Student Loans

[FermGael]

It looks like the ole student loan is gona be the governments target for making a few pound off by increasing interest rates come september to 4.4%. This is gona affect alot of people.

That will hit alot of people hard when you consider that the rate at the minute is 0%.

Have been looking at my student loan repayments at the minute and i have to say the  whole thing is very confusing.
Have been paying mine of for the last 8 years.
Got a detailed breakdown of my loan, interest rates for each month/year and my repayments.
From the start of my loan they have charged me interest per month which is fair enough.
But since i have been repaying them they have been charging me interest per year.
Even though i may have payed them in every month Apr,  May, June, July, August, Sep, Oct, Nov, Dec, Jan, Feb Mar, the credit does not seem to kick in until the end of that tax year in one lump sum for the year(usually the May for that year). 
As far as can make out i get charged the interest for months that i have already paid because HM Customs and revenue do not pass them the money until the end of the tax year. 
could anybody clarify this for me because it seems that i end up paying interest on money i have all ready paid off!!!

[Mario]

I've been working in Dublin for 2 years now, and haven't paid a penny yet, the SLC sends me the odd threaten letter, but i haven't got one for some time now.

My housemate has been down in Dublin 6 years, says he never plans to move home and has no intention of ever paying it back

[tiptoe]

Started a new job in November and since start of the 2010 year have been paying back student loan...my job involves travelling all over the place and i only get paid for the days I'm away from home, on average its like 6 days a week, sometimes i may not be home for up to a month though.

Student loans have been taking £81 a week off me if a work a full 7 day week.. So if i happen to be away from home a month thats £324 they take off me!!! Having said that i spent 5 years in Belfast with a loan of £4000 a year..Think it was sitting on £21,100 with the interest...now thats grim...in a weird way i don't regret a minute i spent/wasted down there...

[tyrone girl]

They taking £50 a month of me - supose not a fortune but it was great at the time 

[Rois]

As far as can make out i get charged the interest for months that i have already paid because HM Customs and revenue do not pass them the money until the end of the tax year. 
could anybody clarify this for me because it seems that i end up paying interest on money i have all ready paid off!!!

No, don't panic, they only calculate the interest at the end of the year when they get the employers' return to say how much they've taken off you, so they calculate the interest based on your monthly payments.  Look up www.direct.gov.uk and it tells you all you need to know. The actual text is:

"If you repay your loan through PAYE or Self Assessment, the Student Loans Company will receive details of your repayments from HM Revenue & Customs (HMRC) after the end of each tax year. When these details come through, the amount of interest you are charged will be adjusted to reflect when you actually made the repayments."

[FermGael]

Rois, Cheers for clearing that up.

But just been looking at the statements there now and the amount i am getting charged for interest from the start is confusing to say the least.
On several occassions my month by month interest has went down yet it should have went up because i had borrowed more.
In other instances the interest rate being charged from month to month stayed the same, the amount being borrowed stayed the same, yet the interest charged changed from month to month by quite a bit.

[Gold]

I've been working in Dublin for 2 years now, and haven't paid a penny yet, the SLC sends me the odd threaten letter, but i haven't got one for some time now.

My housemate has been down in Dublin 6 years, says he never plans to move home and has no intention of ever paying it back

I did the same, got the exact same threatening letter as Mickey but havnt responded to Student Loan and now havent heard from them in over a year but havent paid them anything.

I'm scared to see what my balance is now but am hopeful they've just wiped my debt as they hadnt heard from me