hurahhh Student Loans can furk off :)

[Stuart]

6 years and 1 month after starting a 'real' job I have finally paid off the (small by todays standards) SLC :)

So thats 7yrs and 2 months since I left uni lol time flies :eek:


Atleast the payments to the SLC mean I have an equivalent to £2.5K/year(pretax) payrise :)

[bmw156]

how much debt were you in, 5-6k?

if thats so, im in 18k debt with them so based on your time it will be fooking ages before i pay mine off lol

congrats non the less :)

[Lynsey]

Brilliant :thumb: I'm free Wednesdays, Fridays and Saturdays to give you a hand spending that extra money. I'm very helpful, just ask Dougie ;)

[Stuart]

Just shy of 9K, but the interest rate at the moment is the best its ever been, its 0% at the moment so its pure winner. I think it was 4.4% last year.


mmm Lynz, spending :)

[Jack]

Aye, mine is on 0% too :d Some of the "old" loans are actually earning people credit lol

I've got about £3500 to go on mine, of about £6500 to begin with. I've only really been paying it off for the past 4 years...! That was only from a HND though, not a degree.


if thats so, im in 18k debt with them so based on your time it will be fooking ages before i pay mine off
You pay off a variable amount depending on how much you earn. If Schtu paid off £2500 in one year, that means he's on a very respectable wage ;)

[Stuart]

its still not enough lol

note I said "equivalent" to a £2.5K raise... as the loan payment comes out post tax, so the annual payment was less than £2.5K ;)

[Jack]

More than I earn anyhow lol :(

[edit] Actually, are you sure? The tables I have indicate its calculated pre-tax but deducted post-tax. My repayment this month is £124, which corresponds to my earnings pre-tax. Soooo if i had that £124 paid back, my tax would still be the same

[bmw156]

mine only comes out if i earn over 15k i think, which i dont so im ok atm.

its gaining interest which is abit ****.
but i dont think about it, i just know its there, and it will be for another few years to come lol.

[Stuart]

More than I earn anyhow lol :(

[edit] Actually, are you sure? The tables I have indicate its calculated pre-tax but deducted post-tax. My repayment this month is £124, which corresponds to my earnings pre-tax. Soooo if i had that £124 paid back, my tax would still be the same

yes but the equivalent of getting an extra £124 post tax would be more ;)

might well be calculated pretax, but taken post tax so still being robbed, and anything extra in my pocket is a win!


I do think the whole system is a big old scam, as you "earn" interest when you arent working/paying it back (hugely unfair, although at 0% now its good), the inland revenue collect the money april to April and then pay SLC ONCE a year... who gets the interest on that little lot?, SLC can only give you a balance once a year too, ****s.

[Jack]

You can check your balance online :)


yes but the equivalent of getting an extra £124 post tax would be more ;)
Surely it would be the same, as your tax is calculated before the student loan is taken off. So me having that £124 added back on pre- or post-tax makes no difference, it would be the same as if I'd never had the £124 taken off in the first place

[Pistol Pete]

Fingers crossed mine should be paid off soon. Woohoo!!

[Dar]

6 years and 1 month after starting a 'real' job I have finally paid off the (small by todays standards) SLC :)

You can now concentrate on getting rid of your morgage now then :)
I never got a student load, I WORKED as well. Lazy fooker.

[peester]

only just started paying mine lol.. but its misicule.. only a year lol..
was 7,8 years ago too lol

[General Baxter]

lmao

my sister went to uni, the lot, got A's in everything, with a debt of around £20k

now what does she do, work as security at tnt lol

[Jack]

What were her subjects though?

Technical specifics I can understand. Doing a degree in media studies or basket weaving is a joke though.

When I used to work in Boots many moons ago, they recruited a guy into a supervisor role; he was fresh out of uni and had business/retail degrees and qualifications coming out of every orifice you cared to look at. He was shockingly bad at doing the real world work though, in the end I think they got rid of him after about 6 months, not before he made a complete hash of everything he touched!

[General Baxter]

i dont know, some, ooooo look theres a gay rock on the floor type thing lol

[Stuart]

You can check your balance online :)


Surely it would be the same, as your tax is calculated before the student loan is taken off. So me having that £124 added back on pre- or post-tax makes no difference, it would be the same as if I'd never had the £124 taken off in the first place



point missed AGAIN.. :p

you 'lose' £124 from your pay, it dosent matter if its pre or post tax, you lose it plain and simple. The equivalent pay rise to get that back would be more than the £124 figure... eg lets pretend you dont have a student loan and want the £124 payrise, easier to comprehend now?


Dar I had a job in the summertime and then did some 'consultancy' work for some douchebag making a website during term time. So hosed tons of cash up the wall getting trashed and enjoying welsh girls lol

[Sloth]

meh, i have never had any debt and i have a degree equivalent qualification. i win.

[Stuart]

what 'equivalent' is it then? (spannermonkey isnt equivalent ;) )

[Iain]

I've been working for years and they haven't started taking repayments yet. Thought it was supposed to be automatic...

[Sloth]

nvq level 4 stu, agreed acreditation to degree standard.

[Pistol Pete]

In what?

[Jack]

Ahhhh, you mean earning more to get that £124 back whilst still paying out on SLC. D'oh lol


I've been working for years and they haven't started taking repayments yet. Thought it was supposed to be automatic...
It is (well, the employer does it). I assume you earn over 15k?

[peester]

I've been working for years and they haven't started taking repayments yet. Thought it was supposed to be automatic...

must be same as myself iain werent earning over threshold..

[Iain]

Yes earn more than the £15k.

[Stuart]

I'd have a word with them then.... although you lose cash lol.

[Sloth]

In what?
motor vehicle repair. diagnostic level.

[Stuart]

I've never been convinced about these "equivalent" things... like BTEC's were supposed to be equiv to 3 A-Levels.... Yet Unis and Employers disregarded them as 'qualifications' unless utterly desperate.

Its more "an industry qualification, but take it outside of the relevant industry and no one will care that much".... imho of course :p

[bmw156]

I've never been convinced about these "equivalent" things... like BTEC's were supposed to be equiv to 3 A-Levels.... Yet Unis and Employers disregarded them as 'qualifications' unless utterly desperate.

Its more "an industry qualification, but take it outside of the relevant industry and no one will care that much".... imho of course :p

i agree, my best mate has just finished his course at college in car something, after 3 years,

and i know more then him about cars etc. he knows alot of how things work, but he hasnt got the basic knowledge or confidence.

he always gets annoyed lol

[dhdev (Oli)]

I have MASSIVE student debt (racing ain't cheap) but meh, you only live once and when I buy a house I'll owe the bank sheeite load anyway :cry:
And I don't buy into the whole NVQ equivalency, I did NVQ's prior to going to uni and they are not equivalent in anyway IMHO.

[Stuart]

tbh racing on student debt money makes the most sense :) nearly interest free in most cases :) lol

[dhdev (Oli)]

tbh racing on student debt money makes the most sense :) nearly interest free in most cases :) lol

:thumb: