A Part of Being A Student.... (Student Loans Co.)

Member Name: catatonic

Product:	Student Loans Co.
Date:	21/08/00 (229 review reads)
Rating:

Advantages: Freindly, helpful and efficient.

Disadvantages: The Telephone Operators are Scottish - I couldn't understand a word they said!!

Unfortunately student loans are a necessity unless you have rich parents willing to subsidise your course or have a wonderful get rich quick scheme by which you can rake in a fortune without putting in any work ( If it's the latter then please let me know your secret!! )

For me applying for my student loan was top priority! Queuing outside the advisors office ( something all newbies were subjected to! ) I duly crossed the formalities, basically a 'do u need this?' answer: 'Yes I do!!!' and completed the form. That done I kissed my application goodbye and joined my fellow students in debating over which of the 'I don't need this' gang would crack first!!!

I'm actually quite impressed with the Student Loans Company. The forms are relatively simple to complete and are processed remarkably quickly considering just how many they have to deal with ( having claimed in September I usually received payment by early October )You have the option of having your payments staggered ( nice in principle! ) or deposited in a nice juicy lump sum... guess which I went for?!!

Of course I spent each of mine within about 10 minutes of getting it. My first cleared my overdraft ( As a mature student I already had one!! ) my second bought me a PC ( my wisest ever move - by the second year it's either a case of live at college, spend ungodly hours around a friends or get one!! ) and the third saved me from leaving in total debt! )

Then of course you leave and start thinking about paying it all back! Well don't panic!!!! It's not as bad as it seems. Firstly interest rates are low, so even though those three student loans look a lot of money they don't increase quite as radically as you expect them to! Secondly repayments only start the April after you graduate ( buying you at least a year's grace ) and thirdly if you can't afford it you won't be paying anything back at all.

I left Univ
ersity two years ago and thus far am no where near earning the amount of money that would put me in line for repayments. What's more the deferment form was amazingly simple! One little piece of paper!!! requiring little more than a declaration and a signature.

A word of warning though! My brother-in-law decided to high tail it off to warmer climes and neglected to notify the Student loans Company of his new address! Result? He missed the deferment date and has had to start repayments even though he can't afford them! Also my deferment forms went astray in the post - luckily for me I was on the ball and phoned them to query where they were!

The moral to this tale is simple! Don't be afraid to take what you need ( If you plan on applying for the Access fund you must have taken this first anyway! ) You won't find yourself paying anything back until you can afford to and provided you keep in touch your experience with this company should be a positive one.

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