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Unread 2 Apr 2007, 21:55   #1
Ste
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Student Loan

I'm sure at least a few of you have received this recent email about student loans:

Quote:
For most unsuspecting graduates who are paying back their student loans,
the inland revenue takes payments directly from your employer in the
same way as they take tax. i.e. the more you earn the more you pay, this
includes bonuses etc. However after taking monthly amounts the inland
revenue does not pay this directly to the student loan company, instead
they wait until the end of the financial year in April and then pay the
entire year off to student loans.

The effect of this is that the inland revenue hold on to your monthly
payments for up to a year earning themselves interest, during the same
period because student loans have not received these funds they in turn
charge the graduate interest on the outstanding amount even though it
has been paid to the inland revenue. Bottom line is that for those in
this position we pay interest to student loans on money which has been
taken from our accounts which the inland revenue keeps and earns
interest on.

Personally I didn't sign up for this and it makes me MAD! I have
researched this and there are others who have become aware of this and I
plan to join the fight!

As a start I strongly suggest you sign up to the on line petition below.
I am looking into the legality of what is being done to us as I can see
no other description for this other than THEFT!!!!

Sign up now and join the fight.
http://petitions.pm.gov.uk/Student-loans/
Has anyone here looked into this?

Is it legal? It's pretty ****ing annoying I must say.

I could end up paying back an extra grand or two over the course of the loan.
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Unread 2 Apr 2007, 22:32   #2
JC
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Re: Student Loan

Thankfully I've managed to pay off my loan while getting paid to carry on being student .
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Unread 2 Apr 2007, 22:57   #3
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Re: Student Loan

Sounds like bullshit to me.
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Unread 2 Apr 2007, 23:58   #4
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Re: Student Loan

If he included even a single source I'd be inclined to look into it more. Otherwise it looks like standard chain email crap.
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Unread 3 Apr 2007, 00:00   #5
Ste
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Re: Student Loan

the only way I have to check it is when my next student loan statement comes in.
It will be the first since I started paying it back.

If there are 12 payments over the year then yeh this is bollocks. If there is one dated around now then it's very annoying.
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Unread 3 Apr 2007, 01:09   #6
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Re: Student Loan

Quote:
Originally Posted by Hicks
If he included even a single source I'd be inclined to look into it more. Otherwise it looks like standard chain email crap.
Im inclined to think its genuine, i recieved a letter through a few weeks back saying that the scottish funding system for students was being moved to a monthly payment. I would be surprised if it was being done only for scots
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Unread 3 Apr 2007, 01:12   #7
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Re: Student Loan

http://www.indiesoc.co.uk/viewthread.php?tid=7596

http://www.britishbornchinesedb.org....d.php?p=976854


both theese sites seem to have students who have encountered this, i cant however find the source of the petition ideas atm
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Unread 3 Apr 2007, 12:29   #8
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Re: Student Loan

I really wish I were Scottish. And I'm being serious. Can England devolute from itself? Signed.
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Unread 3 Apr 2007, 23:49   #9
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Re: Student Loan

I have noticed a few groups discussing this on Facebook. The conclusion tended to be that it was just junk mail with a couple of people bothering to do the research and check.

Personally I have faith that I am being treated fairly. If I am not however, I don't really have the time and energy to moan about a few pounds.
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Unread 4 Apr 2007, 00:34   #10
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Re: Student Loan

Only the most tenuous link to the topic but, can I pay top-up fees for a Masters degree?
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Unread 4 Apr 2007, 01:29   #11
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Re: Student Loan

I don't get it.


I get £6k from the SLC during the time I'm at uni (3 years) and when the time comes for me to pay it back, I'm really gonna pay more than the £6k that I originally borrowed.

Why?
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Unread 4 Apr 2007, 01:31   #12
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Re: Student Loan

Interest on that loan.

Also, I don't understand why it would be junk mail.
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Unread 4 Apr 2007, 08:57   #13
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Re: Student Loan

Because some people are shit and have nothing better to do.
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Unread 4 Apr 2007, 10:16   #14
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Re: Student Loan

Quote:
Originally Posted by Blastoderm
I don't get it.


I get £6k from the SLC during the time I'm at uni (3 years) and when the time comes for me to pay it back, I'm really gonna pay more than the £6k that I originally borrowed.

Why?
Interest that should be equal to inflation. It's between 3 and 4% (which is actually above inflation isn't it?) - this still makes it pointless paying back back early as you can put the money you would use to pay it back into a savings account and make 5-6% currently.
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Unread 4 Apr 2007, 11:48   #15
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Re: Student Loan

Yeah, I had this grand plan of paying it back with voluntary contributions, but in fact you could pay back any tiny amount per month and the real-value of the loan will be decreasing anyway (since if it's only increasing by inflation per year, without doing anything at all the loan is 'worth' the same amount next year as it is now).

So **** it, I'm buying a boat.
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Unread 4 Apr 2007, 12:42   #16
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Re: Student Loan

A friend of mine did the following:

He lent the maximum loan ammount each year and only used half of it, he lent 800 and used 400 of it each month. The rest he put in a savings account earning 7% on it, while during the term you study, the loan is intrest free.

