Student Loan repayment- help please!
Discussion
Hello all
Any info here would be fab. To cut to the point, I quit uni in the 1st week of my 2nd year. I had already been paid my grant (£700) and loan (£1200) for the first term of this 2nd year. As you probably know, if someone graduates they do not pay back the grant and only pay back the loan once earning over 15k a year.
I did everything correctly, notifying the uni and the loans company. Two months after leaving I got a letter through asking for repayment of the £700 non-repayable grant I had recieved (fair enough as I did get paid the grant and then left uni) so I set up a £100-per-month Direct Debit to pay this, which ends in April. All was well.
But then today I came home to find another letter saying I had a repayment of £1200 due immediately from my student loan. Its likely I'll be able to set up another DD for this, but my question is- am I liable to pay for this now? Being part of the actual repayable loan, should it not be added to the rest of my loan (first year) to be repaid once I earn over £15k a year? Or because I quit in the 1st week of 2nd year, am I liable to pay it now?
I'm in the process of buying my first property with my boyfriend and two or three years of monthly payments would put extra strain on this and prevent me saving anything and being rather fincancially crippled. I thought things were going too well to be true
Many thanks
Any info here would be fab. To cut to the point, I quit uni in the 1st week of my 2nd year. I had already been paid my grant (£700) and loan (£1200) for the first term of this 2nd year. As you probably know, if someone graduates they do not pay back the grant and only pay back the loan once earning over 15k a year.
I did everything correctly, notifying the uni and the loans company. Two months after leaving I got a letter through asking for repayment of the £700 non-repayable grant I had recieved (fair enough as I did get paid the grant and then left uni) so I set up a £100-per-month Direct Debit to pay this, which ends in April. All was well.
But then today I came home to find another letter saying I had a repayment of £1200 due immediately from my student loan. Its likely I'll be able to set up another DD for this, but my question is- am I liable to pay for this now? Being part of the actual repayable loan, should it not be added to the rest of my loan (first year) to be repaid once I earn over £15k a year? Or because I quit in the 1st week of 2nd year, am I liable to pay it now?
I'm in the process of buying my first property with my boyfriend and two or three years of monthly payments would put extra strain on this and prevent me saving anything and being rather fincancially crippled. I thought things were going too well to be true
Many thanks
Yes, you are liable to repay immediately, why should you not be? It was loaned for fees for a course you did not complete.
I have also come across the issue on someone else’s behalf previously that their grant was repayable for first year also, just took them a couple of years to ask for it, so expect yet another letter on the doormat.
And if you set up another DD for £100/mth, that is one year, rather than two or three, to repay £1200.
I have also come across the issue on someone else’s behalf previously that their grant was repayable for first year also, just took them a couple of years to ask for it, so expect yet another letter on the doormat.
And if you set up another DD for £100/mth, that is one year, rather than two or three, to repay £1200.
I would have thought the answer is yes - why do you not have the £1200 sitting there? It's not a free £1200 for people who don't go to uni otherwise everyone would be taking advantage of it! I'd go to uni for a week for £1200 
[high horse] The other point is, it's a bit of a piss-take trying to keep money that isn't yours/only paying it back in monthly payments of £100 and being able to buy a house with your boyfriend...the money's not yours, give it back! [/high horse]
[high horse] The other point is, it's a bit of a piss-take trying to keep money that isn't yours/only paying it back in monthly payments of £100 and being able to buy a house with your boyfriend...the money's not yours, give it back! [/high horse]Its still a student loan, which was actually used to pay the extortionate £1070-a-term rent in my Bristol student accommodation- which had to be paid upfront in September. I physically don't have the money. I don't get why they have to have it now, rather than adding it to the £9000 debt the joke they call university has racked up for me in my first year, which is payable once earning over 15k. Oh and unlike 99% of students, I didn't go out and blow it all on beer and vodka.
Also just for the record the house we will be buying is a 60% ownership one for which I will be contributing £300 a month for bills/ utilities/ food... which is pretty much on par for a 21 year old who should no longer be skrimping off parents living at home and having everything paid for. I can tell you now, these houses don't come up often and that is considerably lower than I would be paying for solely rent anywhere else. I work 44 hours a week for the money I earn, and thanks to the SLC every penny I earn will be outgoing towards bills and paying them back.
I just wanted confirmation on wether they are allowed to demand it all back right now. So thats a yes then...
Also just for the record the house we will be buying is a 60% ownership one for which I will be contributing £300 a month for bills/ utilities/ food... which is pretty much on par for a 21 year old who should no longer be skrimping off parents living at home and having everything paid for. I can tell you now, these houses don't come up often and that is considerably lower than I would be paying for solely rent anywhere else. I work 44 hours a week for the money I earn, and thanks to the SLC every penny I earn will be outgoing towards bills and paying them back.
