Today is a great day

[Em Dott]

Congrats.The overpayment thing is a scam. Everybody overpays. Think of the interest they make on those overpayments. Techincally that is your interest. It's a minor amount to you but they're making serious profits from money they effectively stole from you. And they can claim it's not intentional but it's gross negligence to not have a system in place to stop people from paying when they've finished. It's not a difficult task yet they seem happily incapable.

How is the interest calculated on loan repayments? Monthly or annually?And Streets, when you say questioned them do you mean hot them up because you suspected overpaying or actually just happen to ask because you had no idea?

[Flojo]

Congrats.The overpayment thing is a scam. Everybody overpays. Think of the interest they make on those overpayments. Techincally that is your interest. It's a minor amount to you but they're making serious profits from money they effectively stole from you. And they can claim it's not intentional but it's gross negligence to not have a system in place to stop people from paying when they've finished. It's not a difficult task yet they seem happily incapable.

True but taking into consideration the debt only rises at the rate of inflation I'd say it's not that bad.

[Mr. Martinez]

Couple people have told me if you move away from Britain for 15 years, you don't have to pay your debt. Are these hood myths?

[Realz.]

ain't that a bitch!

[A Bit Better]

Congrats.The overpayment thing is a scam. Everybody overpays. Think of the interest they make on those overpayments. Techincally that is your interest. It's a minor amount to you but they're making serious profits from money they effectively stole from you. And they can claim it's not intentional but it's gross negligence to not have a system in place to stop people from paying when they've finished. It's not a difficult task yet they seem happily incapable.

True but taking into consideration the debt only rises at the rate of inflation I'd say it's not that bad.

I'm not talking about the interest they take off you... They repay all of the extra they take off you. But imagine they take £1000 too much off you. They take about a year to pay it back (which is actually the case), if they invested that and got 10% back, then when they give you your £1000 they've made £100 from their "mistake". Over 200,000 enter the job market every year. Let's be conservative and say half took out student loans and for simplicity, let's say they all finish paying off their loans the same year. If they do that nonsense to everyone then the student loan company makes 100,000 x £100 = £10m off this little "mistake". That's just for ONE year's worth of graduates.It's a ridiculous scam and their auditors should be hung beside them.

[streets.]

Streets, when you say questioned them do you mean hot them up because you suspected overpaying or actually just happen to ask because you had no idea?

I remember doing the maths about a year ago and working out I had about 20 payments left to make. Then forgot all about it until a few weeks back when I called them.Interesting news article released today coincidently - http://news.bbc.co.uk/1/hi/education/8205539.stm

[Flojo]

Congrats.The overpayment thing is a scam. Everybody overpays. Think of the interest they make on those overpayments. Techincally that is your interest. It's a minor amount to you but they're making serious profits from money they effectively stole from you. And they can claim it's not intentional but it's gross negligence to not have a system in place to stop people from paying when they've finished. It's not a difficult task yet they seem happily incapable.

True but taking into consideration the debt only rises at the rate of inflation I'd say it's not that bad.

I'm not talking about the interest they take off you... They repay all of the extra they take off you. But imagine they take £1000 too much off you. They take about a year to pay it back (which is actually the case), if they invested that and got 10% back, then when they give you your £1000 they've made £100 from their "mistake". Over 200,000 enter the job market every year. Let's be conservative and say half took out student loans and for simplicity, let's say they all finish paying off their loans the same year. If they do that nonsense to everyone then the student loan company makes 100,000 x £100 = £10m off this little "mistake". That's just for ONE year's worth of graduates.It's a ridiculous scam and their auditors should be hung beside them.

I know what you're talking about its just that taking everything into consideration like how low the interest late is on what you pay back I wouldn't begrudge them the raise they make from people overpaying and them getting the interest.

[Em Dott]

"There should be better information, advice and guidance about student finance on university websites and in their prospectuses," he said.

C/SIn fact, from college and Sixth Form level, they need to actually be concerned with only encouraging students taking certain subjects or interested in taking certain subjects to go to Uni. I honestly don't see how some teachers will just push any student to go and pick anything without really sitting down and talking to them about whether or not they really need to go and do it.