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Thread: Student loans

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    Default Student loans

    If anyone on here has a student loan, please be aware that you have interest added on; which I have just found out recently…

    If you are on the £15,000 per annum, they take it straight out of your National Insurance, which makes life much easier; but can take a long time paying off...

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    Regular Member Ste's Avatar
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    Yes, interest is charged but it is at quite a low rate (or was when I had one) Also, I had to set up a direct debit every month - there was no auto deduction from NI then

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    Social leeches

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    Ex Vec-C Admin & Founder GARY3306's Avatar
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    they only take 3% of any amount over £15,000. So if you're on £18,000, they'll only take 3% of £3,000. That's £90 or £7.50 per month. Best interest rate on any loan you'll ever get.
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    Quote Originally Posted by Ste View Post
    Yes, interest is charged but it is at quite a low rate (or was when I had one) Also, I had to set up a direct debit every month - there was no auto deduction from NI then
    Yes, that rate has become a lot higher over the past 3 years... They have set the NI over 5 years ago... When you are working and hitting the bracket that has been set ; then they take the money out of your wages straight away....

    That is part of being student, shame I never got to finish my course off...

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    Quote Originally Posted by GARY3306 View Post
    they only take 3% of any amount over £15,000. So if you're on £18,000, they'll only take 3% of £3,000. That's £90 or £7.50 per month. Best interest rate on any loan you'll ever get.
    same here

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    Quote Originally Posted by GARY3306 View Post
    they only take 3% of any amount over £15,000. So if you're on £18,000, they'll only take 3% of £3,000. That's £90 or £7.50 per month. Best interest rate on any loan you'll ever get.
    They stated 9% to me, I need to go back and check this with them.. When did you have your student loan?

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    Ex Vec-C Admin & Founder GARY3306's Avatar
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    Actually, the rate for 2008/09 is 3.8%. Have a look HERE. . All the info you need

    EDIT: It was the wife who had a student loan. Finished her degree 3 years ago
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    Quote Originally Posted by GARY3306 View Post
    Actually, the rate for 2008/09 is 3.8%. Have a look HERE. . All the info you need

    EDIT: It was the wife who had a student loan. Finished her degree 3 years ago
    Thank you for that Gary3306, I will have a look at this link and get back to the student loans...

    Congraglations to your wife on her degree

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    they take £55 a month from me

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