Help With Student Loans - HERE!
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The credit agreement will mean I will be charged roughly an extra £250.
The cost of credit seems quite expensive, does the agreement state the APR? I presume this is just for the tuition element of the course, would it be possible for you to get a cheaper bank loan for this amount, to be paid back once you get your student loan in, that would cost you less?0 -
My daughter is in her last year at uni, and has been waiting to get her loan sorted and today they say they over paid her in the past by £3200 and why she has no money this year is because they have taken it back, are they aloud to do this, this means she has no money to live on0
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Lorrainealan wrote: »My daughter is in her last year at uni, and has been waiting to get her loan sorted and today they say they over paid her in the past by £3200 and why she has no money this year is because they have taken it back, are they aloud to do this, this means she has no money to live on
If it's correct, yes.0 -
There's a quick way to slash your loan costs - don't go to university. Fine, you got the ability, you go. If that isn't you, take an apprenticeship.
The government have publically said that half the loans won't be paid back. That's because the graduate earnings will be so low. Think on this.0 -
Hi, I have a question regarding the amount a parent earns, if anyone can help. My son will be going to uni next year and will be taking whatever student loans are available. I know the living costs loan is means tested on the parents income. This is going to be around the 60k mark for us so I'm pretty sure it means he will get the lowest level loan. I realise we are supposed to pay the shortfall. I suppose my question is, are any other factors taken into account? Whilst the earnings are likely to be 60k we have nothing left due to high debt. My basic salary is only 25k and the rest of the earnings have been overtime from working every weekend and most evenings.
There also of course is no guarantee that I can earn this amount every year. All this will make it difficult to make any contribution ourselves. Is there any way round this? Thanks in advance,0 -
I understand that outgoings aren't taken into account when parents' income is assessed, but if you believe that your total household income in the current tax year will be at least 15% less than in the year SF are using now to make their determination, you can apply for a 'current year income' assessment. Both parents would have to declare what they expect to earn and, if the current income is taken into account, it will be reviewed at the end of the tax year and any adjustments to the loan made.
I used to be Starrystarrynight on MSE, before a log in technical glitch!0 -
Hi,
I thought this was a really easy question but I can't find the answer anywhere...... What are the earning thresholds that say how much maintenance loan my son is entitled to?
He has just started at uni in October.
He applied in spring this year but put down the wrong year (2015/16 instead of 2016/17). The process was really quick and he soon received a letter saying he had been awarded £6,000 loan that we were really happy with as it covered his accommodation costs and left him with about £500.
Since it came to light that he had applied in the wrong year, the whole thing has been a nightmare. He has reapplied and we've given our income details again (we earned about £500 more for the correct year)
Now, he has been awarded the bare minimum £3861.
This has literally been going on since June, he only just received his first payment a few weeks ago and everyone I speak to at SFE doesn't seem to have a clue. There is no way we can afford to make up the shortfall for his accommodation - we would have to take out a loan.
How can the difference in amounts he is entitled to be so different just by our earnings changing by so little?
When I've queried this with SFE they asked us to send in our actual P60s for that year, which we did, then they sent back a letter after several weeks saying they wanted to know of our other incomes for that year (of which there were none)
Both me and my husband earned around £41,000 for the year they are basing it on - surely he is entitled to more than just £3861?
Any help please? I'm getting nowhere speaking to the people at SFE.
:(:(:( 0 -
angethomas77 wrote: »Hi,
I thought this was a really easy question but I can't find the answer anywhere...... What are the earning thresholds that say how much maintenance loan my son is entitled to?
He has just started at uni in October.
He applied in spring this year but put down the wrong year (2015/16 instead of 2016/17). The process was really quick and he soon received a letter saying he had been awarded £6,000 loan that we were really happy with as it covered his accommodation costs and left him with about £500.
Since it came to light that he had applied in the wrong year, the whole thing has been a nightmare. He has reapplied and we've given our income details again (we earned about £500 more for the correct year)
Now, he has been awarded the bare minimum £3861.
This has literally been going on since June, he only just received his first payment a few weeks ago and everyone I speak to at SFE doesn't seem to have a clue. There is no way we can afford to make up the shortfall for his accommodation - we would have to take out a loan.
How can the difference in amounts he is entitled to be so different just by our earnings changing by so little?
When I've queried this with SFE they asked us to send in our actual P60s for that year, which we did, then they sent back a letter after several weeks saying they wanted to know of our other incomes for that year (of which there were none)
Both me and my husband earned around £41,000 for the year they are basing it on - surely he is entitled to more than just £3861?
Any help please? I'm getting nowhere speaking to the people at SFE.:(:(:(
There was a big change to the system between 2015/16 and 2016/17. For starters in 2015/16, maintenance support was made up of a maintenance loan and grant. For starters in 2016/17 it's a bigger maintenance loan but no maintenance grant.
The tables below show the thresholds for each system. For academic year 2015/16, household income is that from the 2013/14 tax year. For academic year 2016/17, household income is that from the 2014/15 tax year. If household income has gone down by at least 15% since the tax year from which income would usually be taken, a current year income assessment can be done instead.
If you both earned £41,000 in tax year 13/14 and 14/15 (so total household income was £82,000) then the student would only get the minimum under either system.
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Hi,
Thanks for the response.
The TOTAL we both earned for the year in question was £41,000. (Husband £35 and me £6)
Looking at the table you posted (thanks for that btw, that was exactly what I'd been searching for) then they really have got it wrong haven't they?
Am I right?0 -
angethomas77 wrote: »Hi,
Thanks for the response.
The TOTAL we both earned for the year in question was £41,000. (Husband £35 and me £6)
Looking at the table you posted (thanks for that btw, that was exactly what I'd been searching for) then they really have got it wrong haven't they?
Am I right?
If the student's only getting the minimum for 16/17 then SFE haven't processed the means test yet. Students only get the minimum until SFE receive your income details for 14/15 - did you fill these in on the 16/17 application? They then verify these details automatically with HMRC and if there are any discrepancies they request proof of P60.0
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