Can I negotiate down my student loan?

Found 20th Nov 2009
I graduated from university 2 years ago with a 1st and a £7300 student Loan. Ive been Unemployed since and my loans creeping up and up (although its not been so bad in the recession as interest rates have been slashed). much to my surprise iv just been left £2100 and it got me wondering if its possible for me to negotiate down or even better expunge the debt with a offer of a lump sum. Since there seems no way that there ever going to see a repayment in any other way.

Cheers Wavefont

PS: I know its properly a no but I think its always worth asking

  1. Misc
  1. Misc

I don't think you can do this with student loans

IIRC the interest rate atm is zero so i wouldn't worry too much atm also you don't need to pay it back until you start earning £15k iirc

saying that my daughter paid hers off this year, just before the interest rate went to zero

Hahaha no! I paid £14800 in one go... doesn't make any difference to them, they're not just going to "forget" about your loan! Hahaha!

Original Poster

Oh well it was a nice dream while it lasted

I got a Q i thought student loans were intrest free?


I got a Q i thought student loans were intrest free?

Naaa flat rate!!

Also become a teacher and dont pay a penny back!!! :thumbsup:

do teachers not pay their loan back then!

OP thats awful that you have graduated from uni two years ago and still no work..


Naaa flat rate!!Also become a teacher and dont pay a penny back!!! … Naaa flat rate!!Also become a teacher and dont pay a penny back!!! :thumbsup:

It's not a flat rate.

Student Loan interest rates are linked to the Retail Price Index rate of inflation which is variable - and over the past few years has been as high as 5%.

To the OP - not the best use of your money to pay off the lump sum at the moment, as you're essentially getting a very low interest loan at the moment - I think the interest on mine is actually negative at the moment. best stick your money away in a high interest saver until the interest rates go up again.

NB: My loan is in Scotland, I think terms may differ throughout the country.

Cant believe you still havent got a job, ever thought about going into further education?


Just pay what you can. As long as their getting some money then their happy. Also, a bad thing to do but don't pay and let it go to credit bureau and then they will negotiate a buy it off price sometimes fifty percent off of what you owe.

No I doubt it, otherwise we'd all be doing it!

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