thesis servicing loan written off

Some answers to questions you may have

Annual statements.

Annual Statements are sent out in September of each year to the address we hold for you. This is one of the reasons why it is important to let us know in case your contact details change.

The statement will cover the period from the preceding September to August of the current year. The statement lists transactions during the period in question, the applicable interest rate, and the balance outstanding – including any arrears. It is important to note that the statement is for information purposes and not a demand for payment.

Change of circumstance

Should there be a change of circumstance – including name or address change – please send us the revised details, writing to the address listed in the Contacts page. If you are unable to make your repayments as a result of a change in circumstance, please call us on 0333 004 5045 to discuss the situation in more detail.

If, at any time, your income drops below the threshold level established for loan repayments by the Government and you wish to apply to defer your payments, please contact us on 0333 004 5045. The income threshold for the 2023-2024 academic year is £38,255 (equivalent to £3,187.91 per month).

Please note that deferment can be backdated up to three months, at our discretion, which means that three or less payments might not be classified as arrears if your deferral application is accepted by the Student Loans Company.

In order to handle your complaint as quickly and effectively as possible, please contact us on 0333 004 5045. Should you want to take matters further, please send your written complaint to:

Thesis Servicing PO Box 141 Caerphilly CF83 9BX

We will issue a complaint form for you to complete and return, in line with our complaints procedure, which is available on request.

Data Request

If you require reprints of previously received documents under s77/78 of the Consumer Credit Act 1974, please send a cheque payable to Thesis Servicing for the following amounts:

Copies of original loan agreements: £1

Annual Statement reprints: £1

You are able to make a Data Subject Access Request for access to your personal data and we will not charge you for this request. However, we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive.   We will respond within one month. If your request is particularly complex or you have made a number of requests, we may extend this period by a further two calendar months and we shall explain our reasons.

Please note that we may ask you to provide us with additional documentation to verify your identity before we action your request. This is to ensure we are dealing with the correct individual and also for Anti-Money Laundering purposes. We will tell you when we ask for your information whether it is a statutory or contractual requirement to give us the information and the consequences of not providing the information.

You can make your request in writing to Thesis Servicing, Po Box 141, Caerphilly, CF83 9BX.   Alternatively you may call us on 03330 045045.

Each year, the Government establishes an income threshold, below which student loan repayments can be deferred by (repeated) one-year periods. Deferment acceptance decisions are taken by the Student Loans Company upon application and a new application is required for each 12-month period.

The income threshold for deferment is set each year at 85% of average national earnings. The income threshold for the 2023-2024 academic year is £38,255 (equivalent to £3,187.91 per month).

The calculation is made on a gross basis and includes most types of income, such as salary, bonus payments, rental income and certain social security benefits. Only the applicant’s income is taken into account.

Please note that if you are providing financial evidence in currency other than sterling, the Student Loans Company use the HMRC exchange rate mechanism when assessing threshold eligibility.

If you are currently not in deferment and would like to make a deferment application, please contact us on 0333 004 5045. Applications for deferment can be made at any time. You can request a deferment form that needs to be sent back to the Student Loans Company, together with various documents listed on the form. Please note that deferment does not become effective until confirmed by the Student Loans Company. Scheduled monthly repayments continue to be due until your application has been accepted. Interest charges will continue to accrue in deferment.

If you are currently in deferment, a renewal form will be sent to you eight weeks before the end of the deferment period. If you have not received it four weeks before the end of your deferment period, please contact us to request a form.

Deferment application advice

Your application should include your completed deferment form and photocopies of your evidence – do not send original copies as they will not be returned. You need to provide proof of your income for the last 3 months including any benefit payments. All evidence provided must clearly show your name to confirm you as the recipient. Acceptable documentation to support your application includes:

Income from Employment:

• Payslips for the last 3 months (all employment frequencies) – photocopies only – do not send originals. The Student Loans Company cannot accept handwritten payslips.
• Signed and Dated Employer Letter on company headed paper confirming gross income for the last 3 months.
• If you are self-employed, you can provide a copy of your latest Tax Submission (from previous January).  Online tax returns should be 100% complete and have been submitted.  If you are within the first year of self-employment, a copy of your Unique Taxpayer Reference letter or HMRC Registration letter and a letter from your accountant or a copy of your financial accounts to show net profit are required. Further information can be found in Section 1 of the notes provided with your deferment pack.