I just wanted confirmation on wether they are allowed to demand it all back right now. So thats a yes then...
Louisa, to give you a less arsey reply, as it seems people have only posted to make a point rather than give advice:
you could speak with student loans co and ask them to defer payment rather than insist you pay it now. they can be reasonably flexible, maybe more so if you explain the situation. some advice though, try if you can to set up a direct debit as soon as possible rather than let them deduct through your wages. its often the case that you end up overpaying and have to claim it back which, in your case, sounds like something you could do without!
ignore those on here who just come to make a point. yours is a perfectly reasonable question. the preconceived idea that all students p*&s their loans up the wall and spend their spare time bashing in windows of limos is now an old, rather lame joke used by those in need of some attention
give student loans a call and see what you can sort. good luck
you could speak with student loans co and ask them to defer payment rather than insist you pay it now. they can be reasonably flexible, maybe more so if you explain the situation. some advice though, try if you can to set up a direct debit as soon as possible rather than let them deduct through your wages. its often the case that you end up overpaying and have to claim it back which, in your case, sounds like something you could do without!
ignore those on here who just come to make a point. yours is a perfectly reasonable question. the preconceived idea that all students p*&s their loans up the wall and spend their spare time bashing in windows of limos is now an old, rather lame joke used by those in need of some attention
give student loans a call and see what you can sort. good luck
snorkel sucker said:
Louisa, to give you a less arsey reply, as it seems people have only posted to make a point rather than give advice:
you could speak with student loans co and ask them to defer payment rather than insist you pay it now. they can be reasonably flexible, maybe more so if you explain the situation. some advice though, try if you can to set up a direct debit as soon as possible rather than let them deduct through your wages. its often the case that you end up overpaying and have to claim it back which, in your case, sounds like something you could do without!
ignore those on here who just come to make a point. yours is a perfectly reasonable question. the preconceived idea that all students p*&s their loans up the wall and spend their spare time bashing in windows of limos is now an old, rather lame joke used by those in need of some attention
give student loans a call and see what you can sort. good luck
Thanks for the info, much appreciated. I guessed I'd get a student-bashing reply of some sort- although means nothing to me, especially as I don't even drink you could speak with student loans co and ask them to defer payment rather than insist you pay it now. they can be reasonably flexible, maybe more so if you explain the situation. some advice though, try if you can to set up a direct debit as soon as possible rather than let them deduct through your wages. its often the case that you end up overpaying and have to claim it back which, in your case, sounds like something you could do without!
ignore those on here who just come to make a point. yours is a perfectly reasonable question. the preconceived idea that all students p*&s their loans up the wall and spend their spare time bashing in windows of limos is now an old, rather lame joke used by those in need of some attention
give student loans a call and see what you can sort. good luck
Sorry, my 'arsey' reply wasn't really supposed to be arsey. I was just predicting their stance on it - you wouldn't expect a mortgage to be used to buy cars rather than a house etc.
Do Bristol really allow you to live in halls in your second year? My uni didn't have enough room for that!
I'd feel slightly hard done by if they wanted anything they gave to me in first year back since you completed the year and I'm assuming have proof of this. I think anything in second year is probably fair game unfortunately since tuition fees won't have left your account in the first week.
Good luck sorting it either way. I've always had no issues when phoning them, they seem nice enough although depending on the Geordie you get on the end of the phone, they can be quite difficult to understand
Do Bristol really allow you to live in halls in your second year? My uni didn't have enough room for that!
I'd feel slightly hard done by if they wanted anything they gave to me in first year back since you completed the year and I'm assuming have proof of this. I think anything in second year is probably fair game unfortunately since tuition fees won't have left your account in the first week.
Good luck sorting it either way. I've always had no issues when phoning them, they seem nice enough although depending on the Geordie you get on the end of the phone, they can be quite difficult to understand
AyBee said:
Sorry, my 'arsey' reply wasn't really supposed to be arsey. I was just predicting their stance on it - you wouldn't expect a mortgage to be used to buy cars rather than a house etc.
Do Bristol really allow you to live in halls in your second year? My uni didn't have enough room for that!
I'd feel slightly hard done by if they wanted anything they gave to me in first year back since you completed the year and I'm assuming have proof of this. I think anything in second year is probably fair game unfortunately since tuition fees won't have left your account in the first week.
Good luck sorting it either way. I've always had no issues when phoning them, they seem nice enough although depending on the Geordie you get on the end of the phone, they can be quite difficult to understand
Haha that was my first thought when they picked up the phone... oh crap, I don't know what she's saying!Do Bristol really allow you to live in halls in your second year? My uni didn't have enough room for that!
