Student Finance Statements

[Okki]

I have just received mine and am absolutely horrified at how much the interest has shot up. I used to make voluntary payments to cover interest but I can't do that any more as what I could afford to pay now equates to 25% of the interest charged.

@LookImAHooman I don't blame you for being bitter the terms for 2nd wavers were truly awful

Thanks, Random. Sound like a child but it really was unfair!

Mine gets written off next year, cannot wait!!!

Feel sorry for the 2nd wave loans they were just brutal repayment terms angry.

Yes I have 4 years until mine goes!!

skippy67 if your son is a new graduate he will be under a different scheme to most of the people on this thread who graduated under a different loan scheme. He won't be required to pay anything until the April after he graduates and even then only if he earns over £25725.
I have two DC with post 2012 loans of £60k +.

Current interest is 6.3% Following post grad med school I'm looking at debt of over 100K To start. Will only go up. Even as a doctor I won't pay that off 🤷
Can't believe the government hadn't been including in the deficit until recently

What’s the second wave mean? Post-2012 loans? I’ve just input my details into www.student-loan-calculator.co.uk/ and apparently in about ten years I’ll have paid it all off if I stay on the same salary. I graduated in 2006 with about £20k debt, I did get a letter recently but I can’t remember what it said. The site says my interest rate is 1.75%.

Do check you aren't being charged an even more penal interest rate because you haven't kept them informed of where you work etc.

My daughter got a nasty letter from them when she joined a new employer (and they were a new business, just applied for a PAYE number) and she filled out the form but couldn't initially advise the Loan people of the number. They got really shirty and gave her 30 days! Luckily the number was issued to her employer in that timeframe but the penal rate was even more brutal than the correct rate.

1st wave was 90-97 start date

2nd wave was 98-05 start date

Oh damn. Then I’m second wave, I started in 2002. Mine has never seemed that bad though, I didn’t start paying it off for ages as it took me till I was 30 to crack the £20k annual salary!

I've never cracked the salary limit on mine!!!

8 years left on mine provided my salary stays the same and doesn't fall. I'll be 53. I graduated 10 years ago.

Out of interest I called them. I owe about £10500 and have paid off about £5500. I graduated in 2006. I'm on plan one if according to the site. I also just had my P60, I paid back 2002 last year. I think I've paid the majority back in the last two years. Estimated 8 years left for me too.