Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 192
    • Lokolo
    • By Lokolo 1st Mar 17, 4:00 PM
    • 19,653 Posts
    • 14,665 Thanks
    Lokolo
    Hi There,

    I started uni in September and have two loans of £9,000 and £8,200 for tuition fees and maintenance respectively. I plan to graduate in either 2019 or 2020 depending on whether I choose a sandwich year.

    Say (hypothetically) that after I graduate and am eligible to repay my loan, I receive a large inheritance.

    Would this count as my income when calculating how much loan I will repay a month?
    Also, would this sudden increase in wealth mean I have to pay off any debt immediately?

    Obviously I would probably prefer to pay off my loan as anyone else would rather than paying an upfront cost as I am aware my debt will be at around £51,000 when I graduate, minus the interest rate + inflation.

    Many Thanks
    Originally posted by tbfortune
    You pay back student loan based on earned income. Inheritance is not earned income and therefore it does not get used in calculating repayment amounts.

    However, having that capital can be used to stop some benefits if you are on them.
    • Younganddumb
    • By Younganddumb 4th Mar 17, 5:48 PM
    • 22 Posts
    • 4 Thanks
    Younganddumb
    Hi,

    I was wondering if anyone could advise me on if I have a good enough case for compelling personal reasons?

    I started uni in 2012/13 and dropped out December of 2013/14.
    My attendance record got gradually poorer from January 13 with me not coming in for months on end due to depression and the 13/14 academic year I think I actually only attended once or twice.
    I recall seeing a GP the Jan 13 to try and get some help but got unlucky with the doctor who scoffed when she found out I studied Psychology and told me I was probably imagining it which unfortunately means I have no paper trail of my depression as I received no support for it.

    Prior to starting university I was my mothers full time carer (in receipt of carers allowance) due to her mental health. While I was away my mother struggled without me (as I was >200 miles away) which put additional strain on me. This also meant that some of the time I was missing in uni was due to me being up north to be with her.

    My depression was the main reason resulting in me dropping out but obviously my mother's mental health contributed to it too.

    Would I have a good enough case for compelling reason? And what sort of evidence can I be expecting to be asked for?

    Thanks everyone
    Debt free by June 2018
    £3776/£7890
    • endangeredspecies
    • By endangeredspecies 6th Mar 17, 3:18 PM
    • 2 Posts
    • 0 Thanks
    endangeredspecies
    Hi,

    I took out a loan from 1994 to 1997 as a mature student. I've never reached the earning threshold. I'm 50 in a month's time- will my loan automatically be cancelled or is there a procedure I have to follow to get it cancelled?
    • masley123
    • By masley123 9th Mar 17, 5:11 AM
    • 2 Posts
    • 0 Thanks
    masley123
    3-4 year holiday
    Hi, I wondered if you could offer your advice.

    I am a mature student, planning to start a HE access course in September for a 2018 university entry.

    In the last few months I have had an offer from a friend to go travelling in China - and to learn Chinese (something that interests me) - the duration would be 3-4 years while my friend works there. During this time I would not be working, would be travelling a lot. I would not have residence and would effectively have something similar to a student or tourist visa. I would also still be registered at a UK residence (parents house) on the electoral roll etc and it would really be a 3-4 year holiday.

    On my return I would then do my HE course.. but would I ineligible for student finance for my university course the following year?

    I have to make a decision in the next few weeks but I don't want to go if it would mean I would have to wait 3 years after my return before I could go do my university course.

    Thanks
    • _shel
    • By _shel 9th Mar 17, 8:29 AM
    • 959 Posts
    • 1,717 Thanks
    _shel
    Hi, I wondered if you could offer your advice.

    I am a mature student, planning to start a HE access course in September for a 2018 university entry.

    In the last few months I have had an offer from a friend to go travelling in China - and to learn Chinese (something that interests me) - the duration would be 3-4 years while my friend works there. During this time I would not be working, would be travelling a lot. I would not have residence and would effectively have something similar to a student or tourist visa. I would also still be registered at a UK residence (parents house) on the electoral roll etc and it would really be a 3-4 year holiday.

    On my return I would then do my HE course.. but would I ineligible for student finance for my university course the following year?

    I have to make a decision in the next few weeks but I don't want to go if it would mean I would have to wait 3 years after my return before I could go do my university course.

    Thanks
    Originally posted by masley123
    You wouldn't be eligible for 3 years because you were not living in the uk. Hardly a 3 year holiday.
    Thanks to everyone who posts competitions
    • masley123
    • By masley123 9th Mar 17, 11:17 AM
    • 2 Posts
    • 0 Thanks
    masley123
    i would not be working, just travelling. How do gap year students remain eligible? What I plan to do is no different from them except it would be 3 years in length instead of 1.

