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Jonathan
June 14th, 2004, 22:05
Hi people

Okay, so I'm going to phone the Student Loan Company in a few days to find out what needs to be done. Ideally, I would like to defer my payments until I get back to England but I don't know whether this is feasible.

It would be cool to hear about anything else that people have learned. What are your plans concerning the dreaded loans?

Ta :P

Jonathan

xx

Cornelius
June 14th, 2004, 23:12
I did Uni several years ago, just when student loans were introduced. Shortly after graduating, I moved to the US. While my rememberance of the small print is fuzzy, I was pretty sure that it stated that were I to be in a foreign country I would not have to pay the loan back (hence an early critique of the loan system as 'promoting a brain-drain').

About three years later, after ensuring that I had deferred my loan each year, I visited the family house in Northern Ireland, and found a threat of summons waiting for me, because I owed the student loan people cash. After talking to a person on the other end of the line who can only be described as 'a cackling harridan', I was informed that being in another land was no reason not to pay it off, and that they would kill me and my little dog were I to protest any further.

Begrudgingly, I paid off my loan.

What did I learn from this? Being in a foreign country didn't seem to stop their attempts at getting a pound of flesh. I also remembered that the contract I signed with the Student Loan company states that they are able to change the conditions of the agreement without invalidating the contract.

I hope your conversation goes well, and that you talk to someone who has your best interests at heart.

C.

Chiara
June 14th, 2004, 23:32
I graduated in July 2002. I should have started to pay off my loan in April 2003. But, because I was with my company part time when I was at uni, something odd happened and it never started to come out. I spoke to the SLC, the Inland Revenue, and my company. Nobody wanted to accept responsibility for starting payments coming out of my wages - everyone said it was between the other two companies.

I therefore assumed that once the returns for 2002-03 had been processed, it would start coming out in April 2004. It didn't.

Don't really know what to do now, seeing as I'm leaving the country and all!

Cantdosleepflower
June 14th, 2004, 23:48
Dance a wee jig o'joy?

Chiara
June 15th, 2004, 00:31
well i would, but i'm petrified that a few years down the line they're going to come to me and say "you owe us all £11k right now, or else you're going to prison" :s

Cantdosleepflower
June 15th, 2004, 00:41
I guess ine solution would be to take the money that you think you would be paying back each month and stick it in a high interest account instead. If they do come asking for the amount you owe, then you can give it back without too much hassle, and for every month that they don't, you're making money on their money.

I am L33t Glengarry Glenross.

Chiara
June 15th, 2004, 01:13
that's FAR too adult and organised. obviously i will be spending any potential savings on booze and shoes.

Cantdosleepflower
June 15th, 2004, 01:19
Two words:


VEGAS, BABY!

Kat
June 15th, 2004, 01:40
Gonna try to pay a good bit of it each month - ideally get it paid off before JET is over.

Christ, you must have a small loan!

I'm gonna be 40-odd before i get ANYWHERE near paying off my 15 k debt....

Do any of you know what the average time is to pay em all back? And it is true that if i simply meet and marry a rich man i won't ever have to pay this crap back? :wink:

Hannah
June 15th, 2004, 01:55
Hiya,

I defered and defered and defered mine but had to start paying it off last year. (I graduated in 1998!! - It took 5 years for my teacher salary to go over the threshold!) I have had to pay over £100 / month and it is suposed to take 5 years to pay off. (You can only take longer if you have borrowed more than 5 loans.)
But the JET salary is below the threshold so I will defer it again while I am in Japan!

Rumours used to go round about not having to pay it back if you never earn over the required amount or you defer for X number of years.

I don't know how true they are, but I live in hope. Either that or I will marry a generous man. (Going out with a rich man didn't work!!)

Anyway, if you borrow 4 or less loans meant to be paid off in (60 months) 5 years.

I don't know if this will help anyone, but hey ho!

Hannah X

PS Aren't the SLC horrible to deal with? They are the most miserable bunch I've ever had to deal with on the phone!

Yuk!

Jonathan
June 15th, 2004, 02:37
Wow, the JET salary is below the threshold? Really? How much are will we be getting again? :?:

adammoogle
June 15th, 2004, 02:46
Wow, the JET salary is below the threshold? Really? How much are will we be getting again?

thats bollucks, i have to pay it back if i make more than £800 a week before tax :o which I am doing :(

if you go abroad your supposed to inform them and work out an arrangement for paying it back...basically sending them a certain ammount either monthly (pricey in transfer costs) or in a lump sum at the end of the year (April for them like the tax man :o)

it all depends when you started your loan as to how you pay it back (it used to be a £20000 threshhold), money grabbing bastards!!! and has anyone else noticed they charge you interest monthly??? :evil: my debt has already gone up another £300 :twisted:

oh but if u only just graduated this year you don't have to worry about any of this shit till next year, arseholes :P

Hannah
June 15th, 2004, 04:36
Wow, the JET salary is below the threshold? Really? How much are will we be getting again?

thats bollucks, i have to pay it back if i make more than £800 a week before tax :o which I am doing :(


Exqueeze me Mr High Preist of the Cities of Gold! :? Please get down from your thrown of mightyness for a few seconds!

It is not 'bollocks' !! The threshold for compulsary repayment of my student loan is £1780/month net.

The JET salary is 3,600,000 net.

This works out at current exchange rate £17,863.15.

£1488.60 per month net

(£291.40 under the threshold).

As I said, I graduated in 1998. This might make a difference. Maybe the mongy SLC have introduced a different threshold to more recent graduates! I wouldn't put it passed them.

