None-payment of student loan

in Student MoneySaving
10 replies 3.6K views
Hello all,
I havn't paid my student loan back...I didn't mean not to, just lost track of it. Anyway I left Uni in 1999 and deferred for a year however I have moved loads of times since, and have heard nothing since 2000. I now have a wife and child to support on a low (But not low enough for them to leave me alone) income.
Does a student loan fall into the 6 year rule, or is it like tax, and payable forever....(I dread to think what the amount now would be, but even at 0.2% interest, it will be a fair bit).....
I really hope someone can ease my mind on this one, cos as i am sure my money making mates on here will appriciate it will take a gew coupons, and freebies to make up a student loan.

Replies

  • Unfortunatly they can make you pay your loan back any time until you are in your 50's. If they start harrassing you about it, you should phone them. If you're lucky enough to get a friendly person on the other end, and you explain your situation fully they should be able to help. Failing that, become a teacher or a priest and they pay it off for you.
  • Pete_WoodPete_Wood Forumite
    2 Posts
    i think the rate has just gone up to about 3% - so watch out!

    Learn from the mistakes of others - you won't live long enough to make them all yourself.
  • rachrach Forumite
    5.5K Posts
    Unfortunatly they can make you pay your loan back any time until you are in your 50's. If they start harrassing you about it, you should phone them.  If you're lucky enough to get a friendly person on the other end, and you explain your situation fully they should be able to help.  Failing that, become a teacher or a priest and they pay it off for you.

    not if you're a priest as far as i know.
    Mum to gorgeous baby boy born Sept 2010:j
  • Lady_KLady_K Forumite
    4.4K Posts
    Part of the Furniture Combo Breaker
    What kind of teacher? is this college tutors night school tutors and university tutors as well as ordinary teachers?
    Thanx

    Lady_K
  • VickyA_2VickyA_2 Forumite
    4.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    No, sadly it's teachers in "shortage subjects" like maths and sciene. I'm going to be a primary teacher and they're not going to help me pay off my loan. Oh well!
    Sealed Pot Challenge #021 #8 975.71 #9 £881.44 #10 £961.13 #11 £782.13 #12 £741.83 #13 £2135.22 #14 £895.53 declared
  • Hi

    I work for the Student Loans Company (dont shoot me!!) and they will keep chasing you for repayment - it is 25 years until they are written off!

    Are you eligible to defer your loan again? This has to be done every year and is possible as long as your gross income is less than £1,780 a month. If you are, I would suggest contacting SLC and requesting a deferment form. This will defer the balance of your loan for 1 year, you can then concentrate on paying back the arrears which will have accumulated (all the payments due since your original deferment ended)

    I don't want to preach at you but you are best to get this sorted as if SLC cannot trace you to get payment they will pass your account to a debt collection agency who are alot les understanding - believe me!!!!!!

    Anyhoo, hope you get it sorted out and if you need any more advice, just ask me! :)
  • Lucie_2Lucie_2 Forumite
    1.5K Posts
    Part of the Furniture Combo Breaker
    I was in the same boat with my student loan - no malicious intention not to pay it back, just moving house, changing bank etc etc meant that they had to find me.
    Believe me, they will be a lot more understanding & helpful if you contact them about the situation - tell them you're worried about it (as opposed to my hard nosed "you can whistle for it mate" attitude!). Luckily I "acquired" a lump sum (legally I might add) just after they started hassling me & paid off all the arrears. Now I make sure I defer every year on time, as I am still earning just under the limit.
  • fwehorxfwehorx Forumite
    23 Posts
    It seems such a shame for students to have loans! I'm one as well! So I know what your'e all feeling. Studie loans, I disagree with them, but if you want a higher quality of life, you will have to pay for it!
  • TravelqueenTravelqueen Forumite
    204 Posts
    A cautionary tale:

    A friend of mine, who shall remain nameless, graduated in 1997 from a University. As a result of his family situation he had two surnames, one which his student loan & bank account was in, and one which his NI number etc were in. When he left Uni he closed his bank account and went to work abroad for a few years, confident they wouldn't find him.

    In 2001 he got a call at his house (in a new city, under his other name) from Student loans chasing him for repayment due to his 'oversight'. They had been investigating him for a while and eventually caught up with him, and even knew where and for who he had been working abroad. He now has to pay back a higher rate per month than he would have had he paid from the start....

    Like the Inland Rev, they'll get you eventually!

    Good luck

    TQ
    One day everything I earn will be mine and not the banks... ::rotfl:
  • zcaprd7zcaprd7 Forumite
    1.1K Posts
    Yes be 'more' careful Josh Ramsay.


    I'll remove if it is your name.
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