Student loans petition

[juuule]

I have just been told that although money to repay a student loan is deducted from salaries monthly by the Inland Revenue, it is not passed on to the loan company until the end of the year. Which means the loan is accruing interest on payments already made. There is a petition here
for people to sign if they agree that this is unfair.

signed

Signed

signed

Signed

Signed

Aren't the governement seeling the loan portfolio though?

Showing my ignorance, here. What are the implications of that, Peachy?

signed with vehemence

I'm not sure tbh, it would depend on the criteria of the contract. I would rpesume though that although I've signed the petition, if they've flogged the portfolio on then No10 would have limited influence?

Also, there was a story in the paper about interest rates going up- whether thats a scares tory i don't know, again it would depend whether the sale gives the purchaser the right to set interest rates I guess? (not a Lawyer!).

When I graduate I will owe @ £18,000 in student loans alone, for 4 years study. My chosen career is teaching, with a current starter salary of about £20k yet on teletext today there is an outcry over what Teachers are paid, and the Government has capped pay rises. Erm I would quiite like to be able to feed the boys as well as pay the repayments!

My ds is looking at least £20,000 debt when he completes his degree It's even more worrying if there's the possibility of the interest rate changing,too.

When I graduate next year I will have £10,000 in total to pay back. How come some people have more debt? Do they have more than one loan?

My degree course is only 3 years though, maybe some are longer.

Ds is living away from home. He has the tuition loan of £1000 and £3000 maintenance loan per year. 4-5 year course = £16000 - £20000.

mne will be 4 years, at £4.500loan a year.

Could be worse- those that started in 2006 also had to take their fees on loan, whereas I get mine paid as a grant.

So what, £7,000-ish a year????

You now have to pay higher fees, fireflyfairy2, and though the gov says they are not payable straight away, in fact they are - it's just that you can get a loan to pay them if you want to. DS started last September - he has a fees loan of £3000 and a maintenance loan of £3,300, which is only 75% of the maximum because our family income is too high for him to borrow the maximum. Next year the fees will be £3070 & presumably about £3150 in his final year. The loan will be repayable when he earns a certain amount (think it's currently £15000), but it will be attracting interest at the rate of inflation, so will still be the same amount in real terms - about £20,000. If you live in London, you can borrow up to £6315 for manintenance, so the debt could be even greater.

I signed this when my niece sent it to me a few weks ago.
It means that although the student has paid the loan to the government they will be still be paying interest on the loan as the loan companies have not recieved the money. So in fact the young people are paying interest on money they have not got.