Repaying Student Loans 2009/10 guide discussion

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  • essexgenie
    essexgenie Posts: 3 Newbie
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    Is there no system in place to backdate the zero interest if you have already paid the loans in full ?
  • RayN_on_me
    RayN_on_me Posts: 18 Forumite
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    I paid off my post-98 student loan earlier this year... I have become a full-time mum and didn't want to have a much larger debt to pay off when I return to full-time employment one day (hopefully in the dim distant future!). However, I found it incredibly difficult to pay it off as they were unable to tell me exactly how much I owed. Surely, as a financial organisation they must be able to provide you with this information. I understand it's because they don't get the information through from HM Revenue, etc, but surely this is a massive error on their part that they cannot supply the information. I am currently unsure if I actually have paid the loan off or not.
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
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    essexgenie wrote: »
    Is there no system in place to backdate the zero interest if you have already paid the loans in full ?

    If you've paid the loans in full you won't be paying any interest anyway!:confused:
  • yoursessentially
    yoursessentially Posts: 2 Newbie
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    Hi. I didn't inform the slc of new addresses on completing a course in 1993. When I did then contact them they said my right to defer payment (never earnt £15k etc) was no longer available. Am on a low family income & have been scraping £20 per month. Could I defer the remainder? It isn't much but would be better spent on family welfare etc.
    many thanks
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
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    yoursessentially wrote: »
    Hi. I didn't inform the slc of new addresses on completing a course in 1993. When I did then contact them they said my right to defer payment (never earnt £15k etc) was no longer available. Am on a low family income & have been scraping £20 per month. Could I defer the remainder? It isn't much but would be better spent on family welfare etc.
    many thanks

    The threshold figure for pre 1998 loans is much higher and you could have deferred annually and owed nothing. The money you're paying now will be for arrears and charges and you can't defer these. You should be able to make a payment arrangement with the SLC (sorry, just noted that you already are) but you've moved way beyond the realms of deferrment if you're owing arrears and charges for 16 years!

    Have they told you what the total you now owe is?
  • vorian
    vorian Posts: 8 Forumite
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    Hi I have read the article about the 0% interest on loans after 98 which is great. I earn over the £15K threshold and have been making monthly repayments through my employer which is fine. However I recently received my SLC annual statement, saw how much I had paid off over the year and was about to file it when I saw the interest they have charged me for the past year.... which is MORE than the amount I have paid off?!?! I worked it out that I would have to make 14.5 months of repayments to pay of 12 months of interest?!?! How the hell is that fair in anyway?! I know that the 0% interest from the 1st sept 09 is going to make a difference but i feel that this last year has been a total waste as my overall debt has INCREASED by £65.49 :mad: is there anything i can do?

    Thanks in advance
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
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    vorian wrote: »
    Hi I have read the article about the 0% interest on loans after 98 which is great. I earn over the £15K threshold and have been making monthly repayments through my employer which is fine. However I recently received my SLC annual statement, saw how much I had paid off over the year and was about to file it when I saw the interest they have charged me for the past year.... which is MORE than the amount I have paid off?!?! I worked it out that I would have to make 14.5 months of repayments to pay of 12 months of interest?!?! How the hell is that fair in anyway?! I know that the 0% interest from the 1st sept 09 is going to make a difference but i feel that this last year has been a total waste as my overall debt has INCREASED by £65.49 :mad: is there anything i can do?

    Thanks in advance

    If your repayments are less than the interest charged then of course the amount owed is going to increase, how could it not?:confused:

    Did you think it worked differently or have they miscalculated?
  • ***trumpeter***
    ***trumpeter*** Posts: 93 Forumite
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    I took out three loans in 1993, 94 and 95 aged 33. I'm 50 in October this year. According to the MSE article these loans should be wiped when I reach 50 (if I read it right). Where was this information obtained, please - I'd like to be able to quote chapter and verse when I contact the SLC.

    Thanks very much for the article, too. There's nothing about this in the current SLC documentation. It looks like MSE is about to save me some more money :-)

    Best wishes, Neil
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
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    ***trumpeter*** wrote: »
    I took out three loans in 1993, 94 and 95 aged 33. I'm 50 in October this year. According to the MSE article these loans should be wiped when I reach 50 (if I read it right). Where was this information obtained, please - I'd like to be able to quote chapter and verse when I contact the SLC.

    Thanks very much for the article, too. There's nothing about this in the current SLC documentation. It looks like MSE is about to save me some more money :-)

    Best wishes, Neil

    You're definitely right in your supposition - I'm in a similar situation myself. I agree that there's nothing on the SLC site but neither of us will be the first person to put this into action so they will know about it.

    I'd write to them confidently asking what actions you need to take (I suppose they might need to see a birth certificate) and don't give them the opportunity to ignore it.

    I completed my deferrment form recently and realised it would be my last one - a fantastic feeling!
  • tarla
    tarla Posts: 2 Newbie
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    Hi, my son successfully applied for a student loan in Sept 2007, however, only attended university for approximately 1 month and then left. The uni and loan company were notified at the time.
    Recently my son has received a notice for repayment for 'registry tuition' via a debt recovery company linked to the university, the debt is payable to the uni rather than the loan company.

    First of all would the loan company have paid this amount, so therefore the debt would be with the loan company rather than the uni?

    Secondly , does the £15k earnings rule apply in this instance ( my son has not earnt this much since leaving)

    thanks for any feedback,
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