The Student Loans Company………thiefs!
June 2, 2008
Well well well, for a company who specialize in Maths, and who deal with millions of pounds a day, the SLC UK have made a pretty serious boo-boo in my opinion. Albeit my abililty in Maths isn’t that great, even I was able to fathom out my Student Debt conundrum…..here goes:-
Amount left to pay +/- £14,000
Monthly Payments £15
Monthly Interest £50
Ok, here’s the interesting part, the lovely lady at SLC UK told me that Student Debt gets cleared at 60, wiped clean so to speak, good good. So, I have 36 years left until I turn 60.
50 x 12 (12 months in a year) = £600 600 POUNDS A YEAR IN INTEREST ALONE!!!!!
15 X 12 (Months in a year of course) = £180 I’m starting to detect an error….
600 x 36 (years left until I reach 60) = £21,600
180 x 36 = £6480 Ok, now I’m laughing/concerned
And the best part….
14,000 My Student Debt so far
+ 21,600 36 years of interest @ £50 per month
= 35,600
- 6,480 Amount that I will have paid back by the time I turn 60
= £29,120 This is the amount of Student Debt I will have when I turn 60, lets just hope they do as it says on the tin and wipe it off at 60, because if not, I’m going to be super poor! Maybe I should have thought about this more before I decided to do a degree….definitely something to think about…xxx
at least if you have something to look forward to when you’re 60? here in the states, they’ll keep pursuing you and pursuing you until you pay every damn cent. grrrr.