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In debt to student loan company
christina83
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Hi, I was just wondering if someone could answer this for me.
I'm applying to the open university for financial support, however one question asks whether I'm in debt to the student loans company already or in the arrears.
Thing is I have had a loan with them in the past but due to ill health (depression , anxiety, and alopecia) I had to quit, does that mean I'm in debt to them? As it was my understanding you had to earn over a certain amount to be able to pay them back, so I'm a bit confused.
I'm unsure whether I'm eligible or not.
If anyone has any advice I'd be really grateful.
I'm applying to the open university for financial support, however one question asks whether I'm in debt to the student loans company already or in the arrears.
Thing is I have had a loan with them in the past but due to ill health (depression , anxiety, and alopecia) I had to quit, does that mean I'm in debt to them? As it was my understanding you had to earn over a certain amount to be able to pay them back, so I'm a bit confused.
I'm unsure whether I'm eligible or not.
If anyone has any advice I'd be really grateful.
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The easist thing would be just to ask them!
Build up more debt maybe
you don't start making payments until you earn the minimum threshold, but the debt is still there. as soon as you hit that threshold then they'll start taking payments.
We shall see what happens I suppose.
you are in debt to the University or in arrears to the
Student Loans Company; or
you already hold an undergraduate honours degree
So, I'm not in the arrears as I haven't earned enough to pay them back yet, I think I'm correct in saying that.
If you haven't contacted the Student Loans Company to defer payments, they probably do have you listed as in arrears (they have no way of knowing you aren't earning enough if you haven't told them).
You need to contact them (the SLC) - you should be receiving a statement from them every year showing your debt amount, plus a payment deferment form to return let them know that you do not earn enough to be making payments.
Once you've sorted that out, then you can be confident you are not listed as in arrears to them. Hope this helps.
I get a statement every year, but never a form to tell them I'm not earning enough.
I don' think you have to tell them, as it just kicks in automatically and adjusts depending on how much you earn via HMRC. So yes you have a loan but you are not in arrears.
Its not a question of "fault" they just want to know the amount you owe because that will affect the new loan/finance he is granted