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20th December 2010, 12:23 PM
Kel Wrote:Beware that the age-related cut-off point for loan repayments is different depending on when you started higher education and won't apply to those starting degrees after 2005. According to Moneysavingexpert.com http://http://www.moneysavingexpert.com/...repay#when :
* Start 1990-1997 if under 40 - Loan wiped 25 years after the start date or when you reach 50, whichever is soonest.
* Start 1990-1997 if 40 or over - Loan wiped when you reach 60
* Start 1998-2005 - Loan wiped when you reach 65
* Start 2006-2010 (excl Scotland) - Loan wiped 25 years from the first April after graduation (when you were first due to repay)
* Start 2006-2010 (Scotland only) - Loan wiped 35 years from the first April after graduation (when you were first due to repay)
...so any of my loan still outstanding will be wiped when I'm 73. I assume the government will be pleased to take repayments out of what will laughingly be termed my "pension" up to that point.
Interestingly (no pun intended), advice from this site is that you shouldn't pay off student loans early.
Thanks for putting this up. I was wondering how the length of repayment affected students who had already graduated, but I couldn't find anything about it. Looks like I'm still going to be paying until I retire.
And Kel, I wouldn't worry about student loan payments being taken from your pension. By the time you reach that age, they'll have put the retirement age up, so you'll still be working.
Quick question - are the repayment levels (the 9% of anything over ?21,000, or whatever it is) set for everyone, or just for people taking out new loans? Not that I'm paying anything back atm, but I'd hate to reach the magic repayment limit and suddenly find myself paying back double what I had to in the past.
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20th December 2010, 01:46 PM
Quote:
And Kel, I wouldn't worry about student loan payments being taken from your pension. By the time you reach that age, they'll have put the retirement age up, so you'll still be working
That's a fair point. Also, I was making the fanciful assumption that my pension income would be over the threshold where payments kick in. Hardy har har. It'll be work or starve.
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21st December 2010, 10:20 AM
Kel Wrote:It'll be work or starve.
you optimist
it'll be work and starve if this lot have anything to do with it
i see they're not going to cut the winter fuel allowance for pensioners
that's gone, then
Your Courage Your Cheerfulness Your Resolution
Will Bring US Victory
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21st December 2010, 11:52 AM
(This post was last modified: 21st December 2010, 11:56 AM by Kel.)
Quote:you optimist
I have reasons to be cynical. I had two very well-funded pensions from my prevous incarnations in finance, local government and IT. One collapsed in the Equitable Life mire and the other is with an American firm that will be long gone before I'm due to collect. Both combined are currently estimated as bringing me an income of around ?1000 pa (no, I didn't miss a zero off). As far as I can see, my future finances have been shafted by politicians of every hue since I started paying pension contributions in the early 80s. I should've shoved it under the chuffing mattress.
And now I want to be an archaeologist... xx(
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21st December 2010, 04:14 PM
well fascist pigs and student scum are old news now...until the next time (unemployed scum?)
Teresa May imbecile nonsense has been forgotten...until the next time the government needs a mindless daft patsy
Heavy-handed policing and deceptive behaviour/reporting will disappear under Snow and wrappers of a discounted consumer Christmass....
I have been looking into alternative proposals to these cuts from various parties - i am embarreesed by how little i was aware of...i may tabulate and post some info on teh range of alternatives being suggetsed....Robinhood tax, bring tax evaders to justice, stimulate jobs in new green industries, various tax reforms, cut trident, scale back and remodel armed forces, ...........
something must be done....only yesterday ?400million cut to HE funding is announced 12 months in advance of increase in fees - the minister says he is sure that universities will be be able to see the nesscsity in these difficult times... blha blah blah.
Vince Cable breaks ranks and says 'reform' (ie cuts) are being rushed through too quickly (and really he should know...)
What is proposed by the government is only inevitable if we drop the pressure.
FIGHT THE CUTS
