A warning for you all: If any of you are paying off your student loans straight from your pay packet I suggest you keep a close eye on your repayments: The Student Loan Company owes me at least £1,000.
The problem is they only get the info for the tax year from the Inland revenue at the end of the year (December). So in January 2008 the SLC was notified exactly what I paid in the 2006-2007 tax year (ending April 2007). They calculated I had £1,600 left to pay. Fine.
Since then of course I'd been paying my monthly instalments and so actually had a lot less to go. When I looked at my P60 (yesterday), it said I'd paid £1845 last tax year (April 2007- April 2008). I.e. I'd paid my loan off (plus a little bit) in April 08. But because they don't get that info till December they've carried on taking money out of my pay packet. I have to send them a copy of my P60 and payslips for them to issue a stop notice.
So yes I get £1000 I didn't think I had but that should have been earning me interest...why they can't get the info in April is beyond me.
So check your statements, P60s and payslips and give them a call if you think you're close to the limit...or even if you just want an estimate of when you'll need to tell them to stop.
Pete: You can probably disregard...
Full Version: Student Loans
The whole student loan system gives me rage. I don't think I've ever come across anything so woefully disorganised. The whole thing is riddled with incompetence.
Can you imagine taking out any other type of loan (e.g. from a bank) and not be able to find out on monthly basis how much of it you've paid off and how much you still owe? It would be ridiculous, and yet this is exactly what happens with our student loans.
Also, they calculate interest incorrectly anyway as they assume that your total repayment for the year as been spread evenly across the year (i.e. they don't take account of when payrises happen or when bonuses come through).
Bunch of jokers. I'm going to include it in my letter to Gordon Brown (along with all the other choice things that I have to say to him).
Can you imagine taking out any other type of loan (e.g. from a bank) and not be able to find out on monthly basis how much of it you've paid off and how much you still owe? It would be ridiculous, and yet this is exactly what happens with our student loans.
Also, they calculate interest incorrectly anyway as they assume that your total repayment for the year as been spread evenly across the year (i.e. they don't take account of when payrises happen or when bonuses come through).
Bunch of jokers. I'm going to include it in my letter to Gordon Brown (along with all the other choice things that I have to say to him).
At least we get our £60 back this month. wahey!
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At least we get our ã60 back this month. wahey!
Speak for yourself.
Ha, this is the first time i've actually had to pay attention to this, I've managed to earn too little to pay anything for 8 years now and by the time I start paying anything it'll be 9 years. God, what an unsuccessful, below average graduate I am! Or am I just a mug for joining the teaching profession? 
The main point of note I have gleaned from this rather depressing thread is that King has already paid off his loan!
I want to cry.
And to top it off he has got a grand he didnt know he had!
I want to cry again.
I want to cry.
And to top it off he has got a grand he didnt know he had!
I want to cry again.
Sammyboy -dont' worry - if you still have any loan left when you turn 65 they wipe it off for you.
Jus thave to hold out another 38 years or so ;o)
Jus thave to hold out another 38 years or so ;o)
I should hasten to point out I only took out a loan for the first year (I used it to buy a car) but it has still taken me 6 years to pay it off.
The fact that I took out 4.5 years worth of loan due to me changing university should also make Sampie feel better as I will likely be paying it off for fecjing ages to come.
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I should hasten to point out I only took out a loan for the first year (I used it to buy a car) but it has still taken me 6 years to pay it off.
Ah.
QUOTE
The fact that I took out 4.5 years worth of loan due to me changing university should also make Sampie feel better as I will likely be paying it off for fecjing ages to come.
Ha!
one thing that i got annoyed at,
i got a statement through a few months ago saying
Amount owed at start of 2007 £16,367
then it listed all the monthly payments
and then it added on interest
and it said, amount owed at end of 2007 £16,748
surely my monthly payments are actually denting the overall balance?!?
can this be right?
P.S> - acutal numbers are guesses, but the fact that the end of year is more than the start of year was my point
i got a statement through a few months ago saying
Amount owed at start of 2007 £16,367
then it listed all the monthly payments
and then it added on interest
and it said, amount owed at end of 2007 £16,748
surely my monthly payments are actually denting the overall balance?!?
can this be right?
P.S> - acutal numbers are guesses, but the fact that the end of year is more than the start of year was my point
The year from September 2007 had the highest interest rate applied to our loans since we took them out (4.8% up from 2.4% in the prior year). This probably explains why your actual balance went up this year, coupled with the fact that the earnings threshold over which you have to start paying the loan off went up that year or the year before.
However, it is worth checking your payslips for that period to check:
a) that the right amount was deucted from your earnings (should be about 9% of anything you earn over £15k per year).
b) that your statement matches what has been deducted from your earnings per your payslips.
From September 2008 the rate applied will be 3.8%. This is a lower interest loan than you could get anywhere else and there are many many savings accounts which offer better return than this even after tax. Therefore it's probably better to just leave it even if the balance is going up.
If you need further proof that I'm a geek, buy this fortnight's Private Eye magazine.
However, it is worth checking your payslips for that period to check:
a) that the right amount was deucted from your earnings (should be about 9% of anything you earn over £15k per year).
b) that your statement matches what has been deducted from your earnings per your payslips.
From September 2008 the rate applied will be 3.8%. This is a lower interest loan than you could get anywhere else and there are many many savings accounts which offer better return than this even after tax. Therefore it's probably better to just leave it even if the balance is going up.
If you need further proof that I'm a geek, buy this fortnight's Private Eye magazine.
Further to all the above, the student loan interest rate has now dropped to 2.5% (this is base rate plus 1%). This is unusual as the rate only usually changes once a year in September. However, there is a safety net in the terms of the loan which means that if base rate plus 1% drops to lower than the current rate then that will become the new rate. This happened for the first time ever in December when the base rate dropped to 2% and now it has dropped even further.
This means that despite the recent drops in the base rate it is still probably not worth paying off any more than you have to as there are still savings accounts out there (though not many) which will get you a better rate than 2.5% after tax.
If, as is likely, the base rate falls further then the student loan interest rate will track it and therefore it should always be a cheap loan.
This means that despite the recent drops in the base rate it is still probably not worth paying off any more than you have to as there are still savings accounts out there (though not many) which will get you a better rate than 2.5% after tax.
If, as is likely, the base rate falls further then the student loan interest rate will track it and therefore it should always be a cheap loan.
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