Anyway, I have had to pay back £130 ish per month, but will stop paying when I go to Japan. I have to send them something confirming I have left my current employment and send them proof of my earnings under JET.

So there! :wink:

adammoogle
June 15th, 2004, 05:42
i repeat, bollucks! u said and j thought u ment, the jet salary was under the threshold, if you scrolled down and read my whole post you would see I said it depended on when you took out your loan :x which it does. :P


Exqueeze me Mr High Preist of the Cities of Gold! Please get down from your thrown of mightyness for a few seconds!

It is not 'bollocks' !! The threshold for compulsary repayment of my student loan is £1780/month net.

and i can't get on my bloody throne cos someone who thinks the world revolves solely around them and how much they have to pay has plonked themselves down on it. so quit ya babbling, schooch up and let a real loud mouth oppinionated leader take the stage! :twisted:

Kat
June 15th, 2004, 06:19
Sounds like a plan Paul!

all this student loan business is a pain in the ass!

i seem to have so much to organise and i just haven't bothered doing anything. Knowing me i'll just rock up at the airport with one bag and be set to go...!

Hannah
June 15th, 2004, 06:21
i repeat, bollucks! u said and j thought u ment, the jet salary was under the threshold, if you scrolled down and read my whole post you would see I said it depended on when you took out your loan :x which it does. :P


Exqueeze me Mr High Preist of the Cities of Gold! Please get down from your thrown of mightyness for a few seconds!

It is not 'bollocks' !! The threshold for compulsary repayment of my student loan is £1780/month net.

and i can't get on my bloody throne cos someone who thinks the world revolves solely around them and how much they have to pay has plonked themselves down on it. so quit ya babbling, schooch up and let a real loud mouth oppinionated leader take the stage! :twisted:

Well the least you can do is spell 'bollocks' correctly :twisted:

Dum de dem de dum!

H

adammoogle
June 15th, 2004, 06:33
Well the least you can do is spell 'bollocks' correctly

sad, very sad, i'd like to reply but i don't have the energy to pull your head out your arse/ass/bum/bottom/colon/lower/upper and inner intestine!

and there i was thinking i'd lightened the mood

ain't communication about understanding and not spelling??? and i think you understood me very well :wink: :roll:

round three! no funny business, i bruise easily!

Hannah
June 15th, 2004, 07:06
Calm down dear, It's only a comercial :wink:

H

adammoogle
June 15th, 2004, 07:11
*adammoogle has never ever ever been called 'dear'*

if you call me dearie i'll let you tickle me behind the ears :)

Dynamis
June 15th, 2004, 19:14
Interesting. I vaguely remember the threshold being 10k per year NET. I was planning on paying off as much as possible in a lump sum after JET if they dont hound me all the way to Japan. Otherwise, i guess i'll have to start paying installments..

Matt

Chiara
June 15th, 2004, 20:57
When they first introduced the loans, the threshold for repayments was £18k. but then they realised that they were never going to get any money back, so they dropped it to £14k Then in the year I started uni, they dropped it AGAIN to £11k because they still weren't getting enough money back!

Because of when my housemate Rachel was at uni, a recent payrise has pushed her £50 per year above the £18k threshold. She therefore has to pay back the same amount per month that someone earning up to £45k would..how unfair is that? So those of us who graduated later may have to start paying back at a lower level of income, the amount we pay is far more fairly worked out, as it's worked out for every £500 or something like that...

adammoogle
June 15th, 2004, 21:54
i'm still paying for something that should be free and that makes me mad! :o :evil:

professor_chimpenstein
June 15th, 2004, 22:00
Iv recently had a load of hassle off the Student Loans Peeps.

I left defferement to late and so had to pay em £20 to get em off my back for 3 weeks.

Im gonna defer now but they also mentioned that I will have to defer when I'm away.

Quite how Im meant to achieve this Im not sure.

They suggested having the forms posted to me or getting someone else to complete it for me.

Fook em - there gonna get their next deferment form completed in Japanese - even if I have to pay sum1 to do it.

Let them pay to get it translated back the sly beggars.

Pykeys and turds the lot of em!

professor_chimpenstein
June 15th, 2004, 23:25
actually if you spend 20 years under the national average wage - you never have to pay it back

Not that I plan on doing this.


I guess I still resent the fact that they can put a price on knowledge.

Why should I go out of my way to pay em back. Let them come to me, Im ready for them!!!

Ill pay em back when Im good n ready the theivin gypo's!

RSG
June 15th, 2004, 23:52
Not wanting to throw a further spanner into the works, but for those planning on going for a year don't forget that you will be expected to pay a lumpsum of tax when you return to the UK (if you stay for 2 or more years you don't though).

I don't know about anyone else but i have to pay my other loans off before I even think about my student loan!

I think I will try to defer before I leave, otherwise I'll have to get my post redirected to me and defer from them

what a pain huh? :(

professor_chimpenstein
June 16th, 2004, 00:00
re:Tax lump sum

I wouldnt worry too much about this

Even if you do have to pay it - your refund for the pension youve payed in for should cover it

RSG
June 16th, 2004, 00:14
pension? how does that work then?

professor_chimpenstein
June 16th, 2004, 00:25
apparently along with the payments they take for your insurance they also take an employment insurance and a pension amount. This gets refunded to you at the end of the year if you do just one year (as you would not be eligible for unemployment insurance cover). I forget how much it is but I think its fairly substantial

James

(Consider posting these sorts of things in the New / potential JET forum - your more likely to get a serious answer in there)

Hannah
June 16th, 2004, 04:36
*adammoogle has never ever ever been called 'dear'*

if you call me dearie i'll let you tickle me behind the ears :)

Eugh! No thank you!
:wink:
H