phatty2003

Hi all,

This is my 2nd year at uni and have decided to take out a student loan.

But just wondered how do you pay it all back? I got a letter few weeks back saying the money was due to be repaid back in 2009 when my course is complete.

The thing is i thought you only pay it back if your earning a certain amount of money such as £15,000 a year? I only started in 2006 so i dont know if its different rules etc

Also the APR has risen very high which is not a good thing

Any ideas on this?

Cheers

superayrunited

You start to pay it back the April after you graduate as long as you're earning more than £15k p.a.

phatty2003

But the interest is quite high now its like 4.6% or something?

I dont really need to take it out but i may have to consider purchasing a house, so i think it could be a good thing to have more funds.

The Rafalution

and everything you earn above 15k, 8% of it is taken to pay off loan, i think.

superayrunited

Oh and the APR is tied to the government's RPI which is why it doubled this year. It can go down as well as up.

phatty2003

Do you know how much a month they will take roughly if you got like 6-7k to repay back?

superayrunited

Even at 4.6% it's the cheapest personal loan you'll ever get not to mention probably the most generous repayment terms you'll ever see on a loan.

ajw2255

it doesnt matter how much you owe, they will take out the same amount until its paid.

Just take the loan and put it into a savings account if you dont need it.

T!mbo

You become a rubbish salesperson, have a colleague/friend with fantastic hair but a questionable dress sense.

You then meet your peppermint nightmare who urinates in your face.

Men then turn up and drag you away because you've been hiding from Student Loans.

I know this because I saw it in a documentary once.

superayrunited

I saw that somewhere as well. Got to say though, as an employee of the SLC, I don't think we do that!