    My teacher at my local college has told me I should just apply in 3 years time and not mention the fact I was not in the country, as I would still be paying UK tax through self assessment during that time. I guess there is no way they could know I was overseas

    Is it possible to apply for student finance whilst part way through a degree? With the savings I would have left + the money I save in the year whilst I work doing my HE, I could possibly save enough to cover years 1 and 2 tuition fees. Would I then be able to apply for student finance in the 3rd year as I crossed the 3 year residency point? Or must it be done from the start of the degree?
    Last edited by masley123; 09-03-2017 at 11:48 AM.
    • Andrew SLC
    • By Andrew SLC 13th Mar 17, 12:57 PM
    • 2 Posts
    • 0 Thanks
    Andrew SLC
    Dear slcworker,

    Please could I have some help with an issue I have with SLC.
    • stevenwilts
    • By stevenwilts 15th Mar 17, 7:14 AM
    • 1 Posts
    • 0 Thanks
    stevenwilts
    Hi, Could you please advise if student loans would have to be paid back from an inheritance?
    • silvercar
    • By silvercar 15th Mar 17, 9:10 AM
    • 35,265 Posts
    • 148,807 Thanks
    silvercar
    Hi, Could you please advise if student loans would have to be paid back from an inheritance?
    Originally posted by stevenwilts
    Newer style loans are paid back according to your income, as monitored by hmrc, so inheritance wouldn't require a payback.

    Whether you choose to make a voluntary payment, to avoid future interest charges, depends on your view of your likely earnings.
    • Starrystarrynight1
    • By Starrystarrynight1 20th Mar 17, 10:07 AM
    • 111 Posts
    • 243 Thanks
    Starrystarrynight1
    The residency rules apply from the first year of your course, so applying for finance in year 3 isn' a way around the rules.
    -------------------------------------------------------------------------------------------------
    I used to be Starrystarrynight on MSE, before a log in technical glitch!
    • 1961templar
    • By 1961templar 22nd Mar 17, 11:37 AM
    • 75 Posts
    • 124 Thanks
    1961templar
    Don't give up!
    Hi

    Can someone please clarify when you have overpaid on your student loan repayments? My understanding is that we pay back 9% of anything earned over the yearly threshold. I am sometimes paid weekly/monthly and am a mixture of under or over the weekly/monthly threshold amounts - however I thought you were entitled to a refund at the end of the year and upon request of anything overpaid. No I know you are entitled to an automatic refund if you earn under the threshold but I thought they could only take 9% of the difference. I hope this is making sense. But SLC are saying yes they agree I have paid over 9% but because I earned over the threshold not entitled to a refund. They have refunded a year when I earned under the threshold.

    eg 13/14 tax year. Threshold was £16,365 earnings were £18,130. SO I should only pay 9% on the difference which would be £1765 which would be £158.85...SLC took in total £772.

    SLC are saying because I get paid weekly/monthly and don't have an annual salary and also because I earned over the threshold no refund is due.

    I have read all the articles and even their website which states....
    "If your income is equal to or below £17,495 in any one tax year, you will be entitled to apply to us at the end of that tax year for a refund of your student loan repayments if you wish."

    I understand that on some months I earned over the threshold and in others earned nothing at all but surely it has to be taken over your annual salary? Or do they have a get out clause tut.

    Thanks for any input or advice.
    Originally posted by DIGGY
    Have you tried putting in a claim based on financial hardship? You have overpaid and if you were self-employed you would have paid less. The clumsy calculation system does not adjust for irregular earnings. Let us know how you get on?
    • fillerbunny
    • By fillerbunny 22nd Mar 17, 3:30 PM
    • 20 Posts
    • 1 Thanks
    fillerbunny
    Is a student loan refund taxable?
    Hi!

    I've just received a refund for overpayment of my student loan (hooray!). What I'm wondering about is if I have to declare this as income on my tax self assessment? My google fu is weak today and I have been unable to find the answer elsewhere.

