Student Loan 2015 Discussion

koru · 20 February 2018 at 12:51PM

There's a great big manual setting out the rules. It might be linked earlier in this thread. If not, google it.

Fitzmichael · 21 February 2018 at 1:31PM

I wonder how this would work now, with savings interest so low.
My children started uni just as maintenance grants ended and loans began. I was a teacher (languages) and had no problem with supporting them (that may be !!! because, to my amazement, in the last 15-20 years I have seen teachers, inc Heads, protesting that they're in [non-mortgage] debt because their salaries are too small). As part of making them financially aware (I had opened PO a/cs for them at 13 and paid their pocket money in annually), I explained that they should take the loans and put them into the best savings vehicle, because the interest was higher than that on the loans and they would end up with a profit. They could understand the maths but not why they should be given that opportunity, which they assumed all students in their position would jump at. I didn't understand either.

silvercar · 21 February 2018 at 7:13PM

Fitzmichael wrote: »

I wonder how this would work now, with savings interest so low.
My children started uni just as maintenance grants ended and loans began. I was a teacher (languages) and had no problem with supporting them (that may be !!! because, to my amazement, in the last 15-20 years I have seen teachers, inc Heads, protesting that they're in [non-mortgage] debt because their salaries are too small). As part of making them financially aware (I had opened PO a/cs for them at 13 and paid their pocket money in annually), I explained that they should take the loans and put them into the best savings vehicle, because the interest was higher than that on the loans and they would end up with a profit. They could understand the maths but not why they should be given that opportunity, which they assumed all students in their position would jump at. I didn't understand either.

Most students need their loan/ grant money to live off.

Interest rates on loans are now so high and savings rates so low, I doubt you could do what you are suggesting.

Mrs_Arcanum · 21 February 2018 at 10:59PM

silvercar wrote: »

1. £2880 as it is your contributions that count.

2. Unsure, but I would have thought it would match the profit you show on your tax return.

Thing is, they only ask for non employment related pension contributions and the way the question is worded is very misleading. So it appears that payments into a pension fund done through your employer are not counted.
As employees company pension contributions can be as is much as 10% or more of your gross income, this makes a huge difference to the disposable income from which you are supposed to help your offspring.

On another note, if your income will drop in the next financial year by more than 15%, the date for letting them know is 6th April 2018 or soon after.

Oakeshott · 22 February 2018 at 3:38PM

Posting this here in the hope of getting more responses:

My other half is in a really tricky situation. To cut a long story short, she did a part-time degree over 3 years, while working full-time. She applied for an SLC loan to cover her fees in year one and assumed there was no need to reapply after that first year, but it turns out she did need to, and she owes fees for years two and three, because they weren't covered by the SLC. We don't have the savings to be able to pay the fees ourselves, and would like to 'retroactively' apply for SLC funding.

Does anyone know if this is even possible? I'm worried the SLC will just wash their hands of her and the university will demand she pays the money in full, immediately.

[Deleted User] · 4 March 2018 at 1:39PM

Hello,

I think I read somewhere that when you start paying back student loans, you are also required to pay a certain percentage (2% I think) from any savings over £2000, is this true?

Thanks

Ed-1 · 4 March 2018 at 2:09PM

Deleted_User wrote: »

Hello,

I think I read somewhere that when you start paying back student loans, you are also required to pay a certain percentage (2% I think) from any savings over £2000, is this true?

Thanks

Any savings interest over £2,000 is counted as income (and therefore is subject to 9% student loan deductions) but this only applies if you are required to fill in a self-assessment tax return. Otherwise it doesn't apply.

1884 · 19 May 2018 at 4:11PM

I am starting a teacher training course this September course and need to apply for student finance but have a couple of uncertainties I was hoping the forum could help me with:

Firstly, I already completed a MSc degree where I graduated in 2013 and had student loan with the pre-2012 system. When I apply for this second loan will I then pay back both loans at different rates or will my existing balance on my first loan be moved onto the new system?

Secondly, I would qualify for some maintenance loan but do not absolutely need it. Additional funds would of course make my live easier but because I am doing an in demand subject I am getting a good bursary. Is the moneysaving tip to apply for the maintenance loan anyway since (according to Marin's articles) it is the best form of loan I could get?

Thanks in advance for any help

Ed-1 · 19 May 2018 at 8:50PM

1884 wrote: »

I am starting a teacher training course this September course and need to apply for student finance but have a couple of uncertainties I was hoping the forum could help me with:

Firstly, I already completed a MSc degree where I graduated in 2013 and had student loan with the pre-2012 system. When I apply for this second loan will I then pay back both loans at different rates or will my existing balance on my first loan be moved onto the new system?

Secondly, I would qualify for some maintenance loan but do not absolutely need it. Additional funds would of course make my live easier but because I am doing an in demand subject I am getting a good bursary. Is the moneysaving tip to apply for the maintenance loan anyway since (according to Marin's articles) it is the best form of loan I could get?

Thanks in advance for any help

See bottom of this page for how repayments work for joint plan 1 and 2 borrowers:

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678490&_dad=portal&_schema=PORTAL

Yes - the maintenance loan may simply be a partially repayable grant.

carlene.alexander · 11 July 2018 at 11:27AM

two additional things not discussed

1. I am returning to uni in Oct - i am studying for an MSc in order to change careers. Since I already completed an MA (self/ employer funded)in 1998 I am not eligible for a loan!
2. My daughter will be going to uni in Oct 2019 but our parental contribution will be based on my and my husband's income in 2017-18 - at that point we together earned over £42,000 but by the time she goes to uni we will have depleted our savings to fund my studies and I will not yet be working - is there a way to take this into account? and will uni bursaries recognise that this is a discrepancy?

Student Loan 2015 Discussion

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free