Help With Student Loans - HERE!

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  • lkate
    lkate Posts: 60 Forumite
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    I have a question relating to current student loans and the loans generated after 2012 increase.
    I realise that in 2012 (academic year) they will be changing loans so that there is no cap on the amount of interest charged. At the moment its 4.4%? (or somewhere around that).
    My question is...
    I first got my loan in 2009 and I graduate in 2012 before the new rules come into place. Will my loan (18grand!!!!!) be exempt from the new interest rates introduced or will I be charged crazy interest rates no matter what year I started my student loan?!


    I haven't been able to find any information about this. They like to be rather fuzzy about these type of things!
    Thanks!

    Mortgage free date: Jul 2023.
  • Poolie
    Poolie Posts: 1,882 Forumite
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    lkate wrote: »
    I have a question relating to current student loans and the loans generated after 2012 increase.
    I realise that in 2012 (academic year) they will be changing loans so that there is no cap on the amount of interest charged. At the moment its 4.4%? (or somewhere around that).
    My question is...
    I first got my loan in 2009 and I graduate in 2012 before the new rules come into place. Will my loan (18grand!!!!!) be exempt from the new interest rates introduced or will I be charged crazy interest rates no matter what year I started my student loan?!


    I haven't been able to find any information about this. They like to be rather fuzzy about these type of things!
    Thanks!

    As you started the first year of your course prior to 1st September 2012 your loan will be handled in the same regulations you are now.

    The interest rate on student loan is currently 1.5% as Bank of England Base Rate (0.5%) plus 1% is less than the March 2010 RPI Inflation figure (4.4%)
  • zarzoo
    zarzoo Posts: 2 Newbie
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    Hi,

    I urgently need help please. I applied for my student loan at the start of term last year and was under the impression that everything was being processed as normal. Just before christmas I was told that my application wasn't processed as the system had changed and I needed to apply to my LEA instead.

    Since then my parents have moved from birmingham to norfolk (I'm studying at wolves uni) and such i'm currently living with my boyfriend in newcastle and commuting to birmingham as and when I need to.

    I urgently need to reapply for my loan as I can't afford to carry on like this and will not be able to pay for my tuition fees either, however I don't know which address to put on my application and I'm worried that if I'm living outside birmingham, the birmingham lea won't cover my application.

    How should I proceed?

    Thanking you in advance!
  • Taiko
    Taiko Posts: 2,711 Forumite
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    It goes on the address it would've been at the start of the year, so I would submit the application direct to Birmingham, who I wouldn't blame for being annoyed given that in one month both Norfolk and Birmingham LEA's will have closed down and gone back to SFE.
  • zarzoo
    zarzoo Posts: 2 Newbie
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    Taiko wrote: »
    It goes on the address it would've been at the start of the year, so I would submit the application direct to Birmingham, who I wouldn't blame for being annoyed given that in one month both Norfolk and Birmingham LEA's will have closed down and gone back to SFE.

    Ok, thanks a lot for that. Everything should have been sorted the first time around but I'll resubmit it as i desperately need it to be processed asap
  • Taiko
    Taiko Posts: 2,711 Forumite
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    But you won't get anywhere in life without buying Taiko brand Magic Beans. Only £2000!
  • BusinessStudent
    BusinessStudent Posts: 3,679 Forumite
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    Hi,

    I applied for my student finance during the summer but did NOT request a loan, just the grants.

    Today I've applied for the loans online on the SLC website. Does anyone know how long it will be before I get the loan in my bank account?
  • the_devil_made_me_do_it
    the_devil_made_me_do_it Posts: 5,567 Forumite
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    Anyone know an updated email address for SLC complaints department?

    I tried to email them this evening using the address supplied on their website & the email bounced back. Very annoying & frustrating.

    I prefer to email as opposed to telephone as I want written correspondance & snail mail is too slow. It is quite an urgent matter that needs resolving a.s.a.p.
  • coffeenut
    coffeenut Posts: 1 Newbie
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    Hi, Just joined this forum so hope you're still able to give advice? My daughter finished uni two years ago with an £18k debt. Since then the interest has averaged £80 a month - around another £2k. I rang the student loans company and they said there's nothing she can do to suspend the interest as 'she knew what she was doing when she signed up for it'! Can you advise?
  • Taiko
    Taiko Posts: 2,711 Forumite
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    I advise your daughter to learn from her mistakes and fully read what she is signing up for in future.
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