Borrowed too much maintenance loan.
I don't know what to do!
During my studies as a mature student I worried I'd struggle to study full-time and work (I also suffer from depression). So I borrowed during my four years doing a foundation and degree course, almost the same amount as my tuition fees. Now I have loads of money still left in my account but am unemployed. Student finance have started to contact me with scary letters. I am worried they are going to accuse me of fraud or something.
I must add I was sacked last September from my job so been out of work but not claiming any benefits. I went travelling for 3 months and worry that makes it look even worse!
During my studies as a mature student I worried I'd struggle to study full-time and work (I also suffer from depression). So I borrowed during my four years doing a foundation and degree course, almost the same amount as my tuition fees. Now I have loads of money still left in my account but am unemployed. Student finance have started to contact me with scary letters. I am worried they are going to accuse me of fraud or something.
I must add I was sacked last September from my job so been out of work but not claiming any benefits. I went travelling for 3 months and worry that makes it look even worse!
It doesn't matter if you save your loan or spend it all. You are due to start making repayments the April following graduation if you earn above the annual threshold. Is that what the letters from student finance are about? If you are not earning at the moment, then you won't need to start the repayments yet.
Can I ask what scary letters they send? I'm so shocked at this! I assumed they would just leave you alone if not working and just take payments when earning over the threshold. Letters about outstanding loan would really affect a lot of people's MH. It has certainly made me reconsider encouraging my son to apply for full loan now.
Original post by Ramblinman82
It said I must update my details immediately or risk third parties becoming involved to investigate my circumstances.
You are required to update your details if you leave the UK for more than three months and every year thereafter. If you have not done this the SLC is well within its right to try and locate you.
https://www.gov.uk/repaying-your-student-loan/how-you-repay
(edited 3 weeks ago)
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