Student Loans

mackem1979

mackem1979

Striker
My repayments are due to start in a few months but going to struggle to pay what they are quoting, I started the degree before the interest rate hikes etc so it’s bad timing with mortgage renewals! I’m on a decent wage but not much flexibility with outgoings so wonder if anyone has experience or advice to delay or reduce payments? TIA
 


bobster999 said:
you pay 9% of whatever is over the threshold. the threshold for 2024 is £27,925. so if you're earning, for example £30,000 you'll pay 9% of £2075

www.savethestudent.org

Here's your simple guide to Student Loan repayments

Things aren't as scary as they seem.
www.savethestudent.org www.savethestudent.org
Click to expand...
Yes I saw that thanks but wondering if there’s a way anyone is aware of to delay or reduce payments, going to call them next week but thought someone on here might have experience of this.
 
mackem1979 said:
Yes I saw that thanks but wondering if there’s a way anyone is aware of to delay or reduce payments, going to call them next week but thought someone on here might have experience of this.
Click to expand...
Either earn below the threshold or work abroad. You're effectively asking how to dodge paying tax
 
Get an absolutely shit job with zero prospects and sit back and revel for the next 30 years how you’re sticking it to da man by not earning enough to trip the repayment threshold :cool:

Or use the education you were subsidised for to really make something of your life and work your way to the point where the repayments become insignificant.

Or something in between.
 
42 said:
Either earn below the threshold or work abroad. You're effectively asking how to dodge paying tax
Click to expand...
No, I’m asking if there’s a way to delay or reduce minimum payment, if it’s not possible then fair enough.

I’m also 45 so this was a part time thing.
 
Last edited:
Don't think there is a lot you can do, it's basically a tax, the only way to avoid it to pay more into your pension if You're self employed or something like that. Mental really that someone can't manage after a degree, it's losing a lot of its value because plenty of jobs about that pay quite well in comparison to "graduate jobs" that are just hamster wheel misery machines
 
mackem1979 said:
My repayments are due to start in a few months but going to struggle to pay what they are quoting, I started the degree before the interest rate hikes etc so it’s bad timing with mortgage renewals! I’m on a decent wage but not much flexibility with outgoings so wonder if anyone has experience or advice to delay or reduce payments? TIA
Click to expand...
Could you go back to university and study a different course that leads to a highly paid job? Something like law or accountancy.
 
IAmZlatan said:
Remember being told at 16 that it was the “best loan you’ll ever get” 😂
Click to expand...
Absolute con, the way colleges guide you to university due to them receiving funding to do so is a joke. I got told “you won’t even feel the repayments”, I certainly feel it every month when I look at pay slip. Have a job now that I retrained and done an apprenticeship at 25 to do.
Too many people (myself included) go to u I because they don’t know what to do, all I can say is get a trade or any actual work to fill in the time whilst “ you don’t know what to do”. It’s a massive cost that will lower your take home pay for 25 years unless you know what career you want and uni will benefit that.
 
Houghtoner said:
Got about £1,100 left on mine. Last month nearly £200 came off my pay towards it. Be a good day when I’ve got shot of it.
Click to expand...

Got shot of mine in November but mine was Plan A so when tuition fees were 3k per year. Dread to think about how long it would take me to pay off if I was in the current regime.
 
jonnie_makem said:
Got shot of mine in November but mine was Plan A so when tuition fees were 3k per year. Dread to think about how long it would take me to pay off if I was in the current regime.
Click to expand...
Majority will never pay back. 6% interest a year on a loan (including maintenance loan) totalling around £40k.
 
Ned Land said:
Could you go back to university and study a different course that leads to a highly paid job? Something like law or accountancy.
Click to expand...
Appreciate the advice mate but my circumstances are a little unusual.

I’m in quite a well paid job (not mega rich or owt) and took a part time degree to help me in my job or allow me to leave and do something else if needed.

I did half the degree then paused it to concentrate on my current job and promotion etc but now (4 years later) I’ve been notified the payments will start.

I’m not after sympathy as I’m ok financially but could do with delaying payments for a little while given the mortgage increases etc and wondered if there was any flexibility people knew of before I called them.
 
IAmZlatan said:
Remember being told at 16 that it was the “best loan you’ll ever get” 😂
Click to expand...

On average, it is still a good deal for students. But that has gradually been eroded over the last decade (probably longer than that...). None of this is an issue with Universities or even really how it is funded, more to do with the economy and the labour market.
 
jonnie_makem said:
On average, it is still a good deal for students. But that has gradually been eroded over the last decade (probably longer than that...). None of this is an issue with Universities or even really how it is funded, more to do with the economy and the labour market.
Click to expand...
What a load of shite.
How can something that increased price by 200% over night due to a Tory government still a good deal?
Degrees are been undervalued as jobs that should never need a degree are now expecting one.
Nursing is a prime example, it’s the perfect job to be done as a 3/4 year apprenticeship. The majority of a nurses degree is spent on placement where they commit to full time hours unpaid. It’s a f***ing disgrace and the system exploits people for free labour whilst the universities are charging them £9k a year to complete the course.
 

Back
Top