Income from State Benefits:

• A copy of your most recent benefit award letter, dated within last 12 months.
• A copy of your Bank statement to show benefits credited to your account.
• Further information and a list of excluded benefits can be found in Section 2 of the notes provided with your deferment pack.

Other Means of support:

This section only needs to be completed if you are receiving an income from any other source other than the income referred to in sections 1 or 2. If you have an income from any of the other sources please refer to Section 3 of the notes included with your deferment pack for information on what you can provide; please send photocopies of the documents included with your application. For example:

• Third Party Support – signed and dated letter from the person who supports you which states that the level of support received does not exceed the monthly deferment threshold value as stated above.
• Income from savings – If you are living off an income from savings please provide a bank statement to show sufficient balance to support your financial commitments with an accompanying letter confirming that the balance is your only source of income.
• Maintenance Payments – copy of the maintenance agreement letter confirming the amount of support provided by the person making the payment to you.
• Send photocopied evidence only, not originals
• Remember to sign and date your application
• Ensure you return the form to the Student Loans Company, using the enclosed envelope

Disabled customers

You may be eligible for allowances to be deducted from your gross income for the regular income assessment purpose. Please contact us to discuss this process and to obtain the corresponding documentation.

Interest Rate

Interest is linked to the rate of inflation and is adjusted each year in line with the Retail Price Index (RPI), based on the position in March.  We will be advised of any changes to the interest by the Government’s Department for Education (DfE) and we will inform you of the changes and how this will affect your monthly repayments.  The rate based on the position in March is applicable from 1st September until 31st August the following year.  The interest is calculated daily at the appropriate rate from the day the loan commenced.  Interest is applied to the account on a monthly basis.

As from 1st September 2023 until 31st August 2024 the new interest rate to be applied to all loans currently serviced by Thesis Servicing will be 13.5%, as interest is linked solely to the RPI. The new interest rate is defined as the RPI for March 2023. Interest will continue to be applied to accounts during any period of deferment.

Each September following the application of the new interest rate, all accounts in a repayment status will receive a new monthly repayment amount for the new 12 month period.  This amount is calculated taking into account the remaining balance and term of the loan and the interest that will be accrued during the same period against the new rate.

Missed payments

Should you have missed a payment, it is essential that you contact us immediately on 0333 004 5045 to discuss the situation. It is important that any arrears are cleared as soon as possible and our team can advise you how to do so.

If your income is below the threshold level determined yearly by the Government – 85% of the national average income – you might be eligible for deferment. If your application is accepted by the Student Loans Company, deferments can be backdated for up to three months, at our discretion. This could bring your account out of arrears.

How to contact us

You can contact us by phone: 0333 004 5045

Calls may be monitored or recorded for staff training, quality and security purposes.

For general enquiries, address changes or customer information updates, deferment enquiries and to make monthly payments. We can be contacted Monday to Thursday 8.00am – 8.00pm, Friday 8.00am to 5.00pm, Saturday 9.00am – 2.00pm, Sundays and Bank Holidays: closed.

Overseas customers

Customers living abroad have the same contractual obligations as UK-based customers in respect to student loan repayments. In case you have not got a permanent UK address, your contact details abroad or a temporary UK mailing address need to be provided. If you still hold a UK bank account, we advise to set up a direct debit or standing order from this account to carry out your regular payments. Alternative methods of payment are UK cheques, international bank transfers, international money orders and payments by debit or credit card. Please note that it is not possible to set up direct debits or standing orders from a bank account outside the UK.

