student loan question

[5lab]

ello there..

i had (when at uni) 1 year of student loan.. i phoned up today, and the total amount i owed is 3643.93

over the past year, i have paid £733 in pay packet contributions, and £2911 on my card (i wanted to pay it off quicker). officially, that leaves me 7p in credit.. however, the SLC dont 'see' the £733 i paid with my pay packet until the inland revinue send them a letter (once a tax year, at the end of the tax year.. ie now??) - does anyone know when this happens? i mean, i've paid the whole amount off, but if the inland revenue take, say 3 months to send them the notification, does that mean that i'll earn another 3 months interest on the £733? or will it automatically be worked out that i'd paid it off at the start of may, and no more will be taken?

any advice more than welcomed.. i'm just hopnig i'm now completely free of debt

[ajbrun]

I've not gone through uni yet, so I don't know exactly, but I'm sure you must have some sort of evidence you can show them that it's gone from your account. A bank statement or something?

[Elmo]

Having not quite finished uni yet, i'm not 100% sure, but i think it's taken straight out of your pay, like NI, in which case it should be on your pay slips (which is a good reason to keep your pay slips and not chuck em out ) So i guess you could use them (if you've got them) to prove you've paid it, Otherwise, i would suspect they'd wipe the interest once the money gets to them if they do charge interest on it at all.

[Matt1eD]

I dunno, but good luck. Why not ask whoever runs your student loan?

[Nick F]

God, I got all this hassle to face, I graduate uni in the next month or so, can't wait to pay off my student loan and start from fresh.

[Steve]

Ooooh, just as I'm about to APPLY for my loan. I can see I have fun times ahead.

[DeludedGuy]

Since we are discussing student loans, How does that £1000 student grant work? I heard they just giva ya a grand and u dont pay it back

[Theo]

I'm guessing that's for people who receive no parental support at all, or come from poor families. Haven't heard about it myself though... so someone can probably answer it more accurately.

[Nick F]

you get the £1000 every year and you dont have to pay it back. You will only get it though i your family gets under 20k a year though I think.

[fray_bentos]

You can also get a 'top-up' to your student loan when at uni, i think it's £500 every year (if you have claimed your full student loan ammount). Of course it just gets added to your outstanding student loan total. Now if you really are strapped for cash you can then claim a grant from the university to help. That will require you to list all your expenditure then they base your award on that. Only claim the grant if you really need it though as it is there to help those who really need it, if you take it someone who really needs it can't have it.

[Moby-Dick]

Having not quite finished uni yet, i'm not 100% sure, but i think it's taken straight out of your pay, like NI, in which case it should be on your pay slips (which is a good reason to keep your pay slips and not chuck em out ) So i guess you could use them (if you've got them) to prove you've paid it, Otherwise, i would suspect they'd wipe the interest once the money gets to them if they do charge interest on it at all.

My Student loan payments come out of my bank account as a direct debit I think.

[Fox]

Since we are discussing student loans, How does that £1000 student grant work? I heard they just giva ya a grand and u dont pay it back

Thats right - its basically free cash. You only repay the loan.

[shiato storm]

if you have a reciept for when you paid in the amount then any actual delay and incurance of interest there-after shouldn't be put to you since you paid up on time...how their internal system works and their efficiency [or lack there of] is none of your business. so if you can prove you paid up on tme then you should be ok.

[poindextermatic]

I pay about £50 every month of my official student loan off - this comes directly out of my paypacket along with tax and NI. The rest of my student loan (before the new system kicked in) is still deffered untill I earn more. Total Stu Loan is approx £12,000
I also pay £75 a month off a £3000 Graduate loan.
£110/month off a £3000 Career Development loan.
My overdraft is at £3000 (the limit) currently costing about £15 in interest/month untill later this year when I have to start paying it back.
I have two credit cards total = £1700 = £40/month min payback per month.
I pay £550 rent/month.
£110 council tax.
...other bills - gas electric..££/month

My partner also went to uni, without going into it she pays about £100 repayments/month...

Take my advice, think before you get into debt, luckily I fell on my feet and got a half decent career and have now got nearly 2 years experience in a half decent job.

Where did I spend all that money at uni:

2 books
10,000 cans of beer
3,000 pints of beer
13,000 pack of cigs
rent
junk food
computer

... o what great times... but I'm paying for it now!!

[Marcos]

Where did I spend all that money at uni:

2 books
10,000 cans of beer
3,000 pints of beer
13,000 pack of cigs
rent
junk food
computer

... o what great times... but I'm paying for it now!!

How much do you reckon someone who doesnt drink will owe at the end of uni?

[poindextermatic]

The same, they just buy MP3 players and clothes...etc.. books too maybe?