Best way to track student loans?

Does anyone have a student loan and how do you keep track of it? :thinking: Also is there some kind of algorithm which helps you work out how much you are paying back?

Any advice would be much appreciated :blush:

Hi @lilli!

Everyone should have access to their student loan account, though the website regularly doesnā€™t work.

It generates a PDF statement once a year, though that may be about to change.

From the latest statement and the interest rates, itā€™s not too hard to work out.

Thank you @Gaoler !

I never seem to receive that statement :thinking: Maybe they have the wrong address. Is there a maximum you can pay per month or does it just increase as your salary increases?

You can pay however much you wantā€¦

Most should just pay minimum.

The minimum will be taken via PAYE or self assessment.

If you want to pay it off, youā€™ll need to call up and get a redemption figure, which is only valid same day.

Sorry I didnā€™t explain my question very well! I seem to be paying quite a lot compared to some of my friends so I was wondering if you can cap how much you pay? Can I say I only want to pay X amount per month?

I have 40k of debt. :laughing:

That comes from 4 years of studies at Uni of Manchester. I was ā€œluckyā€ I wasnā€™t eligible for living costs otherwise it would have probably been 55k.

When we started one of our original ideas was to bring student loans to Emma. Itā€™s not even that difficult, but we havenā€™t found the right time yet. :wink:

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Neither does my partner, i hate to actually think how much she has outstandingā€¦

I canā€™t remember the rules but it would be nice if it magically got wiped away, i vaguely remember if you become a teacher or after a certain amount of years.

The amount is based entirely on your income and the scheme in place when you were studying. No way to avoid the minimum, Iā€™m afraid

So annoying :sob: The more you earn these days the more getā€™s taken off you, itā€™s not worth getting a pay rise these days :joy:

After 30 years your student loan gets wiped off. There used to be a rule where if you moved to another country for X amount of years it would get wiped as well but I donā€™t think that exists anymore.

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Until you pay it off, at which point you get a bumper pay rise!

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Bringing visibility of my student loan to Emma would be immense.

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I think the same, but it never really updates?

But it means thereā€™s one less thing to worry about/check.

Emma could truly become the financial management hub for a user.

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Yes, thatā€™s true.

Itā€™s actually fairly easy to get and we could build it in-house; but we havenā€™t found the time yet. :stuck_out_tongue:

Go on, Edoardo.

Give us at least one new integration this month! :wink:

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Ahaha, the US is a nightmare, we are getting that ready and should be able to ship Splitting Transactions next week.

Sadly not or Iā€™d cap mine at 0 in advance and wait for it to be wiped in 30 years. Iā€™m currently in at 9k from one year of study at Gloucestershire University.

Please do this :heart_eyes: donā€™t count it with the other debt though, count it separately as it isnā€™t a ā€˜realā€™ debt (i.e one that can ruin your financial status by not repaying)

Perhaps Emma could actually offer their own finance to expand on their revenue streams in the future? You donā€™t need to be a bank to lend - just to be a deposit taker!

Would actually have an absolutely banging product if you could do student loans across borders too. Say if I wanted to study in the US at the minute Iā€™d have to find a co-signer of which I wouldnā€™t want to put that financial pressure on.

But if Emma were to establish companies in the US and UK and offer student loans in the UK they could repossess my assets here assuming I didnā€™t repay in due course.

It would be a great idea but obviously very costly!

:eyes: if you could find it Iā€™ll have a reason to go and shill Emma :wink:

Haha that would be the dream! Iā€™m sure there used to be a rule if you lived in another country for a certain amount of years they would wipe it.

It used to be 3-5 years if I remember correctly.

I was planning on abusing it actually but then I looked and it didnā€™t apply to me :sweat_smile: in fact, if you leave the UK for 3 months youā€™re required to inform SLC or risk being asked to pay it back all in full!

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