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    • Arizona13
    • By Arizona13 28th Aug 16, 4:53 PM
    • 1 Posts
    • 0 Thanks
    Arizona13
    My son hasn't had any official notification of his entitlement as yet and he goes to Uni in 2 weeks. We've rung twice and they have been casual to the point of horizontal about it. Any thoughts on how to proceed? Ta
    • Ed-1
    • By Ed-1 28th Aug 16, 7:03 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    My son hasn't had any official notification of his entitlement as yet and he goes to Uni in 2 weeks. We've rung twice and they have been casual to the point of horizontal about it. Any thoughts on how to proceed? Ta
    Originally posted by Arizona13
    When was the application submitted? Has all evidence and forms asked for/necessary been submitted?
    • Lightway12
    • By Lightway12 31st Aug 16, 3:59 PM
    • 3 Posts
    • 2 Thanks
    Lightway12
    When is the interest rate too high in your opinion? And when is it OK?
    Thanks in advance!
    • cymruamb
    • By cymruamb 11th Sep 16, 11:19 PM
    • 13 Posts
    • 2 Thanks
    cymruamb
    Hi, can anyone please help clarify repayment information?
    My son is a seasonal worker in Norway and although he earns over the monthly threshold, he is way below the annual threshold; having read about repayments it would appear that he needs to repay for these months, but if his annual pay is below the threshold he can then repay any money paid. Is this correct? As we have been disputing sums and they appear to refuse to send any letters he has not paid anything but is due to repay £504 for the 4 months that he has worked. Will he then be able to reclaim this amount?
    Thank you
    • Steveo20
    • By Steveo20 12th Sep 16, 8:51 PM
    • 1 Posts
    • 0 Thanks
    Steveo20
    I was just wondering if any person who is knowledgeable with student loans and grants can help me.
    My partner is my sponsor and her income has been assessed for the current financial year. We have been awarded the full student maintenance loan because she earns under 25k. We have also been given a childcare grant (2 children) and parental learning allowance.

    The problem I have is I could be starting a part time job, just between 12-20 hours per week within the same current year.

    The question I have is… will my current year income need to be reassessed? Could what I earn be then taken away from my childcare grant and parental learning allowance? And is there an allowance I could earn without it affecting these grants?

    I just don’t want to start a part time job and end up in a worse financial situation or to work for nothing.

    Thanks in advance.
    • Feyfangirl
    • By Feyfangirl 12th Sep 16, 10:21 PM
    • 346 Posts
    • 7,042 Thanks
    Feyfangirl
    So in a nutshell, was due to enroll on a degree course this week but have opted to defer and complete an apprenticeship to build my confidence! where does this leave me regards student finance?
    "No one can change the past. The only thing we can do is strive to make up for our mistakes. Why must we make up for our mistakes, you ask? Because in so doing...we can find the way back to our path. And once we've found our path we can move on from our past mistakes toward a brighter future"

    Phoenix Wright in Ace Attorney Rise from the Ashes
    • lost in the woods
    • By lost in the woods 16th Sep 16, 6:53 PM
    • 23 Posts
    • 0 Thanks
    lost in the woods
    I was a student between 2007 and 2011 and have an associated student loan which I've been paying off via PAYE since but I currently find myself in an interesting situation and SLC's call centre hasn't been very useful. Any help will be much appreciated.

    I was made redundant in June 2015. I received my normal salary in April (circa £4k) and May (circa £4k) then significantly more in June (statutory redundancy £1.4k, pay in lieu of notice period £12.5k, holiday pay £2k). For the remainder of the financial year I had no income. My annual salary for the financial year ending April 2016 is approx £22k depending on what is classed by SLC as salary.

    I paid £224 towards my student loan in April, £224 again in May and £1,123 in June, a total of £1,571 for the 2015/16 financial year.

    I believe I should have paid 9% of what I earn above £17,335.
    22,000 – 17,335 = 4,665

    9% of 4,665 = £419.85

    I should have paid about £420, yet I paid £1,571, an overpayment of approx £1,150. Am I correct? And am I able to reclaim this? SLC's call centre said, as I was paid monthly, my liability was calculated on a monthly basis and therefore there wasn't an overpayment and I wouldn't be able to get this returned. If I can't get this refunded I've in affect paid 34% of what I earned above the annual allowance!