So the first year he makes 400*12*1.07= 5136
The next year he makes 5136+5136*1.07=10632
The year after is 10632*1.07+5136=16512
the last year it is 16512*1.07+5136=22803

While the total ammount he lent was: 800*12*4=38400 and half of it is 'granted' once you finish your college, he got a 4k graduation bonus of the state

Intresting? Yeah, worth it? Only if you can loan a decent ammount of money and it isn't 100 a year you safe...





*the figures might be a bit off, but you can still make a decent ammount of money
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Unread 4 Apr 2007, 13:18   #17
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Re: Student Loan

I don't have a student loan as Jersey still deals in grants, but isn't the total amount you'd save negligible anyway?

How much is the average student loan on leaving a 3 year course?
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Unread 4 Apr 2007, 14:31   #18
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Re: Student Loan

Quote:
Originally Posted by Tomkat
How much is the average student loan on leaving a 3 year course?
£10,000ish.
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Unread 4 Apr 2007, 14:41   #19
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Re: Student Loan

Quote:
Originally Posted by Knight Theamion
A friend of mine did the following:

He lent the maximum loan ammount each year and only used half of it, he lent 800 and used 400 of it each month. The rest he put in a savings account earning 7% on it, while during the term you study, the loan is intrest free.

So the first year he makes 400*12*1.07= 5136
The next year he makes 5136+5136*1.07=10632
The year after is 10632*1.07+5136=16512
the last year it is 16512*1.07+5136=22803

While the total ammount he lent was: 800*12*4=38400 and half of it is 'granted' once you finish your college, he got a 4k graduation bonus of the state

Intresting? Yeah, worth it? Only if you can loan a decent ammount of money and it isn't 100 a year you safe...





*the figures might be a bit off, but you can still make a decent ammount of money


this is why the british student loans system is now means tested, to stop people who can afford to do this from making money off something that they really shouldn't, although now that our govt. is selling student loan debt to private industry, i say knock yourself out (plus as with everything, there are/were ways around it)
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Unread 4 Apr 2007, 14:43   #20
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Re: Student Loan

Quote:
Originally Posted by Tomkat
I don't have a student loan as Jersey still deals in grants, but isn't the total amount you'd save negligible anyway?

How much is the average student loan on leaving a 3 year course?

remembering that unlike theam's post, we in england pay interest from when we take the loan out (even if it is just above inflation). If you take the maximum loan out for the 3 years it's up to above 11k iirc


EDIT: about the original point, from what i remember of my student loan repayments, the e-mail may well be correct, plus, what with the petition being on the govt. website and all, don't you think that they might have refuted it if it wasn't true by now?
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Unread 4 Apr 2007, 16:59   #21
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Re: Student Loan

Quote:
Originally Posted by Dante Hicks
£10,000ish.
And how long does it take an average student to pay it back?

Assuming a student earnt £20k p.a. on finishing uni (easier to deal in nice round numbers), how much a month/year is taken out for the student loan? (if you don't opt for voluntary repayment)

Sorry - I've just never concerned myself with the details of the student loan as it doesn't affect me.
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Unread 4 Apr 2007, 18:25   #22
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Re: Student Loan

That's approximately what I'm on and I've paid back £500 this year on my £16000 loan.
The interest is approximately £500 a year as well.
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Unread 4 Apr 2007, 19:08   #23
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Re: Student Loan

Quote:
Originally Posted by Tomkat
And how long does it take an average student to pay it back?

Assuming a student earnt £20k p.a. on finishing uni (easier to deal in nice round numbers), how much a month/year is taken out for the student loan? (if you don't opt for voluntary repayment)

Sorry - I've just never concerned myself with the details of the student loan as it doesn't affect me.
9%, pre-tax, on eveything you earn over 15k. So about £450 a year
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Unread 4 Apr 2007, 21:07   #24
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Re: Student Loan

I've repaid about £4 over the last six years since finishing my degree. At this rate it might take a while.
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Unread 20 Apr 2007, 12:44   #25
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Re: Student Loan

I got a reply about this from E-Petition:


Quote:
E-Petition: response from the Government
The e-petition asking the Prime Minister to "Change the current student loan interest repayment, to deduct payments monthly not annually" is ongoing. This is a response in advance of the closing date from the Government.

The Government welcomes the opportunity this e-petition has given to clarify understandable confusion on this issue. In particular, we can re-assure the public that interest on student loans is indeed calculated daily and that great care is taken to ensure that no borrower pays too much in repayments.

The confusion arises from the fact that the Student Loan Company updates borrowers' accounts annually. This is largely because the exact details of individual repayments, collected by Her Majesty's Revenue and Customs from employers who deduct the money from the salaries of staff with loans, are only received when firms send in their annual tax returns after the end of each year. Once repayment information is collected, it is sent to the SLC who issue new individual statements showing repayments and the amount outstanding.

But while borrowers' accounts are only updated annually, the SLC is careful to ensure no borrower pays any additional interest as a result of this delay. The total annual repayment received from each borrower is credited to their account as twelve equal monthly payments in the year they were made, and the interest on the remaining balance is calculated on a daily basis each month to match. We can assure you that the Government does not gain any extra income nor does any borrower pay too much interest. It is also worth adding that the interest paid on student loans reflects inflation, and is not a commercial rate of interest like those charged for bank loans.
:shrug:
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Unread 20 Apr 2007, 15:27   #26
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Re: Student Loan

Typical students doing no research, I'd revoke the degrees of the people who started that petition on account of stupidity and the belief that petitions ever change anything.

I have to pay about £120 a month back
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