Student loan

[Stuart]

hactually it is that simple.

Call SLC you will get through to a grumpy old scottish lady (I think shes the only person working there), ask to make a one off payment and put a stop on the rest of the year. You will have to send copies of payslips from April to now to prove what has been paid thus far against the balance you had in March/April and then you can clear the rest and have the stop put on the wages.

[scott.parker]

Give me the £85 i need it more..

[Hayley]

So am i reading this right -its either keep having money in savings and pay the £85 a month.. or empty said savings and cancel the £85 payment. I dont think thats a good idea with your current situation. If you are thinking you are going to be moving out before the end of the year is up, you are going to need your savings for moving costs and deposits etc..

[Jack]

So am i reading this right

No.

[John]

Awhat-isthisstudentloanbusines-now?

[Jack]

Edumacation ain't free, brah!

[Stuart]

Just imagine having £30k+ to pay back

[hendrix]

My student loan stands at nearly 12k but I don't understand why as I've been paying 100 for the last 2 years, before that I paid nothing and I graduated in 2005. I'm guessing it accrued 4 years interest and that will be the reason.
Anyway, there is a good article on MSE somewhere which seemed to make sense.

If I were you Jack, I'd use your surplus to save up for moving out etc. Just keep chunking away at the student loan as you've got used to the money going at source every month, you don't miss it if you get me.

[John]

Just imagine having £30k+ to pay back

Er No ta, leaving university in your first year ftw

[hendrix]

Just imagine having £30k+ to pay back

The new system isn't that bad though, well not as bad as the press makes out one can come up with any sky-high debt figure you like, but virtually no-one will ever have to pay that amount off. In fact, to fully pay back the new tuition fees alone (£27,000 over three years) within the 30 year time-limit, you would have to be earning an annual salary of around £48,000 from the day you left university.

As such, it wouldn't matter if your total debt was £150,000, if you ended up with the same £25,000 a year job, the amount you actually end up paying back would be no different than if your debt was £30,000.

The repayments are based on a percentage of income over £21,000 (£15,000 under the current system and the same interest rate is applied) and are written off after 30 years (you carry them until you are 65 years old under the pre-2006 system I'm on). Even though I borrowed less than I would have after 2012, based on my current salary, I'll end up paying a lot more over the years than somebody graduating in 2015 who ends up earning the same amount as I currently do.

Or at least thats my understanding