From abroad, you can contact us by:

Phone: +44 2920 808 684 Mail: [email protected]

Our international account details are as follows:

IBAN No: GB50 MIDL 4005 3014 2199 10 BIC: MIDLGB22

Please send your payment to LFO No8 and remember to quote your account reference number when making payments..

Please note that, if paying by cheque in foreign currency, any charges incurred in converting the payment to sterling will be deducted from the amount credited to your account.

Payment Terms

If you have up to four student loans, you are scheduled to repay in 60 monthly installments. Five or more loans are repaid over 84 months. When you commence repayment, a maturity date is calculated at which your loan is scheduled to be paid off. Should you subsequently be accepted for deferral, the maturity date will move accordingly.

Repayment Methods

We offer a wide range of payment options, including:

Direct debit: Please contact us on 0333 004 5045 to set up a direct debit facility. Please note that this can take up to ten days. Once set up, payments will be made automatically on the specified due date.

Standing order: Made payable to LFO No8, sort code 40-05-30, account number 14219910. Please quote a customer reference number which can be any one of the loan account numbers administered by Thesis Servicing.

Cheques / postal orders: Please make your cheque / postal order payable to Thesis Servicing, quoting your reference number, and send it to Thesis Servicing, PO Box 141, Caerphilly, CF83 9BX.

Debit Card Payments: You can make a card payment online or with one of our account officers by calling 0333 004 5045.

Bank transfer: Please send your payment to LFO No8, sort code: 40-05-30, account number 14219910, quoting a customer reference number, which can be any one of the loan account numbers administered by Thesis Servicing.

Internet payments: Recipient: LFO No8 Sort Code: 40-05-30 Account Number: 14219910 Payment Reference: Please quote your account number

From abroad: IBAN No: GB50 MIDL 4005 3014 2199 10 / BIC: MIDLGB22 Please send your payment to LFO No8, quoting your account reference number.

Please note: if you are making payments for more than one loan account, please make individual payments per account.

Third party access and payments

In accordance with the Data Protection Act, we are unable to discuss your account with any other person, unless you have authorised us to do so. You might want to nominate someone else (for example, a family member or friend) to communicate with us on your behalf, especially if you are not contactable for a period of time. Please call 0333 004 5045 to arrange third party access.

We can accept payments made by third parties into your account, providing that your name and account number is communicated when the payment is made. Payments can be made via all repayment methods we offer.

Refund process

If you believe you have made an incorrect payment online or via our automated telephone service, please contact us on 03330 045 045 and we will investigate and where applicable refund the incorrect payment.

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Repaying student loans (Scotland)

This fact sheet covers  Scotland .  We also have a version for  England & Wales  if you need it.

Use this fact sheet to:

• work out when you might have to make payments to your student loan;
• understand what happens if you have student loan arrears; and
• work out whether your student loan may be written off.

Student loans help to pay for the cost of your university tuition fees and living costs. The type of help, and how much you can get, depends on when you started your university course. The rules around when they need to be repaid and your options if you can’t afford to pay are different depending on whether you took out your student loan before September 1998 , or from September 1998 onwards.

New-style student loans

Student loans taken out from September 1998 onwards are sometimes called ‘new-style’, or ‘income contingent’ student loans. What type of help and how much you can get depends on:

• when you started your university course;
• whether you are a full or part-time student;
• whether you live in England or Wales;
• the type of course you are studying; and
• your personal circumstances.

For more information about the type of help you can get and how to apply, see the Student Awards Agency Scotland website www.saas.gov.uk .

Apply as soon as possible

Don't wait until you have confirmed your place or started your studies before applying for funding. The earlier you apply the more likely it is that you will receive your first loan or grant payment in time for the start of term. Remember you will need to reapply for each year of study.

Repaying your new-style student loan

You are not expected to make repayments on a new-style student loan until the April after you graduate. Even then, you will only begin repayments if you earn over a certain amount (your ‘income threshold’).

If you started your course from September 1998 onwards

For students starting their course from September 1998 onwards, the income threshold is:

• £31,395 per year; or
• £2,616.25 per month; or
• £603.75 per week.

