Does anyone else think it is riciculous that the student loans company cant tell how much we owe them?
I left university 2 years ago and have been paying back out of my wages. i received a large bonus and want to pay it off. When i asked the student loans company how much i owe they told me they have no idea. They only get told how much ive paid the government via tax returns and even then the amount wont be calculated until up to 24months after. Hence i cant get a figure from them to tell me how much i owe and i also cant get guarantees that if i pay it off they will stop the deductions in my wages!
how ridiculous!
It's actually better not to pay it off though. At a current average APR of 3%, a student loan is the lowest cost loan you'll ever get! You would be better off investing the "large bonus" in something - anything with a rate of interest higher than that charged on your student loan, which includes most straightforward savings accounts. This way you'll make money on your bonus and your student loan will remain cost neutral.
That aside, you should know how much you owe the SLC, as they are required for tax purposes to provide you with a summary statement each year. These were recently mailed out following the end of the last tax year. Check what address the SLC has for you it may ave gone astray.
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This entry was posted on Friday, March 27th, 2009 at 8:56 pm and is filed under student loans company. Follow the comments through the RSS 2.0 feed. You can post a comment, or leave a trackback.
yes that is ridiculous… what country do you live in?!
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May 20th, 2009 at 3:12 am
what? i'm a student at the min and was planning on paying it off through wages and big chunks. thats stupid beyond words. guess the best thing you can do is go through old bank statements and calculate what it is you ended up owing all together and deduct whats come out your wages and pay the remainder. then claim back what ever they take out your wages afterwards.
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May 20th, 2009 at 3:37 am
I would phone them back and speak to a different advisor. There must be a way of finding out a full repayment figure because my other half paid his back early before we applied for a mortgage so I would assume you just got through to someone who couldn't be bothered to do there job properly. Otherwise, send them a letter-they might take it a bit more seriously.
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May 20th, 2009 at 4:16 am
I think that is sooooooooooooooooooo stupid on their part. Don't they care about the money they get back!!!!!!!!!!!!!!!!! They are un-organized and they are stupid but, for students who need to borrow money this is very good
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May 20th, 2009 at 4:51 am
It's actually better not to pay it off though. At a current average APR of 3%, a student loan is the lowest cost loan you'll ever get! You would be better off investing the "large bonus" in something - anything with a rate of interest higher than that charged on your student loan, which includes most straightforward savings accounts. This way you'll make money on your bonus and your student loan will remain cost neutral.
That aside, you should know how much you owe the SLC, as they are required for tax purposes to provide you with a summary statement each year. These were recently mailed out following the end of the last tax year. Check what address the SLC has for you it may ave gone astray.
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Currently owe SLC over 18 thousand pounds!
May 20th, 2009 at 5:34 am
If you do stop paying them they will soon tell you how much you owe. Go and speak to your payroll
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May 20th, 2009 at 6:22 am
To find out how much you owe, go to http://www.nslds.ed.gov. If you don't have a PIN, you can get one at http://www.fafsa.ed.gov, even if you aren't getting ready to file a FAFSA.
Once you get the PIN, you can go on the NSLDS website. It will show you how much you owe, who you owe it to and how much is subsidized and unsubsidized. I recommend paying off the unsub loan first, subloan second, Perkins last.
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May 20th, 2009 at 6:42 am