Changes to the Student Loans Company's website are"irresponsible and dangerous", the consumer finance expert Martin Lewis has claimed.
"The first thing university leavers see when they log in, in a large font, is the amount of 'debt' they owe."Owing £30,000, £300,000 or £3m makes no difference to your annual repayments, which are set at 9% of everything you earn over a threshold . "They'll keep repaying it for the whole 30 years, like an additional tax - so the debt amount for them is pretty irrelevant."
"The balance information is particularly important to customers in the final stages of repayment as it helps them to determine when they should switch their repayments to direct debit."
More helpful if called Graduate Income Tax not Student Loan
Hepworthclare Put the emails in the recycle bin and the letters in the shredder. The Sfe is a pile of poo.
A great scam.
Sick of hearing about students. The default option should be vocational training, with uni only for higher level and practical subjects. Trim the numbers back, and give them grants, not loans.
Boggo1
Paid off student loan in March but when I checked with SLC they had me down as owing £900. I had every payment recorded for the year. When I asked for statement they said I now owed £317 and three of my payments I made weren’t on statement. Record and check every payment people.
ManicMundie
He's such a good voice on this topic. He should run an independent Government agency tasked with educating the wider public whilst also cleaning up the consumer financial sector and providing consumer friendly demands to the Government of the day.
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