The amount you pay towards your loan is 9% of the difference between your actual income and the income threshold.

How to work out repayments

• Refat earns £35,000 per year.
• This is £3,605 more than the £31,395 threshold.
• 9% of £3,605 is £324.45 .
• Refat will repay £324.45 per year, as long as she stays on the same salary.

Your repayments will usually be collected by HM Revenue & Customs (HMRC) through your employer. This means the money will be taken from your wages before you get them.

Interest on the amount you owe is linked to inflation. The amount of interest you will pay can go up and down and will be applied for as long as the loan lasts. The Student Awards Agency Scotland will have the most up to date information about rates of interest. See Useful contacts at the end of this fact sheet.

If you are not part of Pay As You Earn (PAYE)

• If you are self-employed, you will repay your loan through your self-assessment tax returns.
• If you are outside the UK tax system, you will have to repay the Student Loans Company directly.

Can my loan be written off?

Any loan you still owe 30 years after your repayments were due will be written off. Also, if you can prove you are permanently unfit to work, your loan may be written off. Contact us for advice if you think your loan should have been written off but has not been.

Student loans taken out before 1 September 1998

What is a fixed-term student loan.

Fixed-term student loans were introduced by the Student Loans Company (SLC) in 1990 . They were replaced by the new-style ‘income contingent’ student loan system in 1998 . They are sometimes known as ‘old-style’ or mortgage-style’ student loans. Although they were originally looked after by the SLC, these pre-September 1998 loans were later sold to three private sector companies: Erudio Student Loans, Honours Student Loans and Thesis Servicing.

If you were a student and took out a loan to study between 1990 and 1997 , it is likely you have this type of loan. It is important to understand which type of loan you have, as the rules about interest and repayments are different.

The interest charged on your loan is linked to the rate of inflation and adjusted in line with the retail price index (RPI).

Interest is calculated daily from the date your loan started and is added to your account at the end of each month. You can find the latest information on the interest rate you need to pay on GOV.UK .

Repayments would usually have been due in the April following your graduation.

The SLC should have written to you in the February after graduation to warn you that repayments would soon be due.

Repayments were usually made over five years by monthly direct debit, unless you deferred or fell behind with payments. The monthly repayment is worked out by dividing the total amount borrowed, plus interest (based on the rate if inflation), by the total number of months over which you will repay.

Old-style student loans are regulated by the Consumer Credit Act 1974 . This means that you should expect to receive any letters that are required to be sent under the Act, as they would with other fixed-term loans.

This also means that if you default on a fixed-term student loan, enforcement would be carried out in the Sheriff Court, in the same way as any other CCA-regulated loan agreement. The collection company would need to obtain a decree, which they could then enforce if you don’t pay.

Updating SLC

It is important to keep the SLC informed of your current address and tell them if you change bank account.

Deferring your loan

If you earn under a certain amount, you may be able to defer your student loan repayments. ‘Deferment’ means postponing your student loan repayments for a period of 12 months .

Am I eligible to defer?

Repayments can be deferred for a year at a time if your income is below the threshold, which is set at 85% of the national average earnings.

Under the rules in place from 1 September 2023 to 31 August 2024 , this means that if your gross income is £3,187.92 or less per month (equivalent to £38,255 per year), you may be eligible to apply for deferment. Your gross income is the amount you earn before any deductions (such as Income Tax or National Insurance) are taken from your pay.

How to apply for deferment

You need to complete and return an application form to apply for deferment. The application form you complete and where you send this back to will depend on which company is dealing with your student loan.

Your student loan will be dealt with by one of the following companies:

• Erudio Student Loans;
• Thesis Servicing; or
• Honours Student Loans.

See Useful contacts at the end of this fact sheet for details of how to contact your company.

You will need to provide proof of your gross income, or evidence of how your living costs are covered if you aren’t employed or receiving benefits. Only your income is taken into account you do not need to provide income details of your spouse, partner, parents or any other relatives.

