[venom0706]

I am 22 years old and soon to be a student at uni in the UK. I start university in 1 month. However, I am taking a student loan for my 3-year degree, and I am very scared of what will happen if I fail (drop out), let's say during my second or even third year. Will the conditions for re-paying my debt be the same even if I drop out, and can I get imprisoned, if I don't earn enough money for re-paying that debt? I know it sounds ridiculous, but I am acting very crazy about it and sort of count my days like they are the last of freedom. I never owed anyone money before, and owing 27,000 pounds to the SLC makes me feel...not free and obliged for life. Thank you...

[CANDC]

Hi there. It is a shame how much of the burden of education is falling on the students and forcing them into debt.

In US there is no imprisonment for debts but you should really check with legal counsel in the UK and see about how this would be handled in UK. If not, consult the terms of the loan in the promissory note you signed if you have a copy.

You seem to have doubts if you want this degree or if you can finish, or if you will earn enough money to pay it back. It sounds like you are just starting, why not deal with the real concerns and separate them from the possibly unfounded anxiety before you start.

[francisR]

Hi Venom

I live in the UK. Also. In the first place. Please God you will not drop out of uni. And also the debt may remain. If you did but it does not have to be repaid till you are earning sufficient money. Should you never earn sufficient money to repay the loan. Then it never would be repaid and you certainly would not go to prison. Take care. God bless and best wishes from your friend Francis

[venom0706]

francisR,

Thank you very much for the response! It made me feel a bit... less scared. I hope you are right, because I searched everywhere for the terms and conditions of the SLC, and couldn't find anything specifically for paying the debt after being dropped out. One more question, what happens if somewhere during my life I get unemployed for a period of time? Will the SLC wait or they will immediately take legal action?

[francisR]

Hi Venom

If you got employed later on your earnings would have to reach that threshold at which deductions are made from your pay, and that would only be in proportion to what you earn. If they never reach that threshold, then you would never pay anything that is the way it works. Take care. I hope and pray you have a really great day. God bless and best wishes from your friend Francis