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  • FIRST POST
    • MSE Callum
    • By MSE Callum 18th Dec 17, 2:50 PM
    • 238Posts
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    MSE Callum
    Student Loan Overpayment
    • #1
    • 18th Dec 17, 2:50 PM
    Student Loan Overpayment 18th Dec 17 at 2:50 PM
    Hi!

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    • bethm
    • By bethm 18th Dec 17, 7:05 PM
    • 1 Posts
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    bethm
    • #2
    • 18th Dec 17, 7:05 PM
    • #2
    • 18th Dec 17, 7:05 PM
    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
    • By silvercar 18th Dec 17, 11:23 PM
    • 37,310 Posts
    • 157,175 Thanks
    silvercar
    • #3
    • 18th Dec 17, 11:23 PM
    • #3
    • 18th Dec 17, 11:23 PM
    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
    • By Forgetful 20th Dec 17, 6:50 PM
    • 1,614 Posts
    • 9,206 Thanks
    Forgetful
    • #4
    • 20th Dec 17, 6:50 PM
    • #4
    • 20th Dec 17, 6:50 PM
    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
    • By Ed-1 20th Dec 17, 7:31 PM
    • 2,230 Posts
    • 1,187 Thanks
    Ed-1
    • #5
    • 20th Dec 17, 7:31 PM
    • #5
    • 20th Dec 17, 7:31 PM
    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
    Originally posted by Forgetful
    You owe £30k. But remember that can become a grant in time when it is written off.
    • yeslek
    • By yeslek 20th Dec 17, 8:00 PM
    • 1,401 Posts
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    yeslek
    • #6
    • 20th Dec 17, 8:00 PM
    • #6
    • 20th Dec 17, 8:00 PM
    Do we have to call? To check?

    I worked full time whilst at uni and was on wage so some months iíd Pay even though technically my yearly wage was under the threshold for repayments (I was on min-wage or just above for years)
    • Gemini18189
    • By Gemini18189 21st Dec 17, 9:39 AM
    • 1 Posts
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    Gemini18189
    • #7
    • 21st Dec 17, 9:39 AM
    PGCE student
    • #7
    • 21st Dec 17, 9:39 AM
    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
    • By Ed-1 21st Dec 17, 1:32 PM
    • 2,230 Posts
    • 1,187 Thanks
    Ed-1
    • #8
    • 21st Dec 17, 1:32 PM
    • #8
    • 21st Dec 17, 1:32 PM
    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?
    Originally posted by Gemini18189
    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
    • By yeslek 27th Dec 17, 1:24 PM
    • 1,401 Posts
    • 891 Thanks
    yeslek
    • #9
    • 27th Dec 17, 1:24 PM
    • #9
    • 27th Dec 17, 1:24 PM
    Do we have to call? To check?

    I worked full time whilst at uni and was on wage so some months iíd Pay even though technically my yearly wage was under the threshold for repayments (I was on min-wage or just above for years)
    Originally posted by yeslek
    Anyone? Help
    • cassiehagger
    • By cassiehagger 28th Dec 17, 2:10 PM
    • 24 Posts
    • 8 Thanks
    cassiehagger
    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?
    • By Whatisitliketobeabat? 28th Dec 17, 3:32 PM
    • 3 Posts
    • 0 Thanks
    Whatisitliketobeabat?
    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.
    • Whatisitliketobeabat?
    • By Whatisitliketobeabat? 28th Dec 17, 4:39 PM
    • 3 Posts
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    Whatisitliketobeabat?
    If you were working while still at you and repayed you should be eligable for a refund. They can only take the money from you if

    1.) You have graduated or left Uni
    2.) You earned enough money for the minimum repayment threshold
    3.) You did not voluntairly over pay.

