Student Loan Overpayment

Former_MSE_Callum · 18 December 2017 at 3:50PM

Hi!

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Thanks folks,

bethm · 18 December 2017 at 8:05PM

Apologies if someone has already asked this but...My youngest son who is 21 graduated this summer (2017) from a 3 year course and began working in August. He is very fortunate to be on a good starting salary (£32,000) and is already paying off his loan, not realising about the April start date. As he is earning well and therefore paying off a high proportion of his loan, I am wondering if he is likely to have paid it off before he is 50. In that case is he better off paying back straight away because of the interest rates?

silvercar · 19 December 2017 at 12:23AM

As he is earning well and therefore paying off a high proportion of his loan, I am wondering if he is likely to have paid it off before he is 50. In that case is he better off paying back straight away because of the interest rates?

Crystal ball time.

If his salary continues to increase and remain above the average graduate salaries for his age then this is possible.

Future interest rates are another unknown.

Worth reading the article on the main MSE site:

https://www.moneysavingexpert.com/students/repay-post-2012-student-loan

Forgetful · 20 December 2017 at 7:50PM

yes I understand about recaliming if u have paid back too early.
but the amount u have paid will be deducted from the amount u owe.
but then if u reclaim the amount u have paid early does this get added back onto the amount u owe or does it stay off.

Ie: i owe £30,000... i paid early £400... i reclaim this early payment... but then wat do I owe still?? £30,000 or £29,600??
thanks

Ed-1 · 20 December 2017 at 8:31PM

Forgetful wrote: »

yes I understand about recaliming if u have paid back too early.
but the amount u have paid will be deducted from the amount u owe.
but then if u reclaim the amount u have paid early does this get added back onto the amount u owe or does it stay off.

Ie: i owe £30,000... i paid early £400... i reclaim this early payment... but then wat do I owe still?? £30,000 or £29,600??
thanks

You owe £30k. But remember that can become a grant in time when it is written off.

yeslek · 20 December 2017 at 9:00PM

Do we have to call? To check?

I worked full time whilst at uni and was on wage so some months i’d Pay even though technically my yearly wage was under the threshold for repayments (I was on min-wage or just above for years)

Gemini18189 · 21 December 2017 at 10:39AM

Upon completing my undergraduate degree I then did a 1 year postgraduate certificate in Education, both of which I received student loans for.
Which April would I have been due to start repayments (providing I was earning above the threshold)- the April following completion of the undergraduate degree or the April following completion of the pgce?

Ed-1 · 21 December 2017 at 2:32PM

Gemini18189 wrote: »

Upon completing my undergraduate degree I then did a 1 year postgraduate certificate in Education, both of which I received student loans for.
Which April would I have been due to start repayments (providing I was earning above the threshold)- the April following completion of the undergraduate degree or the April following completion of the pgce?

Loans for different courses have different repayment start dates and write off dates. The loans for the first course enter repayment the April after you left that course and the PGCE loans enter repayment the year after you left that course.

yeslek · 27 December 2017 at 2:24PM

yeslek wrote: »

Do we have to call? To check?

I worked full time whilst at uni and was on wage so some months i’d Pay even though technically my yearly wage was under the threshold for repayments (I was on min-wage or just above for years)

Anyone? Help

cassiehagger · 28 December 2017 at 3:10PM

I have managed to reclaim £50 from two old tax years were I was under the threshold so should have paid zero. I also have another two years showing overpayment of £90 based on my p60 however they are saying I am not entitled to a refund as its done on monthly salary. Part if overpayment is caused by getting 2 salaries in 1 month when I started a new job. Any advice can i push it further

Whatisitliketobeabat? · 28 December 2017 at 4:32PM

Is anyone having problems recieving their money back from the SLC?

My OH is due £330 back, confirmed with the SLC earlier in December. She was passed to the payments department and gave her account details etc and was told to expect the payment in 3 to 5 working days.

The monies never arrived, she contacted the SLC again and was told the payment got 'lost' they would process it again and to expect the payment in 3 to 5 working days.

On the fifth day no money again and the office was closed for xmas. She has now contacted them today to be told she needs a letter from her university confirming her graduation date as its wrong on their system (July 15) she graduated July 16 and was receiving loans and grants in the 15/16 academic year as confirmed by the SLC systems!!

Are they just taking the michael? Does anyone know what our rights are with this? We are thinking of writing a letter of complaint. :mad::mad:

Student Loan Overpayment

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