Student Loan Repayment?

Alright guys, sorry for posting this in here but I didnt know where else to stick it lol.

After looking over the net for a few hours I cant find answers to a few of my questions regarding student loans.

Basically I wanna know,


1) What happens if after you graduate from University, you win the lottery and never get a job, thus never earn over the £15k threshold and the loans people cant get their money back?!

2) What happens if you just dont get a job at all? Does the debt get scrapped after so many years? Or do they just come and get whatever they can from you?


I aint planning on doing either of the above points, although number 1 would be nice. Its just me and my friends having a discussion about it and we cant find the answers anywhere easily on the Student Loans website lol. Didnt know if anyone here had any experience with this type of thing?

Thanks

If you win the lottery you wont give a shit about paying a few grand off.

They will find you eventually for the money some way or another, im sure its an urban myth that you dont have to pay it off. Student loan company tracked me down. If you dont get a job whats the point doing the degree.

I think if you don't earn more than 10k a year until you're 40 then the debt is scrapped, but that's a pretty extreme way to avoid paying it off

A lottery win would be classed as capital gains I'd imagine and so you would have to pay it off....

As said above, if you don't get a job earning > the threshold (~15k) then after 40 years it's scrapped, however if you are paying to go to uni then you want to bloody well hope that in 40 years time you're gonna be earning more than 15k PA!

I think that almost any account that you would put a lottery win in would give interest that would throw you over the repayment amount and so you would have to pay something. They also tend to ask what you are living off if you aren't earning and if you say a lottery win then I guess they will refuse deferment.

move country and forget about it:whistling

I was also wondering do they automatically take the payments or do i have to set up a direct debit myself?

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Originally Posted by jackdaniels

I was also wondering do they automatically take the payments or do i have to set up a direct debit myself?

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Basically when you get a job and earn over £15k (around that) they take it out your wages automatically similar to taxes.

MY mate has been earning over that for a year and they havent taken a penny.

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Originally Posted by jackdaniels

MY mate has been earning over that for a year and they havent taken a penny.

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Oh he will once they catch up with him

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Originally Posted by maverick_15

Many finish uni and become decent hard working individuals who ultimately pay more in taxes.

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plus scottish students also have to pay back a student endowment too cos the gov pays fees :(

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The Graduate Endowment is a fixed amount that some graduates will have to pay at the end of their degree if they receive a degree or if they meet the requirements for an award. It applies to Scottish domiciled students and EU students who started their first full-time degree course at a Scottish institution on or after 1 August 2001. Students who returned to higher education in 2001-2002, or later, after a break in study of at least one academic year may also be liable. The Education (Graduate Endowment and Student Support) (Scotland) Act 2001 provides for the Graduate Endowment.

Students have to pay the Graduate Endowment in recognition of the higher education benefits they have received. The funds will go towards student support for future generations.

Although graduates do not pay the endowment until the April after they have completed their course, the amount to be paid is set at the beginning of their degree course. The fixed amounts are set when you start your course as follows.Session
Graduate Endowment Rate

£
2001-2002 2,000
2002-2003 2,030
2003-2004 2,092
2004-2005 2,154
2005-2006 2,216
2006-2007 2,289

The amount will increase by the rate of inflation for students starting in future years so the rate payable by students entering in 2007-2008 will be different.

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Originally Posted by maverick_15

Where would doctors come from then? Lawyers? Accountants? Other vocational subjects?

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Poland??! :D:D

The only ones that in my eye's that take the piss are the fuckers who enrol on a Uni / College course and get mummy and daddy to pay for it all and drop out or don't give a shit and simply go to uni as it's "what you do" after college/school or to doss for a few years.

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Originally Posted by marcode

well i only finished uni last week, so ive got a few days to sit about doing FA.

whats your excuse.

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he's probably earned more money than you will ever earn. enough of this students and graduates rock bullshit - cus thats what it is. My ex wife has a masters degree and I got 5 GCSE's. Im the millionare she used to wash my pants. Do the math.

Thread closed.