Student loans

[aramintalovegrove]

following on from my other SMP question do you pay your student loan off when on th £117 SMP

Left budgeting till the last minute I had soo much time to do this on mat leave

 

[CoreysMummy]

Nope, you dont earn enough..

you have to get something like 15k a year. And on SMP you wont earn that

 

[NickyB]

No, I don't think anything was deducted for it last month.

 

[Bee]

Nope you shouldn't

 

[daftscotslass]

Nope, I double checked with the SLC.

 

[Magic Monkey]

No, and you don't pay it back until you are earning 15k, so if you go back part time you may not have to pay it back then, plus they write it off after a period of time:

Pre-1998 loans are wiped clean in the following circumstances:
25 years after your repayments started, even if payments have previously been defferred
If you reach the age of 50, unless you were over 40 when you took out the loan, then it's 60
If you become permenantly unfit to work
If you die

Loans taken between 1998 and Sept 2006 are wiped clean in the following circumstances:
When you reach 65
If you become permenantly unfit to work
If you die

Loans taken after Sept 2006 are wiped clean in the following circumstances:
If they're not repaid 25 years from the first April of graduation
If you become permenantly unfit to work
If you die

I have just read that and realised that I am in the worst category! I am hoping to never pay mine off!

 

[aramintalovegrove]

Thanks everyone at least I get a break

MM Im in the worst catagory for write offs too, how rubbish, you would think they would let us have the same benefits as at least the 2006 lot

 

[kalia]

Thanks everyone at least I get a break

MM Im in the worst catagory for write offs too, how rubbish, you would think they would let us have the same benefits as at least the 2006 lot

At least they are saying they will write off your debt if you can't work - that's a pretty amazing offer!

Remember that the interest will still be adding up if you defer.

 

[Julie84]

I'm in the worst category too.

Do you have to notify the SLC that you are going on SMP or will they talk to IR and manage to work it out themselves?!

I actually don't think they are too keen on getting their money back - I tried to make overpayments by DD once and they caused such a fuss they eventually refused to accept anything extra!

 

[daftscotslass]

I'm in the worst category too.

Do you have to notify the SLC that you are going on SMP or will they talk to IR and manage to work it out themselves?!

I actually don't think they are too keen on getting their money back - I tried to make overpayments by DD once and they caused such a fuss they eventually refused to accept anything extra!

It's all automatic. I'll have to start paying mine back next month when I'm back at work. Bah.