    As of much lower concern, despite paying my contributions at the start of the financial year my payments have been applied equally each month, this results in too much interest being charged throughout the year. Is there a way to get this corrected? I believe the difference is currently £20 or so but given that interest will be charged on this I'm keen to get it fixed.

    Any help will be fantastic!
    Thanks
    • mallock91
    • By mallock91 17th Sep 16, 1:30 PM
    • 4 Posts
    • 0 Thanks
    mallock91
    SLC interest calculation
    I created a spread sheet to enable my financially-literate daughter to check her small student loan. By coincidence, today I received her latest statement as at April 6th this year and, after obtaining her approval I opened it.

    I am a retired financial professional so I was extremely surprised to discover the way that the SLC calculates interest on her pre 2012 loan. Interest is applied monthly to the balance at the previous April 6th anniversary and the total annual repayment is applied to the balance at March 31st. This is clearly contrary to normal practice as the monthly repayments should be applied currently and interest applied only to the reduced balance.

    It may be that the SLC loan agreement provides for this method but I am surprised that I have seen no reference to this subject in MSE forums although I confess that I have not examined all of the possible forum subjects with a fine-tooth comb.

    Am I the only person to question this practice?
    • Ed-1
    • By Ed-1 17th Sep 16, 6:42 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    I created a spread sheet to enable my financially-literate daughter to check her small student loan. By coincidence, today I received her latest statement as at April 6th this year and, after obtaining her approval I opened it.

    I am a retired financial professional so I was extremely surprised to discover the way that the SLC calculates interest on her pre 2012 loan. Interest is applied monthly to the balance at the previous April 6th anniversary and the total annual repayment is applied to the balance at March 31st. This is clearly contrary to normal practice as the monthly repayments should be applied currently and interest applied only to the reduced balance.

    It may be that the SLC loan agreement provides for this method but I am surprised that I have seen no reference to this subject in MSE forums although I confess that I have not examined all of the possible forum subjects with a fine-tooth comb.

    Am I the only person to question this practice?
    Originally posted by mallock91
    When SLC credit the repayment for the previous tax year, interest is adjusted to calculate as if the repayment was received on the last day of each calendar month, with the total repayment amount divided into 12 equal monthly installments.

    This is provided for by regulation 17(c)(i) of the Education (Student Loans) (Repayment) Regulations 2009:

    http://www.legislation.gov.uk/uksi/2009/470/regulation/17/made
    • suzieQueue
    • By suzieQueue 21st Sep 16, 3:26 PM
    • 3 Posts
    • 1 Thanks
    suzieQueue
    As a parent of twins who are both planning to go to uni sept 2017 im trying to do some advanced planning/damage limitation.

    DH and I run a small business which is a limited company and we are the only shareholders/directors. Our turnover is already down this financial year compared to year end april 16 so i understand we can opt for current year assessment and would need to get our accounts done quickly after end of april 17 for consideration.
    I also understand that dividends are classed as income for SL purposes and I know that our dividends will be lower this year than last.
    I have read on here that we can reduce our 'income' by making additional pension contributions. Is this the case as we would like to get our income as low as possible so that both our children can get additional bursaries/grants to help with their finances?
    Also, if we leave money (ie profits) invested in our limited company then presumably they don't count as income. Our company would then pay Corporation tax on them and we could draw them out in future years? Would they then count as 'income'?
    Sorry if I have this completely wrong but we are only in our second year of Ltd co.
    Many thanks

    SuzieQueue
    • Lokolo
    • By Lokolo 21st Sep 16, 3:56 PM
    • 19,563 Posts
    • 14,509 Thanks
    Lokolo
    As a parent of twins who are both planning to go to uni sept 2017 im trying to do some advanced planning/damage limitation.

