Student Loans Company

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  • Student Loans Company
  • Premier Icon edd
    Subscriber

    So in February or March this year I inherited enough money from my Grandmother to pay off my outstanding student loan, which I did.

    As of this morning I'd still not received any letter confirming that the loan is cleared (although I did get confirmation of receipt of payment) so today I decided to phone them up to confirm.

    (After some security questions)
    Me: Hi I've not had any confirmation that my loan has been cleared.

    SLC: Oh! Do you want confirmation? We could send you a letter.

    Me: Yes please a letter would be nice. Whilst you're there can you just check that I've not overpaid or underpaid? (I paid off the balance before they received the 2008-9 tax year payment information so there was a little uncertainty on the exact amount.)

    SLC: You've overpaid by £45.

    Me: Well can you give it back to me?

    SLC: Erm! Yes I suppose we could send you a cheque it'll take 6 weeks.

    Now maybe I'm being funny but what the **** are they thinking? No please Student Loans Company keep the £45 quid that I've overpaid. And why did I have to phone up to get confirmation and my overpayment back? Surely it's quite basic.
    End of tax year information comes in, student has overpaid. Letter goes to student saying thank you for completion of payment and here's a cheque for the money we owe you…

    tracknicko
    Member

    company currently in the news for failing to give loans out in time to 10,000 students in being inept shocker!

    bunch of **** mate if you'll pardon me french. cogratulations for being shot of them. i wish i was.

    Couldn't organise a fart in a curry house, letalone a pissup in a brewery!

    Apparently you have to inform them that you've finished paying as well, you'd think they could be a little more organised given the sums of money involved are hardly insubstantial!

    lister
    Member

    they wrote to me thi year to tell me that they are going to charge me negative interest on my loan, so it's shrinking now 🙂

    they also write every year to tell me how much I have to earn to start paying them back…this increases every year at a much higher rate than my wages…I seem to remember that if I don't start paying them back in 50 years they write me off as a bad debt. I love having aims in life 😉

    ebygomm
    Member

    I wish it still worked like that, under the new system we were paying 4.3 % interest last year and paying back 10% of earnings above 15 grand. I did some calculations with a few assumptions and i'll pay around 40 grand back without clearing the debt before it's written off at retirement

    ebygomm
    Member

    Double post

    Smee
    Member

    Useless shower of shite.

    lister – its much less than 50 years. 25 I think.

    it varies depending on when you signed up,

    they realised early on that no one would ever pay it back so they shifted the cutoff date to retirement.

    Think everyone still pays the same interest though? Mines certainly arround 0% this year.

    podman
    Member

    I always thought that my debt disappears after 35 years…

    My LEA still haven't assessed this years claim for support… Filed in September 🙁

    I got a letter through a few weeks ago stating that I hadn't sent in my P60.. It was in fact sent through with the application form, I rang them and a guy I spoke to was refreshingly honest and admitted that they probably had received it and that they'd probably just mislaid it. I got a replacement p60 sorted and sent them a photocopy, now I'm just waiting for a letter saying that they need an original!

    My deadline for payment before withdrawal of services from university was due to be this Friday, but fortunately the University have extended this by a month for all students, owing to the various problems this year.

    ebygomm
    Member

    Student loans from 1998 and onwards have an interest rate that's linked to the retail price index. Last year it was 4.3 %. I think going to university will turn out to be the worst financial decision of my life

    duckman
    Member

    Is there any clear guidelines on what I should be paying etc? I borrowed 4 grand for my teacher training and would have appeared to have only paid back a quarter of that in 6 years,despite £100 a month going out.I would have been better going to big Vern down t' pub…….

    ojom
    Member

    I still have a big old chunk to pay and still don't come up to the earnings benchmark. I pay it back anyway as i borrowed it and spent it on booze so its only fair the hard working people of this country get it back 😀
    Might take a while though at £100 a month…

    toby1
    Member

    I got it on good authority (from a Coutts personal banker, not mine you undersatnd) that it was actually not as cheap a loan as it supposed to be, he'd paid his off in full early too. Given the rate I'm paying mine back at the moment it'sonly got another couple of years to go, maybe 3, so although the interest is a pain it'll be over before too much longer. But yes, you need to keep a close eye on re-payments, everyone I know has ended up overpaying!

    I was impressed when they sent through a load of details for online login earlier in the year, none of it worked but hey, at least they tried!

    I took my loan out in '91 – currently, I need to earn over £27,050 to begin repaying and the interest rate is -0.4%. The loan is due to be wiped in 2016.

    Premier Icon turboferret
    Subscriber

    Duckman,

    If my quick calculations are right, and that you took out a £4k loan 6 years ago, and still have £3k outstanding, despite monthly payments of £100, assuming you started paying pack 1 year after the loan started, your APR is about 22% 😯

    Surely something wrong….

    Cheers, Rich

    duckman
    Member

    The rumour is that the council collects the money and makes on payment a year on my behalf…

    dooosuk
    Member

    It's not necessarilly the Student Loans company that you overpaid and didnt get a rebate.

    There's some silly system whereby HRM Customs and Revenue (I think its them) only tell SLC once a year how much you've paid etc. so for the majority of the time the SLC have no idea about your account.

    At least that's what I was told when I had to claim a rebate.

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