DAC

I have a student loan unfortunately

how many years is it before you do not have to repay it ?

it is unlikely I will earn over £15k for the next 15 years or so when I intend to retire anyway

does anybody know

thanks
david

psigeek

iTrader: (17)

As they changed over recently to a new payback system you're definitely best off ringing the Student Loans Company - 08702406298

dpb

or move to Montevideo

Simon 69

The bast*rds are still after the remainder of mine nine years after I left university! They also seem to be adding endless interest which an original loan shouldnt attract. Im ignoring their letters.....

Petem95

You get letters from the studen loan company?!!! You must be the only person who does!

PaulC72

why would you ignore them, why not just deal with it and thats that?

Mikkel

Moral of the story is, don't spend money you don't have... and even more so you can't pay back.

Thinks it is a debt until you retire at the legal age of 65. You can refer until you earn up to £15k unless they decide otherwise and force you into a repayment scheme.

Lisawrx

iTrader: (1)

I haven't had a letter for over 2 years, and I think I've repayed the grand sum of around £4 since I left university (4 years ago).

Anyhow, as far as I know, any of the loan not paid back by retirement, will then not have to be paid.

pitstop

Student loans....erm.....I am typing demanding letters to the kids now!

darrens_here

I got every student loan I could afford, ((cheaper than bank loans)). Whn i started working, i was under the threshold, so didnt have to pay if off for a few years, then once over th threshold, paid it back over a few years................ at about £30/month, so didnt even really notice it coming out my salary.......

mind you, finished paying it march this year, 10years after uni..... but without the loans couldnt have afforded to go to uni !

Lisawrx

iTrader: (1)

I could not have afforded to go to uni without the help the student loan gave me, and I worked part time the whole time I was there, more hours during holidays. Those wages alone, unfortunately don't get you very far.

mickywrx

iTrader: (29)

FFS it's a student loan, university fees, have to be paid in England. Books have to be bought etc.

Unless mammy and daddy are paying for everything, then university is impossible for most.

Not sure if thing have changed back, but theres to my knowledge any such thing as a student grant now.

rossyboy

iTrader: (8)

My student loans paid for my car insurance every year back in 94-98

Paid them back a couple of years ago.

ScoobyDoo555

Well currently, they're taking money for a loan that was cleared months ago

Despite telling them to stop taking the payments (and they've acknowledged that I have no outstanding debt)

Bunch of clowns. All for £200-odd for books!!

Roll on this month to see whether they take the money again (nearly the same amount as the original debt!!

Dan

Ms Gooner 1

hhmmmmm - am i too old for going to uni LMAO

Ms Gooner 1

I am a tad confused - don't you have to be 65 to retire?? And if you don't earn more than 15k annually, how do you intend to retire anyway!?

I'm all for student loans - they do help those people who go to university and learn skills to better themselves and become teachers and doctors etc - and put something BACK into society and also put themselves in a situation whereby they can then afford to pay the loan back.

I don't agree though with taking out student loans, pissing them up the wall, fail your degree, become a bum with no prospects and have no intention of paying it back!

PaulC72

TBH I am glad I never went to uni if all you can get is a 15k job!!!

dpb

mybe weve another Pissy Lewis on our hands

Petem95

The student loans company are one of the most incompetent organizations in UK!

When I got a job after uni it took a few months, then the payments started. Continued for about 12 months then stopped. Made a few attempts to contact the loans company, but they couldnt find my details!

No payments were taken for the next 18 months - during which time I attempted to contact by phone however this was useless, and wrote once which got no reply, then suddenly last month they've started again?!!!

4 years since leaving uni, and probably 7 since first loan taken out and I've received a statement twice! Everyone I know who has dealt with them has had similar experiences.

No idea how much I have outstanding or how much has been paid off, and I doubt they know either!

ScoobyDoo555

LOL!

I wouldn't mind, but I've been over the payback threshold for quite some years, but they only decided to start taking payments back in September. I actually left Uni well over 10 years ago (debt free too!), and had gone back to Uni (affiliated anyway) to get my Cert-Ed. I knew exactly how much was outstanding, and paid it off in one go. Shame the saw fit to continue taking payments

But agreed, they are a bunch of (disorganised) clowns

Dan

Ray_li

what really winds me up is that inland revenue deducts the payment money, holds onto it for a year then pays the student loan company whilst the student loan company is charging you interest

left uni back in 2002 and not bothered paying it off :d not heard from SLC at all

Simon 69

Regular letters and statements.

fast bloke

I spent all my student loans on cars and then paid them back within 6 months of graduating. The secret is to do a proper degree. (anything that isn't 'arts' mostly)

DAC

I did physiotherapy and got a 2:1 - still cant get a job as the NHS is on its knees.

If I could get a Physio job that would be great - but all private co's want NHS experience !!!

going to do something else eg charity etc. maybe abroad - and will not be paying my loan back but interest is accumulating - as in my 40's dont want a massive debt at 65 to pay back.

PS after 2 years of non-physio work you cannot practice unless you take refresher courses.
so all my scrimping and scraping - student loans and c.card debts etc and hard work - plus about 30k of taxpayers money is wasted cos the NHS is mismanaged.

think about it when you vote labour

fast bloke

How long ago did you do your degree? A 2.1 in a proper subject (like physiotherapy as opposed to something like "The philosophy of science") would usually indicate to employers that you have the ability to learn. Maybe try casting your net a little wider. You might be surprised.

Ray_li

I found it hard finding a job after graduating. its all down to interview technique and a bit of luck

rkbycrof

AFAIK there are two versions of the student loan, the one for people who started university on or before 1998 and those who started after.

For those who started before 1998, like myself, once you have left University and start earning above the threshold you have to pay the loan back over a period of 5 or 7 years dependant upon the size of your loan. For example as soon as I started earning above the threshold they started taking £120 a month from my account as a direct debit. If I become unemployed or start earning less then these payments will stop but I will be liable to pay up until my retirement age which is now 67. The loan accrues interest at 2.4%, this is to cover inflation so in real money terms you don't end up owing them anymore.

For those who started after 1998, as soon as you start earning above the threshold they take a proprtional amount that you earn above that limit, hence why you see some people only making £4 payments a month. I believe these are taken by the tax man directly from peoples salaries. Liability and interest is the same as above.

I have no problem paying back my student loan, I was fully aware of the conditions when I took it and ensured I took a course that would enhance my career path.