If you are not sure which company is dealing with your student loan, contact us for advice.

Evidence required for deferment

Different forms of evidence will be required depending on your situation. For example, wage slips, a benefit letter or confirmation that are you are still a student. Check with the company dealing with your loan about what they require.

When to keep making payments

Until you get written confirmation that your deferment has been accepted, you should continue to make the repayments. If you pay by direct debit, this will be suspended automatically once your deferment has been accepted. If you can’t make the normal repayment, contact us for advice.

Once your repayments have been deferred

Your repayments will be deferred for a period of 12 months . During this time, you will continue to be charged interest on your outstanding balance.

You will receive a letter just before your deferment period is due to end to tell you when your repayments are due to start again and how much they will be. You will also be given the opportunity to apply for a further 12 month deferment at that time.

If you are behind on repayments

Your liability to repay your loan cannot be cancelled if you are behind on any repayments on your student loan. It may be worth seeing if a charity or trust fund will help you to clear your arrears if they are fairly small. Search for organisations at www.turn2us.org.uk

Under certain circumstances your liability to repay your loan may be cancelled.

For example, providing you haven’t defaulted, your loan may be cancelled if:

you were under the age of 40 when your last agreement for a student loan was made and you reach the age of 50 ;

you were aged 40 when your last agreement for a student loan was made and you reach the age of 60 ; or

your last agreement for a student loan has been outstanding for 25 years .

If you are permanently unfit for work and can provide evidence that you receive a disability related benefit, your liability to repay your loan may also be cancelled.

Student loan arrears

If you do not defer payments and a payment or payments are missed, the company dealing with your student loan will start recovery action. They may pass the debt to collection agents. Debt collectors are not sheriff officers and have no power to enter your home.

They could also apply to recover the debt through the Sheriff Court. If they do this, your credit rating will be affected and you also risk further enforcement action, such as sheriff officers or an earnings arrestment. If you are being threatened with court action, contact us for advice.

Try to avoid court action by contacting the company dealing with your student loan as soon as possible if you have missed a payment, or you have forgotten to defer. See Useful contacts at the end of this fact sheet.

You can find more information on our Sheriff court action fact sheet .

Credit reference agencies

Unless you have deferred payments or are keeping to a repayment arrangement, after 28 days your account will be registered with a credit reference agency. The company dealing with your student loan can agree not to register your details if you have special circumstances.

You will find it harder to get credit, such as a mortgage, if there is information about arrears on your file. You can check what is on your file and, in some circumstances, ask the credit reference agency to add a note. See our Credit reference agencies fact sheet for more information.

Bankruptcy and trust deeds

Student loans are not included in bankruptcy or trust deeds. This means your student loan would not be written off by either of these forms of insolvency.

Useful contacts

Student Awards Agency For Scotland (SAAS) For loan and bursary information and applications. Phone: 0300 555 0505 www.saas.gov.uk

Student Loans Company For loan repayments. Phone: 0300 100 0611 www.slc.co.uk

National Association of Student Money Advisers (NASMA) For information, advice and signposting on student money matters. www.nasma.org.uk

National Union of Students (NUS) Information and advice on all aspects of being a student. www.nus.org.uk 

Turn2us For benefit entitlement checks and charitable grants information. www.turn2us.org.uk

TV Licensing www.tvlicensing.co.uk

UK Council for International Student Affairs Information, advice and signposting for international students studying in the UK. Phone: 020 7788 9214 www.ukcisa.org.uk

Erudio Student Loans Phone: 0333 033 7188 www.erudiostudentloans.co.uk

Honours Student Loans Phone: 0333 033 7257 www.hsloans.co.uk

Thesis Servicing Phone: 0333 004 5045 www.thesis-servicing.co.uk

Other fact sheets that may help you

Credit reference agencies fact sheet

Sheriff court action fact sheet

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• Education and learning
• Student finance

Repaying your student loan

When your student loan gets written off or cancelled.

