Heather
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they give you a year after graduating to start making payments. That's if your over the earns threshold of about £10,000 a year.
Your employer will be contacted and they will automatically take it out of your wages, this payment will be marked on your payslip each month.
Interest has been added since the loan was first taken out at the start of your course so expect it to be more than you have spent.
Your overdraft and credit cards have to be paid back as soon as possible, for example my student account at HSBC has an overdraft facility of up to £1,500 and at least £500 has to be paid back in your first year out of uni and the rest is to be paid back the following year. |
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The brainteaser
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just change your name and do a runner |
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RoyF
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On the overdraft, you've probably got it interest free at the moment, and they'll give you an amount of time before they start charging interest (usuallly about a year).
I converted to a graduate account though and I still have mine 3 years later (Barclays). This may be an error on their part, I'm not sure. When I graduated I went into the bank and told them I wasn't student anymore, and the advisor told me I should keep the student account because I'd be better off that way! |
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Andrew
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if you are getting big overdrafts then change your name and location - DO AN F '''''' N runner . dont be a slave to them . I may have to do the same thing myself - good luck. If you cant pay it then - go work on the continent in a factory for a while or get a job teaching english in asia |
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BLONDESHELL
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when you are in employment earning more than 12 grand a year you start paying back overdraft! |
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wineo
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I thought they were paid back when you leave, you have a vertain amount of time to clear it, about a year i think. but when u leave uni they start chargina little interst!! rubbish eh |
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phooey
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depends on the bank and your credit rating.
HSBC student account for all years at Uni builds up interest free overdraft, then move to graduate account and interest free portion of overdraft will be reduced £500 per year over three years. The overall limit can stay in place (£1500) providing you have maintained a good credit rating.
If you've screwed your credit rating then they'll ask for the whole amount back as soon as you finish Uni. |
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alatoruk
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hmm - do you mean student loans
student loans (the ones from the govt backed scheme) are paid back at a variable rate once you begin to earn over 15,000 pound a year. They do eventually get written off but you have to get to about 75 years old before they do.
student overdrafts & credit cards are just overdrafts and credit cards usually with some sort of interest free period as a sweetener to the student. They have to be paid back when the bank / credit cardcompany say they do. each one will be different |
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shadow
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I guess the student gets a job and mails in the money to pay back an overdraft the same with credit cards. Anyway that is the way real people pay their debts |
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