    Thanks in advance!
    • Max857
    • By Max857 24th Mar 17, 5:06 PM
    • 1 Posts
    • 0 Thanks
    Max857
    International tuition fee loan
    Are you please able to give me any advice on where I can apply for a tuition fee loan for an international student who wants to study in England
    • _shel
    • By _shel 25th Mar 17, 6:37 AM
    • 959 Posts
    • 1,717 Thanks
    _shel
    Are you please able to give me any advice on where I can apply for a tuition fee loan for an international student who wants to study in England
    Originally posted by Max857
    Perhaps from your own government. You are not entitled to one from the uk.
    Thanks to everyone who posts competitions
    • MarthaM
    • By MarthaM 25th Apr 17, 1:28 PM
    • 2 Posts
    • 0 Thanks
    MarthaM
    Invest or repay Loan
    Martin's advice on whether to repay a loan or save seems to suggest that saving the money is the best option.
    Not allowed to link but it's on the website.
    I'm trying to find out the effect of savings on repayment of a Plan 2 loan.
    The Government website says
    "You might end up paying your loan back sooner if your income from savings and investments is over £2,000 a year"
    I can't find any more information about this. You might have to repay is a bit vague! Does it include all investment income or is it just the taxable income? Income from ISAs wouldn't normally be declared on a tax return but would the SLC want 9% of it?

    Any pointers would be appreciated.
    • Kadian
    • By Kadian 25th Apr 17, 3:37 PM
    • 1 Posts
    • 0 Thanks
    Kadian
    Loan Entitlements
    Hi! My son is currently in university, but has fallen behind in his work during his first year (isn't the first and won't be the last). Reality has hit, and he is now thinking he may have to start afresh. Is he entitled to any funding towards a repeat year? Thanks
    • Ed-1
    • By Ed-1 25th Apr 17, 6:30 PM
    • 1,858 Posts
    • 988 Thanks
    Ed-1
    Martin's advice on whether to repay a loan or save seems to suggest that saving the money is the best option.
    Not allowed to link but it's on the website.
    I'm trying to find out the effect of savings on repayment of a Plan 2 loan.
    The Government website says
    "You might end up paying your loan back sooner if your income from savings and investments is over £2,000 a year"
    I can't find any more information about this. You might have to repay is a bit vague! Does it include all investment income or is it just the taxable income? Income from ISAs wouldn't normally be declared on a tax return but would the SLC want 9% of it?

    Any pointers would be appreciated.
    Originally posted by MarthaM
    Unearned income (including savings interest) over £2,000 is only taken into account if you are required to complete a tax return to HMRC (e.g. if you're self-emplyed/pay higher rate tax). Otherwise it's just earned income over the repayment threshold per employment.

    See subsection (4) of section 29 of the repayment regulations:

    http://www.legislation.gov.uk/uksi/2009/470/regulation/29/made

    That section doesn't apply if you are not required to submit a tax return.

    Section 44 is the one that applies in respect of employment:

    http://www.legislation.gov.uk/uksi/2009/470/regulation/44/made

    [Note that the regulations and thresholds in particular have since been amended by subsequent regulations. The threshold for plan 1 is now £17,775 (rising to £18,330 in April 2018) and for plan 2 and postgraduate is £21,000.]
    Last edited by Ed-1; 25-04-2017 at 11:26 PM.
    • silvercar
    • By silvercar 25th Apr 17, 7:31 PM
    • 35,265 Posts
    • 148,807 Thanks
    silvercar
    Hi! My son is currently in university, but has fallen behind in his work during his first year (isn't the first and won't be the last). Reality has hit, and he is now thinking he may have to start afresh. Is he entitled to any funding towards a repeat year? Thanks
    Originally posted by Kadian
    Generally you would get funding for one (and only one) resit year.

    I would suggest your son considers whether he just wants to repeat the year. The first year is usually a lot easier than second and third years. If he is struggling with the first year, he may do well to rethink his options.
    • silvercar
    • By silvercar 25th Apr 17, 7:32 PM
    • 35,265 Posts
    • 148,807 Thanks
    silvercar
    Hi!

    I've just received a refund for overpayment of my student loan (hooray!). What I'm wondering about is if I have to declare this as income on my tax self assessment? My google fu is weak today and I have been unable to find the answer elsewhere.

    Thanks in advance!
    Originally posted by fillerbunny
    No. It is an return of money that has already been taxed and/or declared.
    • Savvy_Sue
    • By Savvy_Sue 25th Apr 17, 7:33 PM
    • 37,407 Posts
    • 33,740 Thanks
    Savvy_Sue
    Hi! My son is currently in university, but has fallen behind in his work during his first year (isn't the first and won't be the last). Reality has hit, and he is now thinking he may have to start afresh. Is he entitled to any funding towards a repeat year? Thanks
    Originally posted by Kadian
    You always used to get funding for a full course PLUS one year, but ...

    If reality really has hit, this is surely a question he should be researching for himself. Also his university tutor should be able to advise, and the Students' Union.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 1 shawl, 2 pairs baby bootees,
    1 Wise Man Knitivity figure, 1 sock ...
    Current projects: 1 shawl, t'other sock (just about to turn the heel!)
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

234Posts Today

1,285Users online

Martin's Twitter