    If none of these conditions were met when they took money from you, you could be due a refund.
    • loopylou49
    • By loopylou49 28th Dec 17, 6:02 PM
    • 3 Posts
    • 118 Thanks
    loopylou49
    Hi,

    I called SLC yesterday and asked them to check as I believed I'd started paying back early, however they told me there would be no way of checking this as it is the HMRC who would have this info and not them? They said the only way to check is to find my P60 from the 2008-2009 year (God knows where that is). This seemed a bit strange to me as others had been able to get somewhere by ringing up?
    Any advice welcome!
    Thanks
    • agrinnall
    • By agrinnall 28th Dec 17, 7:33 PM
    • 20,344 Posts
    • 16,119 Thanks
    agrinnall
    Any advice welcome!
    Thanks
    Originally posted by loopylou49
    The obvious advice is to do as SLC have told you and contact HMRC. You might even be able to do it online through your tax account.
    • GSPGirl
    • By GSPGirl 4th Jan 18, 5:01 PM
    • 78 Posts
    • 17 Thanks
    GSPGirl
    Hello

    I completed my degree in 2016, but whilst there I was overpaid a grant due to changing circumstances whilst studying. I was paid a Parents Learning Allowance or similar and finance for childcare, it was all demanded back off me whilst I was still studying which would have meant I would have to leave my course and it would all have been for nothing.

    They agreed to defer reclaiming it till I graduated, but its over 6k! have been paying off a small amount per month through my existing Stepchange DMP just to get them off our backs.

    Will Student Finance ever accept a full and final which is less than this debt or am I doomed to be paying it forever ?

    At the time I should have contested it, but as a DSA student I was having a very bad mental health episode and agreed to anything just so I could cling on to my place and finish my course.

    They wanted all my incomings and outgoings etc to decide how much I should pay. I was made to feel ashamed and awful on the phone by SLC. This overpayment wasnt my fault and as I explained on the phone, I could hardly be expected to repay it, as it went on childcare and living costs, I couldnt ask the childminder for a refund. I believe we just surpassed our estimated income one year, rendering us ineligible for the finances which had already been paid.

    We want to apply for a mortgage this year and this may hold us back. I've even considered taking out a loan to pay it back but its so unfair and humiliating plus I will have to pay interest

    Please help

    Thankyou
    Last edited by GSPGirl; 04-01-2018 at 5:04 PM.
    • SnowDawn
    • By SnowDawn 7th Jan 18, 5:32 PM
    • 1 Posts
    • 0 Thanks
    SnowDawn
    Hi all,

    I've just a little question regarding reclaiming payments made before the April after graduation.

    I used the SLC to fund a foundation degree (in my case, FdSc -- classed as higher education and worth 2/3rds of a BSc). I then continued to do a BSc "top-up" course to turn this into a full degree. Would the graduation date used for purposes of repayments be that of the foundation degree or that of the full degree?

    I appreciate the article has the section "What if I studied another course after my first degree?", however I'm unsure whether foundation degrees would be classed under that...

    My hunch is that they will be seen as two separate courses -- despite being related to each other -- therefore payments should have started the April after the first course.

    Has anyone been in a similar situation?

    Thanks for any help
    Last edited by SnowDawn; 07-01-2018 at 5:38 PM.
    • didi50
    • By didi50 10th Jan 18, 8:50 AM
    • 2 Posts
    • 0 Thanks
    didi50
    Student Loans
    I had to start repaying my student loan as my child maintenance payment from ex took me over threshold. However should child maintenance be classed as income, surely this is money to support the child, not my debts. Please advise
    • glider3560
    • By glider3560 10th Jan 18, 7:40 PM
    • 3,582 Posts
    • 2,274 Thanks
    glider3560
    I had to start repaying my student loan as my child maintenance payment from ex took me over threshold. However should child maintenance be classed as income, surely this is money to support the child, not my debts. Please advise
    Originally posted by didi50
    You say "had to". How were the payments made? Taken from self assessment tax return? Or through PAYE?

    • tncoverdale
    • By tncoverdale 13th Feb 18, 10:19 AM
    • 1 Posts
    • 0 Thanks
    tncoverdale
    After watching your show last night I telephoned SLC this morning. After a short wait on hold I have just received £205 refund straight into my bank account!!
    • loopylou49
    • By loopylou49 13th Feb 18, 10:57 AM
    • 3 Posts
    • 118 Thanks
    loopylou49
    I also had issue. Rang up and was told yes I was due some money back but to check whether or not I was owed more I would need to try and find my p60 from that year. Went away and didnít have much luck so called back to get the refund I was told I was owed. All of a sudden Iím not owed it anymore.
    Itís really frustrating and Iím looking to complain, did you decide to do this in the end?
    Thanks,
    Loopylou49
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