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    Help please....

    I have just received my Final Annual statement through and the interest rate is crazy :/ I don't know if it is right or not can anyone help?
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    (Original post by Crazy Lizard Lady)
    Help please....

    I have just received my Final Annual statement through and the interest rate is crazy :/ I don't know if it is right or not can anyone help?
    Can we just confirm that this is Student Finance England and not a commercial lender? If so, when did you first take out your student loan (as this will affect the interest rate you pay)? What interest rate have you been quoted and what was it on your previous statement?
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    Hi Yup it is Student loan company, i took out the loan in 2012 for by Tuition and full maintenance loan for 3 years which equals £36,000. I don't know what interest rate i have been quoted in regards to my previous statement. But i had a look at the SLC calculator and says i should be on 0.9% but i am getting £170 interested added to my debt every month which is along more that 0.9% :/

    Thank you !
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    (Original post by Crazy Lizard Lady)
    i am getting £170 interested added to my debt every month
    That immediately rings an alarm bell. I'm on the previous plan (I started in 2008) but my interest was added monthly whilst I was studying, and annually after I finished my degree. My monthly interest was always around £15.
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    You need to phone SF and find out what's going on.
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    (Original post by Klix88)
    That immediately rings an alarm bell. I'm on the previous plan (I started in 2008) but my interest was added monthly whilst I was studying, and annually after I finished my degree. My monthly interest was always around £15.
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    You need to phone SF and find out what's going on.
    Isn't it RPI (0.9%) + 3% while studying.

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    (Original post by jneill)
    Isn't it RPI (0.9%) + 3% while studying.

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    On plan 2 loans, plan 1 pre 2012 are slightly different I think.
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    (Original post by claireestelle)
    On plan 2 loans, plan 1 pre 2012 are slightly different I think.
    OP says it's a 2012 loan.

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    (Original post by jneill)
    OP says it's a 2012 loan.

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    Sorry I misread there, then 3.9% s right. £170 a month does sound outrageous though.
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    So if Crazy Lizard Lady has 3 x £9000 (fees) plus 3 x £5,740 (loan) and 3.9% interest compounded for 3 years I get a total debt of over £47k on graduation

    £47k at 3.9% interest = approx £1,800 interest for the year = £150 per month

    Roughly.

    I do think it's bad that students at uni are charged 3%+RPI while studying. It should be just RPI as they aren't earning any income (usually).
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    Thanks so much it does seem ridiculous I have sorted out all my paperwork and got monday off work so going to give them a call and see if its right or not, will keep you updated
 
 
 
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