Re: Paying off your student loan is the worst idea possible
I guess this post isn't really related to the article but it might bring a smile to the face of anyone who has had to deal with the bureaucratic nightmare that is the Student Loans Company.
I've got a couple of friends who were in their 2nd year of some web design bachelors. They both got offered jobs in the industry and (after 2 years of being on a course that was only teaching them things they already knew at a cost of thousands per year) decided to leave university.
Apparently leaving your course isn't that difficult, getting SLC to acknowledge it on the other hand is somewhat more difficult. As the new year started for educational institutions they both received their loans and grants, despite having been working full time for the previous few months and having withdrawn their applications for funding before the term started.
The last thing you want when starting a new job (or ever I guess) is to be investigated for fraud. Cue many lengthy phone calls to SLC (most spent on hold) trying to get the customer service bots to understand that they'd just paid several thousand pounds to people who were neither entitled to it or requested it. The problem is though that SLC won't let you pay back money it doesn't think you owe.
My friends decided that they'd done all they could to inform SLC of it's mistake and short of stuffing money in an envelope and posting it through the letterbox of their HQ, there wasn't any reasonable method to pay them back. So, awaiting the day that SLC notices it's mistake, the money is sitting in a savings account earning them both a nice bit of interest.
AC for obvious reasons.