to think that mums should get some sort of concession for student loan repayments?

[bubbleymummy]

I just got my student loan statement and yet another big whack of interest has gone on. I haven't been able to make any payments since I went on maternity leave 3 years ago because I only worked PT after ds. Now I have ds2 and who knows when I'll be back to ft work. dh on the other hand has paid back over half of his. It just seems a bit discrimatory to me...most women will have to take a salary drop at some stage to have a family and won't hit the threshold for repayments while the interest just piles on...shouldn't we get a bit of a break?

Bubbleymummy that's the same for any repayment of loans/mortgages. The more money you have, the quicker you pay it off, the less interest you pay.

lockets - someone suggested just splitting DH's payment to cover both and this could maybe be possible if the loan was combined but as it is DH's gets taken straight out and we would have to make an additional payment for mine even though we only have the one income at the minute.

I am not trying to get out of paying this back btw! I just think the interest when you aren't working is a pita.

And that's how people lose their homes. Not working, no money, can't pay the mortgage.

BM I don't follow your logic.

You think this is unfair because the interest is compounded, right?

So you would rather have a fixed term repayment, right?

But since you aren't making any payments at all right now, this new system of your invention would help you how, exactly?

In fact wouldn't you be worse off?

BG says I just happen to be seeing it from a mum's perspective at the minute. Lower earners are having to pay more because it's taking them so long to pay off whereas high earners clear it faster and pay less

Oh dear- stop being naive! if you have a mortgage, you can over pay and hence reduce your interest due ,long term. You cannot have a loan over say 25- 40 years and not expect any interest to be added, as the loan would be "worthless" due to inflation and the tax payer would never be reimbursed. In the same way you cannot have a mortgage and have fixed monthly repayments over 25 or 30 years, never taking inflation into account.

If you are saddled with any loan it has to be part of your joint household debt and paid off by whatever means. If you chose to have 2 children in 3 years which means you only work par t time then that was your choice- no o ne made you do that!

Do you have any idea of how loans work bubbley? It is not your money! You have borrowed it (at a very favourable rate I might add. I could sure have done with that sort of loan!) Of course if you pay a loan back more quickly then you will pay less interest! Because the lender is getting their money back quicker!

yes like the nhs

I feel like I am have missed something here (and admittedly I haven't been able to read the entire thread) but why on earth isn't your husband contributing to your loan payments since you have had to take time off from work to look after his children. I don't understand why he is only paying off his own student loan. Seems like he is discriminating to me!

lockets while it might not decrease the loan any quicker by splitting the repayment over the 2 loans, it could have the psychological effect on Bubbleymummy that both loans are being paid off and not just her dh.

If you can only make the one payment, BM, I would combine the loans for your own peace of mind.

The issue here is not being able to afford both student loan repayments and therefore letting one roll up some compound interest.

oh behave one cant expect a partner to pay off your student loan

your loan
your degree
your responsibility to pay it

no one else

how the hell is it discrimination not to pay the missus student loan.it is an individually acquired debt.not a shared responsibility at all

so go get a job,that will go part of way top apying it off

lockets, chaya - it would be two loan repayments on one salary.

TBH this isn't so much based on our own circumstances as an observation of the system in general... what about single mums etc? it's an even bigger bitch for them...I think it's an unfair system - the majority think Iabu c'est la vie!

YABU. Who do you think should pay back the interest on the DEBT you took on?

Perhaps someone who didnt take resources out of the system to increase their earning potential?

Or would you rather the Govt found the money to fund YOUR debt from the NHS? Or education?

Is not a bottomless pit of money!

"one cant expect a partner to pay off your student loan"

One isn't expecting the partner to pay off the loan. One is expecting the loan to be paid off from the joint family income.

Or maybe the working partner should give up working and look after the children while the non-working partner should go to work and pay just their loan off?

If the couple made the decision to have children and one partner stay home to look after them then the income should be joint and as such used to pay both partner's debts.

scottishmummy - AGAIN I DO have a job. I am not sitting on my ass doing nothing all day. I am looking after 2 children and working p/t for goodness sake but I do agree with your idea of it being my debt which is why I want to pay it off and will do so once I get back above 15k...

'I don't think anyone is suggesting your choice is strange in fairness, bubbley. Just saying that it's strange to make the choice and then complain about the loan situation. There's a big difference there. '

Exactly, VH!

I agree that if one partner is staying at home then debts should be paid out of family money, even if individually incurred.

I'm still completely baffled as to why the OP thinks the system is unfair. It's unfair because the loans have to be repaid?

I think you're shifting the goalposts now bubbley

There are things about the system which are unfair, but your situation ain't one of them! You chose to take on a loan knowing the terms. You chose to have two children fairly close together (or possibly had accidents!Well, happens to the best of us!).

As for it being worse for single mums - well, again, I think you're over simplifying. I've already told you that if I were to split from DH, and reduce my working hours, our dd would be able to apply for a full maintenance loan plus my second child would get EMA (120 quid a month while she's in 6th form - nice!) plus I'd no doubt qualify for Housing Benefits and all sorts of top ups!

I think you need to join the real world where people earn money if they need it!!

No, Quattro, because women on maternity leave or who chose to be SAHM or work PT still get charged interest for the time period they're not paying the loan.

Well, duh! You're not paying the loan back whilst at university and you're still paying interest on it.

That's how loans work, take the money, start paying interest.

Yes I think I did get that bit. But what about men who have periods of sahping or redundancy or illness or whatever. The same happens to them. So how can the system be unfair?