    DH and I run a small business which is a limited company and we are the only shareholders/directors. Our turnover is already down this financial year compared to year end april 16 so i understand we can opt for current year assessment and would need to get our accounts done quickly after end of april 17 for consideration.
    I also understand that dividends are classed as income for SL purposes and I know that our dividends will be lower this year than last.
    I have read on here that we can reduce our 'income' by making additional pension contributions. Is this the case as we would like to get our income as low as possible so that both our children can get additional bursaries/grants to help with their finances?
    Also, if we leave money (ie profits) invested in our limited company then presumably they don't count as income. Our company would then pay Corporation tax on them and we could draw them out in future years? Would they then count as 'income'?
    Sorry if I have this completely wrong but we are only in our second year of Ltd co.
    Many thanks

    SuzieQueue
    Originally posted by suzieQueue
    Students no longer get grants from student finance, only additional loans.

    If you are earning the money by taking it as income (as salary or dividends), it will count towards the assessment.
    • suzieQueue
    • By suzieQueue 22nd Sep 16, 11:38 AM
    • 3 Posts
    • 1 Thanks
    suzieQueue
    Thanks Lokolo,

    Sorry I meant extra grants and bursaries which are given out by the universities for low income students, not SLC.

    I will get my accountant to investigate the pension situation further as well as leaving money in our business.
    • lost in the woods
    • By lost in the woods 22nd Sep 16, 1:55 PM
    • 23 Posts
    • 0 Thanks
    lost in the woods
    Student loan repayments
    I was a student between 2007 and 2011 and have an associated student loan which I've been paying off via PAYE since but I currently find myself in an interesting situation and SLC's call centre hasn't been very useful. Any help will be much appreciated.

    I was made redundant in June 2015. I received my normal salary in April (circa £4k) and May (circa £4k) then significantly more in June (statutory redundancy £1.4k, pay in lieu of notice period £12.5k, holiday pay £2k). For the remainder of the financial year I had no income. My annual salary for the financial year ending April 2016 is approx £22k depending on what is classed by SLC as salary.

    I paid £224 towards my student loan in April, £224 again in May and £1,123 in June, a total of £1,571 for the 2015/16 financial year.

    I believe I should have paid 9% of what I earn above £17,335.
    22,000 – 17,335 = 4,665

    9% of 4,665 = £419.85

    I should have paid about £420, yet I paid £1,571, an overpayment of approx £1,150. Am I correct? And am I able to reclaim this? SLC's call centre said, as I was paid monthly, my liability was calculated on a monthly basis and therefore there wasn't an overpayment and I wouldn't be able to get this returned. If I can't get this refunded I've in affect paid 34% of what I earned above the annual allowance!

    As of much lower concern, despite paying my contributions at the start of the financial year my payments have been applied equally each month, this results in too much interest being charged throughout the year. Is there a way to get this corrected? I believe the difference is currently £20 or so but given that interest will be charged on this I'm keen to get it fixed.

    Any help will be fantastic!
    Thanks
    Originally posted by lost in the woods
    Is anyone able to help me with this?
    • gillsoll
    • By gillsoll 25th Sep 16, 10:03 PM
    • 1 Posts
    • 0 Thanks
    gillsoll
    student finance
    I hope that you can help. My daughter is due to restart university tomorrow and is still being messed around by student finance. She started uni in 2010 and my husband died of cancer just weeks after she left to go to uni. She got through the year then had a break down and failed year two uni gave her a second chance as they understood gave her a free gift year which unfortunately she failed again. She got a job and worked for 3 years, I moved abroad to live. She is now ready to go back to uni, applied back to same uni, got in, got email from student finance confirming so she resigned her job, they then say she is not eligible for funding as she had already had 2 years funding but on appeal they realised she had only been funded once as the gift year did not count. So yes she will be funded, then it was off again as I had to submit evidence that I live in a non EU country so cannot help with funding just declared my very small pension in UK. they have lost forms and we have resent them, but still she does not know when she will get money. She has found accommodation near uni but now does not have money to pay. She has had a really hard time and has given up so much for this it just seems everything is against her, is she entitled to anything other than minimum loan and fees? she has just £25 a month for food and living after rent. She was 25 earlier this month.
    • StudentCarer22
    • By StudentCarer22 26th Sep 16, 2:26 PM
    • 2 Posts
    • 1 Thanks
    StudentCarer22
    Hi, I am a mature student moving from up north to London. I am also a carer. I have come down to London and left mum on her own, so that I can enrole. I have been living in my car for 6 days now for financial reasons. I will need to find a property to accommodate mum and me fairly quickly for this to work. I have been rejected for a student bank account because of my poor credit rating.
    I will muddle through and make this work but I would be keen to get your advice about loans. SLC have granted me 10500 maintenance but the first payment will not cover setting up accommodation.
    Kind regards
    Last edited by StudentCarer22; 26-09-2016 at 2:35 PM.
    • CharlesBexley
    • By CharlesBexley 30th Sep 16, 3:53 PM
    • 2 Posts
    • 0 Thanks
    CharlesBexley
    p/t Online Student Looking for Maintenance / Financial Support
    Hello