When your student loan gets written off depends on which repayment plan you’re on .

If you’re a full-time student from Wales, you may be able to get £1,500 of your Maintenance Loan written off .

When Plan 1 loans get written off

When your Plan 1 loan gets written off depends on when you were paid the first loan for your course.

If you were paid the first loan on or after 1 September 2006

The loans for your course will be written off 25 years after the April you were first due to repay.

If you were paid the first loan before 1 September 2006

The loans for your course will be written off when you’re 65.

When Plan 2 loans get written off

Plan 2 loans are written off 30 years after the April you were first due to repay.

When Plan 4 loans get written off

When your Plan 4 loan gets written off depends on when you were paid the first loan for your course.

If you were paid the first loan on or after 1 August 2007

The loans for your course will be written off 30 years after the April you were first due to repay.

If you were paid the first loan before 1 August 2007

The loans for your course will be written off when you’re 65, or 30 years after the April you were first due to repay – whichever comes first.

When Plan 5 loans get written off

Plan 5 loans are written off 40 years after the April you were first due to repay.

When Postgraduate Loans get written off

If you’re a student from England or Wales, your Postgraduate Loan will be written off 30 years after the April you were first due to repay.

If you’re a postgraduate student from Northern Ireland, you’re on Plan 1.

If you’re a postgraduate student from Scotland, you’re on Plan 4.

If someone with a student loan dies

The Student Loans Company ( SLC ) will cancel the person’s student loan.

You need to let SLC know that the person has died and provide evidence (for example an original death certificate), as well as the person’s Customer Reference Number.

If you can no longer work because of illness or disability

SLC may be able to cancel your loan if you claim certain disability benefits . You’ll need to provide evidence (for example a letter from the benefits agency) and your Customer Reference Number.

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Pre 1998 mortgage style loans

karen lane made this Freedom of Information request to Student Loans Company Limited This request has been closed to new correspondence . Contact us if you think it should be reopened.

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Response to this request is long overdue . By law, under all circumstances, Student Loans Company Limited should have responded by now ( details ). You can complain by requesting an internal review .

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Dear Student Loans Company Limited,

I have 3 student loans pre 1998, having reached my 50th birthday this August 2017, I have received a letter from SLC asking for payments. My understanding is that these mortgage loans are written off upon the age of 50. I am correct in my understanding and how do I go about this.

Yours faithfully

Dear Ms Lane

Thank you for your email dated 04/09/2017.

Your request is being considered under the terms of the Freedom of Information Act 2000 (“FOIA”).

Your request has been allocated reference 169-17.

We will respond to you under the terms of the FOIA and within 20 working days.

We will contact you further for clarification of your request if this is considered necessary.  

Yours sincerely

Louise Chapman | Legal Executive Student Loans Company 100 Bothwell Street, Glasgow G2 7JD e: 32080  t: 0141 306 2080

[1]www.slc.co.uk Follow us at [2]Twitter/SLCcomms for the latest corporate news and updates References

Visible links 1. file:///tmp/www.slc.co.uk 2. file:///tmp/www.Twitter.com/SLCcomms

I refer to your recent email dated 04/09/2017 requesting the following information:

“I have 3 student loans pre 1998, having reached my 50th birthday this  August 2017, I have received a letter from SLC asking for payments. My understanding is that these mortgage loans are written off upon the age of 50. I am correct in my understanding and how do I go about this.”

I am treating your email as a request for information under the Freedom of Information Act 2000 (“FOIA”).

Mortgage Style (“MS”) loans were available to Higher Education students who started their course before September 1998.  

The age cancellations provisions applicable to MS loans are statutory loan terms and can be found in the following Regulations:

·        Regulation 7 and paragraph 12 of Schedule 2 to the Education (Student Loans) Regulations 1998 ([1] http://www.legislation.gov.uk/uksi/1998/... ), as amended; and ·        Regulation 7 and paragraph 12 of Schedule 2 to the Education (Student Loans) Regulations (Northern Ireland) 1998 ([2] http://www.legislation.gov.uk/nisr/1998/... )

A summary of the MS loan cancellation rules can be found on archived pages of the SLC repayment website at the following link:

[3] https://web.archive.org/web/201203142143...

