drunkenfool
Member
Registered: 7th Feb 03
Location: Hereford Drives: Audi R8 V8
User status: Offline
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Today i found out about a pretty nasty loophole in the set up of student
>loans, and over the time we spend paying off our loans, it is going to cost
>every single one of us hundreds of pounds in interest.
>Was astounded to hear this is happening with our money, please read on for
>explanation, and then visit this link:
>http://petitions.pm.gov.uk/Student-loans/ and sign the petition to 10
>Downing street to get this changed.
>"For most unsuspecting graduates who are paying back their student loans,
>the inland revenue takes payments directly from your employer in the
>same way as they take tax. i.e. the more you earn the more you pay, this
>includes bonuses etc.
>However after taking monthly amounts the inland revenue does not pay this
>directly to the student loan company, instead they wait until the end of
>the financial year in April and then pay the entire year off to student
>loans.
>
>The effect of this is that the inland revenue hold on to your monthly
>payments for up to a year earning themselves interest.
>During the same period, because student loans have not received these
>funds, they in turn charge the graduate interest on the outstanding amount
>even though it has been paid to the inland revenue.
>
>Bottom line is that for those in this position we pay interest to student
>loans on money which has been taken from our accounts which the
>inland revenue keeps and earns interest on."
>The petition mentioned is to change yearly payments by the IRS into monthly
>ones. It is an official government petition, with the closing date set for
>January 10th, 2008. My name took the list to 15,819 signatories.
>
>So again, please visit and sign up to get this changed
>http://petitions.pm.gov.uk/Student-loans/
>I'm told there will be a march on
>parliament in support of this petition, but have no details of that yet.
>Please keep this information travelling. Pass it on to anyone you know
>who's ever been at University in the UK, past student or present, we're all
>paying off our loans and all getting stung for this immoral interest, and
>we can all help.
>
>
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Signed.
Will this even apply to students who have started in 2006, where they 'Pay as you earn, not pay as you learn' and only start paying back when you earn in excess of £15k?
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Signed it the other day, deano, yes it will.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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pah, you silly students with loans 
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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It best get changed then. Debt will be large enough as it is.
But surely, if you have detailed amounts on your payslip of the 'loan repayments', and you know that you shouldn't be paying interest, you can keep tabs on how much you've paid?
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Fonz
Premium Member
Registered: 12th May 06
Location: Newbury, Berks
User status: Offline
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please sign everyone
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drax
Member
Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
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Surely if you're all in such high paid jobs due to going to Uni you'll be able to afford a few extra hundred right.. ..
Bloody students
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ssj_kakarot
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Registered: 29th Apr 03
Location: hartlepool
User status: Offline
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pftt like any one gets a decent job after uni now n e way half the country are getting degree's lol.
yes im at uni now.
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CorsAsh
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Registered: 19th Apr 02
Location: Munich
User status: Offline
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I was asking the SLC what happens if someone moves abroad, apparently I'll still pay the same rate of 9% on earnings over 15k, but it's not taken automatically, I actually pay the SLC directly by direct debit each month.
Which is a relief having read that 
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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you'll be alright then!!
Is there an option to pay them directly if you work over here?
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CorsAsh
Member
Registered: 19th Apr 02
Location: Munich
User status: Offline
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I'd give the SLC a ring, but I doubt it.
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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this is just wrong on so many levels I pay it back in good faith tinking its getting paid off every month
For fuck sake I paid 480 quid last month for my student loan
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by CorsAsh
I'd give the SLC a ring, but I doubt it.
Im lucky enough not to have a student loan even though Ive been at Uni.
My GF does though, and will no doubt be burdended with part of that when we move in!!
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liamC
Member
Registered: 28th Feb 04
User status: Offline
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quote:
Originally posted by CorsAsh
I was asking the SLC what happens if someone moves abroad, apparently I'll still pay the same rate of 9% on earnings over 15k, but it's not taken automatically, I actually pay the SLC directly by direct debit each month.
Which is a relief having read that
I was told by my tutor that if you're out of the country for a certain number of years straight from Uni your student loan gets wiped...
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CorsAsh
Member
Registered: 19th Apr 02
Location: Munich
User status: Offline
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It's the wonderful Labour Government for you.
Go on about their commitment to education, then put people off with inordinately high fees and hidden costs to rape you for years afterwards. Bunch of wankers.
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CorsAsh
Member
Registered: 19th Apr 02
Location: Munich
User status: Offline
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quote:
Originally posted by liamC
quote:
Originally posted by CorsAsh
I was asking the SLC what happens if someone moves abroad, apparently I'll still pay the same rate of 9% on earnings over 15k, but it's not taken automatically, I actually pay the SLC directly by direct debit each month.
Which is a relief having read that
I was told by my tutor that if you're out of the country for a certain number of years straight from Uni your student loan gets wiped...
If you remain unemployed for 10 years I believe they wipe it off. If you move abroad you still have to pay, if you choose not to though, they'll get you for it if you ever want to return at a guess.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by liamC
I was told by my tutor that if you're out of the country for a certain number of years straight from Uni your student loan gets wiped...
If Id of known that Id of taken out a student loan, spent it all on shite and saved my money, and then moved away for a good few years afterwards!!
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drunkenfool
Member
Registered: 7th Feb 03
Location: Hereford Drives: Audi R8 V8
User status: Offline
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quote:
Originally posted by CorsAsh
quote:
Originally posted by liamC
I was told by my tutor that if you're out of the country for a certain number of years straight from Uni your student loan gets wiped...
If you remain unemployed for 10 years I believe they wipe it off. If you move abroad you still have to pay, if you choose not to though, they'll get you for it if you ever want to return at a guess.
Yeah its true, I looked into it cos I plan on leaving England, but you still have to pay it back 
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liamC
Member
Registered: 28th Feb 04
User status: Offline
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quote:
Originally posted by CorsAsh
quote:
Originally posted by liamC
quote:
Originally posted by CorsAsh
I was asking the SLC what happens if someone moves abroad, apparently I'll still pay the same rate of 9% on earnings over 15k, but it's not taken automatically, I actually pay the SLC directly by direct debit each month.
Which is a relief having read that
I was told by my tutor that if you're out of the country for a certain number of years straight from Uni your student loan gets wiped...
If you remain unemployed for 10 years I believe they wipe it off. If you move abroad you still have to pay, if you choose not to though, they'll get you for it if you ever want to return at a guess.
Chances of me returning once gone: Snowflake/Hell. 
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CorsAsh
Member
Registered: 19th Apr 02
Location: Munich
User status: Offline
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You say that now, but there may be a reason to come back sometime, say a family emergency etc.
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