Student Loans: Grrr

I got a statement through from the Student Loans Company the other day. Apparently, during the period between April 2007-March 2008, I’d paid off £32. I’d also accrued £190 worth of interest! What the heck?!!! I know I’ve been paying my student loan off every month, much to my chagrin – seeing over £100 of salary disappearing every month isn’t exactly a wonderful experience.

I think the problem is the Student Loans Company act on data they receive from the inland revenue, and if you’ve changed jobs during the time then HMRC might receive the info from the companies at different times etc… in other words, it’s a right royal mess and is a totally cack-handed way of handling student loans. There’s no way I can ever get a current statement, because it’s all bound up with the data that HMRC get, and that’s never going to be more current than the end of the last tax year.

*sigh*… I did contemplate paying off my student loan with some savings that we’ve built up, however I’ve decided against that course of action after reading this very helpful article.

By my calculations I should finish paying off my student loan in about three years. Only another 36 months to go… *sighs again*

I would continue ranting about money and how everything’s so expensive these days (I nearly had to take out a second mortgage to fill the car up with petrol yesterday), but I won’t… it’s being so cheerful that keeps you going! 😉


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