As you will see, there are different age cancellations depending on the age of a borrower when the last MS loan was taken out.

Please note that MS loans will not be cancelled under the age cancellation provisions in the event that a borrower is in breach of any obligation to repay any student loan they have taken out.  

Student Loans Company Limited (“SLC”) no longer owns MS loans, therefore any borrower who believes that their MS loan should be written off under the age cancellations provisions should contact the relevant debt owner directly:

·        Thesis Servicing - [4] https://www.thesis-servicing.co.uk/conta...

·        Honours Student Loans Limited - [5] http://www.hsloans.co.uk/contact/

·        Erudio Student Loans Limited - [6] http://www.erudiostudentloans.co.uk/cont...

Internal review process

If you are dissatisfied with the handling of your request, you have the right to ask for an internal review.

Internal review requests should be submitted within two months of the date of receipt of the response to your original request and should be addressed to the Freedom of Information Office, Student Loans Company Limited, 100 Bothwell Street, Glasgow, G2 7JD,   Email: [SLC request email].  Please remember to quote the reference number above in any future communications.

If you are not content with the outcome of the internal review, you have the right to apply directly to the Information Commissioner for a decision.  The Information Commissioner can be contacted at:

Information Commissioner's Office Wycliffe House   Water Lane   Wilmslow   Cheshire   SK9 5AF

[7]www.slc.co.uk Follow us at [8]Twitter/SLCcomms for the latest corporate news and updates References

Visible links 1. http://www.legislation.gov.uk/uksi/1998/... 2. http://www.legislation.gov.uk/nisr/1998/... 3. https://web.archive.org/web/201203142143... 4. https://www.thesis-servicing.co.uk/conta... 5. http://www.hsloans.co.uk/contact/ 6. http://www.erudiostudentloans.co.uk/cont... 7. file:///tmp/www.slc.co.uk 8. file:///tmp/www.Twitter.com/SLCcomms

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Should you pause paying student loans here are some pros and cons.

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The Pros and Cons of Pausing Student Loan Payments

Navigating student loans can be daunting, particularly when financial circumstances hinder your ability to make consistent payments. Many borrowers consider pausing their student loan payments through deferment or forbearance during financial uncertainty. Before temporarily halting your loan payments, consider the pros and cons carefully.

Overview Of Payment Pause Options

Deferment and forbearance are two mechanisms loan servicers provide that allow borrowers to temporarily suspend or reduce their monthly loan payments under specific circumstances.

Deferment is when payments are postponed due to certain life events or conditions. Common reasons include enrollment in higher education programs, military service, unemployment, or experiencing economic hardship.

During deferment, the government may pay the interest on subsidized loans, meaning the loan balance does not increase, which can provide significant financial relief.

On the other hand, with forbearance, interest typically continues to accumulate on both subsidized and unsubsidized loans. It is generally easier to qualify for than deferment and is often granted at the lender’s discretion or due to illness or financial hardship when other qualifiers are not met.

Applying for either option requires contacting your loan servicer, providing the necessary documentation, and potentially getting approval. Understanding the terms, conditions, and effects on your overall financial well-being is essential before proceeding.

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Temporarily stopping payments can be particularly beneficial when facing unexpected financial challenges. You eliminate a significant monthly expense, allowing you to reallocate funds where they are more urgently needed, whether towards living expenses, medical bills, or other debts.

Additionally, it helps avoid the accumulation of fees or penalties that often come with missed payments.

Flexibility

For those returning to school, changing careers, or starting a business, pausing payments can free up resources that can be invested in these new ventures, potentially leading to better income opportunities in the future.

