Help With Student Loans - HERE!

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  • EsmeTheRat
    EsmeTheRat Posts: 3 Newbie
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    Ps. The debt sold onto Capquest??
  • sendtosian
    sendtosian Posts: 1 Newbie
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    /Hi,

    I took out student loans from 97/98-99/2000 and have deferred every year as I have always been below the threshold. However, this year I am above the threshold so have not deferred. My income includes child maintenance, child benefits, child tax credits and earnings. I am a single parent with two children so feel it should be taken into account that I have to keep three of us and a household on my income and find I am now paying £110 per month which I cannot afford.

    Does anyone know if SLC and Erudio would take into account that I have higher expenses with keeping 2 children or would it be better to reduce my hours at work and defer again?

    Any advice would be appreciated. Thanks Sian
  • [Deleted User]
    [Deleted User] Posts: 4,176 Forumite
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    sendtosian wrote: »
    /Hi,

    I took out student loans from 97/98-99/2000 and have deferred every year as I have always been below the threshold. However, this year I am above the threshold so have not deferred. My income includes child maintenance, child benefits, child tax credits and earnings. I am a single parent with two children so feel it should be taken into account that I have to keep three of us and a household on my income and find I am now paying £110 per month which I cannot afford.

    Does anyone know if SLC and Erudio would take into account that I have higher expenses with keeping 2 children or would it be better to reduce my hours at work and defer again?

    Any advice would be appreciated. Thanks Sian

    If you reduce your hours you may well save on the SLC repayment but how much will your family lose in income? Probably far more
  • Student_Loan_Moaner
    Student_Loan_Moaner Posts: 3 Newbie
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    Hi, long-term poster who's lost their log-in.

    SLC has just increased my husband's monthly payments to an unaffordable amount.

    We moved from the UK to the Middle East five years ago. Since then he's been making monthly payments of £150pcm to SLC but they have now increased this to £320 pcm.

    In the UK he paid £50 monthly. He earns twice as much here, but our cost of living is very high - something SLC doesn't want to know. He's continued to pay them £150 pcm, but is accruing arrears. Is there a template letter with a budget breakdown we can send them? Is anyone in a similar situation who can offer advice?
  • [Deleted User]
    [Deleted User] Posts: 4,176 Forumite
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    They're not interested in your outgoings. They have their own country thresholds on what percentage of your income you have to pay.

    http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678668&_dad=portal&_schema=PORTAL
  • Student_Loan_Moaner
    Student_Loan_Moaner Posts: 3 Newbie
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    "set at an affordable level which reflects the conditions in the relevant country..." except it doesn't.
  • [Deleted User]
    [Deleted User] Posts: 4,176 Forumite
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    Student_Loan_Moaner wrote: »
    "set at an affordable level which reflects the conditions in the relevant country..." except it doesn't.

    Some would say the same about uk repayments when struggling with mortgage, kids & credit but that's what we signed up to.
  • Student_Loan_Moaner
    Student_Loan_Moaner Posts: 3 Newbie
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    Hi Shel. We pay for all of those things, plus school fees and healthcare, which aren't covered in the country we live in. His wages are double what he earned in the UK, but payments have been increased six-fold - twice since we said we couldn't afford them.

    I'm sorry for anyone struggling with SLC payments, regardless of where they live. They really are a feral operator.
  • sgavin
    sgavin Posts: 1 Newbie
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    Hi, I studied for one year in 2014 and accumulated the tuition fees and a grant. My closing balance was £13,585. On my statement last month it said in the past year i paid £807. Out of that figure, £516 was interest so I actually only ended up paying £291 towards my loan. on my enclosed statement in the post, the interest in April 2017 was 2.35% but April 2018 at the end of the statement it showed the interest at 5.89%? I read on here Martin saying sometimes it mightnt be a good idea to pay it off as quick as you can, soo...considering it is a small figure than most would have (doing 3 or 4 years), is it best if I pay as much as I can afford a month or leave the amount they calculate? I'm very worried I will end up paying an insane amount back in comparison to what the initial amount was. Thank in advance!
  • BazMorgan
    BazMorgan Posts: 2 Newbie
    edited 2 August 2018 at 3:05PM
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    Hi , Should I try and repay my loan early??
    I was a student nurse , so did not have a loan for fees and just graduated ,my balance is £8,341.As a starting nurse I earn just over 21K so now I am getting charged 3% plus the RPI . I am 48 so 20 years until retirement . :Martin Lewis says that students should not worry as they will never pay back the interest over 30 years . Unfortunately , he has forgotten to answer that question for all the allied health care students who did not have a loan for fees and so will prob end up paying all the £2,500 a year back ( max £7,500) plus the high interest. I am sure many other students are unsure as Martin has just gone with the general students and forgot about all us nurses. Thanks in advance
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