I'd feel slightly hard done by if they wanted anything they gave to me in first year back since you completed the year and I'm assuming have proof of this. I think anything in second year is probably fair game unfortunately since tuition fees won't have left your account in the first week.
Good luck sorting it either way. I've always had no issues when phoning them, they seem nice enough although depending on the Geordie you get on the end of the phone, they can be quite difficult to understand
I didn't live in halls 2nd year nope, it was a big student specific townhouse.
Anyway cheers for the help, I gave them a call. I've been paying £100 off my grant each month upto now, which ends in May. So they have knocked that down to £70 a month and added a direct debit of £30 for the loan repayment ontop of this. So still realistically paying £100 a month. Then when my grant is paid off in May I can call up and re-assess how much I can afford to continue with the loan payment. Could be a lot worse.
Louisa911 said:
Its still a student loan, which was actually used to pay the extortionate £1070-a-term rent in my Bristol student accommodation- which had to be paid upfront in September. I physically don't have the money. I don't get why they have to have it now, rather than adding it to the £9000 debt the joke they call university has racked up for me in my first year, which is payable once earning over 15k. Oh and unlike 99% of students, I didn't go out and blow it all on beer and vodka.
Also just for the record the house we will be buying is a 60% ownership one for which I will be contributing £300 a month for bills/ utilities/ food... which is pretty much on par for a 21 year old who should no longer be skrimping off parents living at home and having everything paid for. I can tell you now, these houses don't come up often and that is considerably lower than I would be paying for solely rent anywhere else. I work 44 hours a week for the money I earn, and thanks to the SLC every penny I earn will be outgoing towards bills and paying them back.
I just wanted confirmation on wether they are allowed to demand it all back right now. So thats a yes then...
£9,000 debt from your first year with SLC? What on Earth were you studying? That is post grad levels of indebtedness (which would be private, as PG is not financed by SLC), not under grad.Also just for the record the house we will be buying is a 60% ownership one for which I will be contributing £300 a month for bills/ utilities/ food... which is pretty much on par for a 21 year old who should no longer be skrimping off parents living at home and having everything paid for. I can tell you now, these houses don't come up often and that is considerably lower than I would be paying for solely rent anywhere else. I work 44 hours a week for the money I earn, and thanks to the SLC every penny I earn will be outgoing towards bills and paying them back.
I just wanted confirmation on wether they are allowed to demand it all back right now. So thats a yes then...
The fact is, you took the maintenance grant and maintenance loan (which I assume has been muddied with a student fees loan here?) You did not use the funds whilst studying, therefore, they are immediately repayable. Look at it like this; you take £8k in finance for a car, which you insure in the event of a write off. You write it off a week later, do you expect to keep the insurance payout and repay the finance over the original term? Apples and oranges in terms of comparison, but the same principle.
Also, if your rent was £1070/term, and you were in accommodation for a week (as you would not be permitted to remain in subsidised housing once you have notified the university of your intention to leave study), when did you receive the upfront payment refund, minus the time spent there?
The loan payment in question was used to cover the term of rent from July to December, as student accommodation usually requests that summer holiday rent is paid even though you may not be living there.
And in total with overdraft/student account its just over 8k debt for the year (I was paying £150 a week for Bristol student halls, that doesn't include food....) which isn't really an important factor in the question I asked anyway, just part of my 'Uni is b
ks' rant
And in total with overdraft/student account its just over 8k debt for the year (I was paying £150 a week for Bristol student halls, that doesn't include food....) which isn't really an important factor in the question I asked anyway, just part of my 'Uni is b
ks' rant non-refundable. I had to find a replacement tenant to take my place before I left otherwise I'd still be responsible for all future payments. I needed to find a replacement pretty fast, the one I found offered me £300 to cover the remaining time until the next installment of rent so I got a tiny portion back at least.
Louisa911 said:
non-refundable. I had to find a replacement tenant to take my place before I left otherwise I'd still be responsible for all future payments. I needed to find a replacement pretty fast, the one I found offered me £300 to cover the remaining time until the next installment of rent so I got a tiny portion back at least.
Shows how expensive being a drop-out can be Look on the bright side. You should be earning more sooner than many of your contemporaries.
True. I know people who graduated in my subject of illustration years ago and haven't had a single job since, whereas I have some published books already anyways. I have no regrets in the slightest regarding dropping out- I'm getting on with life and progressed from a general assistant to a new supervisor role in the 3 months I've been employed and hopefully soon getting our own house. Despite the financial issues, life is good
Eric Mc said:
Shows how expensive being a drop-out can be
Look on the bright side. You should be earning more sooner than many of your contemporaries.
More sooner, because they're not earning, but they'll soon be earning more once they graduate.Look on the bright side. You should be earning more sooner than many of your contemporaries.
Well, that's my experience anyway although it could be very different depending on the degree and whether it's any use.
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