, and less popular.

How do you know this? At the end of the day, we don't know what happens behind people's front doors or what their circumstances are.

Thank you.

well, in some circumstances you have a 20 year old girl claiming £1150 pcm for 6 kids and a council house, you also have a family of two non working parents with 8 kids who claim £37,000 a year. I don't call that peanuts.

Not peanuts - but a good deal cheaper than putting both parents in prison, and all eight children into local authority care.

Should this be on the discussion thread where we can all give an opinion? Or do we now want to go back to the original question of student loan repayment?

Thank you too.

Does anyone have any further details about how "the amount you've borrowed" effects the amount you have to repy.

As others have said, your balance doesn't affect your rate of repayment.

I would say if you can even contemplate affording it before you reach the threshold then do

I'd disagree with that, for two reasons. Firstly, the student loan interest rate is low, and inflation-linked. You can probably stooze it fairly easily if you have the money - but if you don't, then paying off other debts first will pay you more in the long run.

Secondly, a student loan only has to be paid as long as you have the income to support it - so if you lose your job, it's not a problem. The same is not true for mainstream debts - your credit cards, overdraft and bank loans will still want payment on the same terms, regardless of whether you have an income or not. I'd advise against paying off student loans any earlier than is strictly necessary, especially at the expense of mainstream loans.

pioneer31

This raised threshold which is a touch above my salary (who said graduates were well paid ???) that comes into effect in April 2005 means (I assume) that my repayments will cease?

What would happen if I reach 65 and have not paid another single penny upto then?

[Deleted User]

it gets written off, when you reach 60.... (or it may be 65)