I have a couple of issues with a student loan, it's been a while since I've been a student so I'm not so familiar with the terms. If anyone is clued up on these I'd appreciate your thoughts.
The first problem is that the SLC typed in my name incorrectly (completel typo, not just a mis-spelling) into their system when I applied for the loain in the third year at University. I didn't find this out until I applied for support in fourth year and was given virtually nothing, when I phoned them up they told me it was due to me taking a year out. despite the fact I hadn't. During the year I had received requests for my NI number which I knew they had but then it all came together, the mistype meant a record had been created for a separate person entirely. This phantom person lived at the same address, went to the same course etc. but couldn't have the same NI number, hence the requests for it. Eventually the SLC accepted I hadn't taken a year out but couldn't merge the records despite constant requests and phonecalls all over the place leaving my loan split into two, one for 1st, 2nd and 4th year and one for third year. I could not get them to merge these two despite umpteen notes on the account explaining the problem
This year I received a letter saying they'd finally been able to merge the accounts and today I received confirmation that they have added the loan amounts together. What I'm wondering is if I've been disadvantaged by having one sum separate and gathering interest not having anything paid on it from my paypacket? Is the minimum amount payable each month based purely on the amount earned or is the total cost of the loan taken into account?
Secondly now that I finally have the loan amount sorted out, I'm thinking of trying to get the loan reduced quicker. Ideally I'd like to increase the amount they take out of my paypacket each month and reduce it later if needed, that way I never see the money as it's gone before I get it. Alternatively I assume there is a way to make a lump payment, how does tax work if done this way as I'm unsure of how tax is calculated when the amount its taken straight from the paypacket.
Any advice from someone more clued up on Scottish student loans would be appreciated, there's no tuition fees/graduation tax as that was paid at the time