    This year I'm studying p/t with the OU and am in the final year of my degree. I have no income and am living with a live-in landlord paying £65/week. Household bills are included (except food, toiletries). Can I claim for any maintenance in this situation?

    I tried going f/t with the OU, but if I did this I couldn't get a loan to cover the additional tuition or any maintenance.

    I suffer with depression, and if the added pressure of work is placed on my shoulders, I'll go under. I cannot claim for DLA because that's more to do with physical disability... what does someone in my circumstance do?

    Thanks
    Last edited by CharlesBexley; 30-09-2016 at 4:02 PM.
    • _shel
    • By _shel 30th Sep 16, 4:08 PM
    • 886 Posts
    • 1,561 Thanks
    _shel
    Hello

    This year I'm studying p/t with the OU and am in the final year of my degree. I have no income and am living with a live-in landlord paying £65/week. Household bills are included (except food, toiletries). Can I claim for any maintenance in this situation?

    I tried going f/t with the OU, but if I did this I couldn't get a loan to cover the additional tuition or any maintenance.

    I suffer with depression, and if the added pressure of work is placed on my shoulders, I'll go under. I cannot claim for DLA because that's more to do with physical disability... what does someone in my circumstance do?

    Thanks
    Originally posted by CharlesBexley
    OU students can't get maintenance loans. Some students can claim benefits. If you have a disability you should be claiming ESA, Housing Benefit and possibly PIP.
    Thanks to everyone who posts competitions
    • smsousou
    • By smsousou 1st Oct 16, 12:08 PM
    • 1 Posts
    • 0 Thanks
    smsousou
    I understand the income thresholds for repayment and interest rate charged. I am not clear how interest is paid. If for example, a payment is made either because income thresholds are exceeded or even if voluntary, does the payment go against interest or against the amount borrowed? Also, is interest accrued on unpaid interest?
    • Ed-1
    • By Ed-1 1st Oct 16, 12:50 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    I understand the income thresholds for repayment and interest rate charged. I am not clear how interest is paid. If for example, a payment is made either because income thresholds are exceeded or even if voluntary, does the payment go against interest or against the amount borrowed? Also, is interest accrued on unpaid interest?
    Originally posted by smsousou
    It goes against interest first but it doesn't really matter as it's all your student loan debt. An yes interest is compounded on interest year on year (however interest is frozen at the start of each tax year until income and any repayments through PAYE are known after the end of the tax year and then any repayments received by SLC from HMRC are applied to your balance to calculate interest as if they were received monthly so any delay in crediting repayments doesn't affect interest).
    • nishcoin1977
    • By nishcoin1977 9th Oct 16, 5:28 PM
    • 1 Posts
    • 0 Thanks
    nishcoin1977
    Hi,
    Pre 1998 student loan, and always earned around £17000 per year.
    I defer every year, but then I moved house and temporarily. lost contact with the student loan company.
    They will not let me defer now, and are chasing me for arrears.
    I am re-mortgaging my house in order to pay credit card debt (£22000), so paying Erudio at this time is a struggle.
    Can you advise.
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