Furthermore, the pause in payments enables you to reassess and possibly restructure your finances, whether it’s building an emergency fund, paying down high-interest debt, or saving for a down payment on a home. This can lead to a more strategic approach to managing both short-term challenges and long-term aspirations.

No Direct Credit Score Impact

Officially pausing payments does not negatively impact your credit score. When you defer payments or enter into forbearance with the approval of your loan servicer, your loan status is reported as current, rather than delinquent.

This status can help maintain or protect your credit score during the pause period.

Peace Of Mind

The stress and anxiety associated with mounting bills can be overwhelming, particularly when faced with an uncertain income. Having the ability to defer these payments can alleviate immediate financial pressures, reduce stress, and improve overall mental health.

This psychological relief is crucial as it allows you to focus on resolving your financial issues without the constant worry of accruing debt. This can lead to better decision-making and a more optimistic outlook.

Cons Of Pausing Student Loan Payments

Accrued interest.

For most loans, especially unsubsidized loans and all loans under forbearance, interest will continue to accrue during the pause. If this interest is not paid, it may capitalize, meaning it is added to the principal amount.

Capitalization can significantly increase the total amount paid over the life of the loan because you will eventually pay interest on a higher principal amount.

Extended Repayment Period

Pausing payments naturally extends the duration of the loan unless compensatory allocations are made later. It can delay your ability to achieve other financial milestones, such as investing in property, contributing to retirement savings, or funding educational expenses for your children.

Being in debt longer may also limit long-term financial flexibility, affecting your ability to take on new financial commitments or leverage opportunities that require sound financial standing.

Thus, while pausing payments can provide necessary relief in the short term, it may also constrain financial progress and opportunities in the longer term.

Difficulty Restarting Payments

The transition back into regular payments can be challenging after a long pause, especially if your financial situation hasn’t significantly improved.

Borrowers often adjust their budget to accommodate immediate financial needs, which can make it difficult to reallocate funds back to loan payments when the deferment or forbearance period ends.

Moreover, the psychological shift from not paying to resuming payments requires a mental readjustment which can be an obstacle in itself.

Factors To Consider Before Pausing Payments

Current financial health.

This involves a detailed look at your income stability, existing debts, emergency fund status, and monthly expenditures. Evaluate how these elements interplay to determine if you truly need the relief that comes with pausing payments.

For instance, if you find that after all essential expenses you still have a small margin leftover, it might be better to adjust your budget slightly rather than halt payments.

This approach helps maintain progress on your loans and keeps future financial flexibility intact.

Future Income Expectations

Consider potential changes in your income that may affect your ability to resume payments later. Are there upcoming adjustments in your career that could increase your income, or are you facing potential job instability?

If there’s reasonable certainty that your income will increase, you might manage a short-term pause without long-term repercussions. However, if income stability is uncertain, extended reliance on deferment or forbearance might exacerbate financial difficulties later.

Interest Rates On Loans

Higher interest rates compound more quickly, making the eventual resumption of payments more burdensome due to increased loan balances.

Analyzing how the interest will capitalize during the pause period can provide a clearer picture of the long-term cost implications and help you decide if the temporary relief is worth the added expense.

Alternative Strategies

Options like refinancing to a lower interest rate, adjusting your repayment plan to an income-driven repayment , or even consolidating multiple loans for easier management could provide the relief needed.

Each of these strategies can affect your financial situation differently, potentially offering solutions that mitigate the negative impacts of increased total loan cost or extended debt periods.

Overall Financial Goals

Analyze how extending your loan term or increasing your total loan repayment might delay or impact other financial objectives.

It’s important to prioritize goals and assess whether pausing payments might hinder your ability to achieve other critical financial milestones within your desired timeframe.

Final Thoughts

Pausing student loan payments can offer immediate financial relief and much-needed breathing room during times of economic hardship. However, the decision to use this option should be made with careful consideration of the potential long-term consequences.

You should approach this decision as part of a broader financial strategy. Consulting with a financial advisor can be beneficial in evaluating the various implications and potential alternatives. They can also give tailored advice based on your specific situation.

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