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    • RVH
    • By RVH 25th Apr 17, 8:49 PM
    • 3 Posts
    • 0 Thanks
    RVH
    Medical as Second Degree
    Hi
    Wondering about loans, bursaries and grants and grants available for future Medical Student. Currently finishing degree and been offered place at Med School - which is the 5 year course and is therefore considered as a second degree. Live in Wales Uni in England. Seems as if have to pay all tuition fee £9,250 for first 4 years and have no maintenance loan (parent earn too much just and still don't understand why student penalised for parents hard work.). At wits end wondering how to pay and live.
    • silvercar
    • By silvercar 26th Apr 17, 12:05 AM
    • 35,291 Posts
    • 148,919 Thanks
    silvercar
    Hi
    Wondering about loans, bursaries and grants and grants available for future Medical Student. Currently finishing degree and been offered place at Med School - which is the 5 year course and is therefore considered as a second degree. Live in Wales Uni in England. Seems as if have to pay all tuition fee £9,250 for first 4 years and have no maintenance loan (parent earn too much just and still don't understand why student penalised for parents hard work.). At wits end wondering how to pay and live.
    Originally posted by RVH
    I don't know if you can get career development loans? No maintenance loan at all or just not get the means tested part? You probably need to speak to your parents to see if they can support you. Could you live at home?

    Any chance of getting on a post grad scheme?
    • sheramber
    • By sheramber 26th Apr 17, 1:34 PM
    • 3,275 Posts
    • 2,496 Thanks
    sheramber
    Have you researched financing for medical students?
    • Breynia
    • By Breynia 28th Apr 17, 9:59 PM
    • 92 Posts
    • 16 Thanks
    Breynia
    Student loan when married
    Hello, does anyone have any knowledge of how getting married just before starting teacher training affects the student loan? My daughter is so stressed over this. She is 23, lives with me with her partner. Her partner is on esa due to ill health. Any help would be appreciated.
    Thank
    • silvercar
    • By silvercar 28th Apr 17, 11:03 PM
    • 35,291 Posts
    • 148,919 Thanks
    silvercar
    Hello, does anyone have any knowledge of how getting married just before starting teacher training affects the student loan? My daughter is so stressed over this. She is 23, lives with me with her partner. Her partner is on esa due to ill health. Any help would be appreciated.
    Thank
    Originally posted by Breynia
    Get married before September 1 and the means tested part of the loan/ grant will be assessed on spouse income rather than parents.

    However, to be in the system, it may be necessary to apply for everything based on parental income and then be re-assessed after the marriage.
    • RVH
    • By RVH 1st May 17, 7:19 PM
    • 3 Posts
    • 0 Thanks
    RVH
    Thanks for the advice - can't get means tested part. Wales Student Finance don't think pays any maintenance loan as already had one for first degree. will look into career development laon.
    • vinmin
    • By vinmin 3rd May 17, 11:25 AM
    • 7 Posts
    • 0 Thanks
    vinmin
    Undergraduate loan
    Hi
    My son hopes to go to University in Sep 2017. After reading Martin's guide i understand its better to take the loan.
    What i would like to find out is can you get a loan to complete an undergraduate degree and then if he wanted to do another undergraduate course can he still get loan for that as well?
    Thanks
    Vin
    • agrinnall
    • By agrinnall 3rd May 17, 1:42 PM
    • 17,678 Posts
    • 13,381 Thanks
    agrinnall
    Hi
    My son hopes to go to University in Sep 2017. After reading Martin's guide i understand its better to take the loan.
    What i would like to find out is can you get a loan to complete an undergraduate degree and then if he wanted to do another undergraduate course can he still get loan for that as well?
    Thanks
    Vin
    Originally posted by vinmin
    Basically no. You get funding for one degree, then you pay your own way if you want to continue studying at the same level. Why would he want to do two undergraduate degrees? If he wants to study after completing his first degree it's likely to be better to do postgraduate study, for which loans are now available.
    • Penguin90
    • By Penguin90 16th May 17, 12:38 AM
    • 5 Posts
    • 1 Thanks
    Penguin90
    Hi
    My son hopes to go to University in Sep 2017. After reading Martin's guide i understand its better to take the loan.
    What i would like to find out is can you get a loan to complete an undergraduate degree and then if he wanted to do another undergraduate course can he still get loan for that as well?
    Thanks
    Vin
    Originally posted by vinmin
    You can get a loan for a second undergraduate degree if it's in a STEM subject, and studied part-time.
    • HFTIG
    • By HFTIG 16th May 17, 10:05 AM
    • 2 Posts
    • 0 Thanks
    HFTIG
    I started my course in Sept 2014 and I have one year of study left. I would like to know if the amount provided will be as it has been before in a maintenance grant and loan format. I am aware that the current system provides a £8200 loan for an income below £25,000. But what is the format for myself? I have seen that if the income is below £18,360 then you get £3110 grant and £3552 loan (SFE 2015/16 guide booklet), but then I see elsewhere that below £25,000 provides £3387 grant and £4047 Loan (savethestudent.org website). So there is conflicting information and the SFE website only provides information for those who started the course in 2016 and 2017.

    Therefore could you please advise me on what you know, this would be very much appreciated.
    • Ed-1
    • By Ed-1 16th May 17, 3:37 PM
    • 1,859 Posts
    • 988 Thanks
    Ed-1
    I started my course in Sept 2014 and I have one year of study left. I would like to know if the amount provided will be as it has been before in a maintenance grant and loan format. I am aware that the current system provides a £8200 loan for an income below £25,000. But what is the format for myself? I have seen that if the income is below £18,360 then you get £3110 grant and £3552 loan (SFE 2015/16 guide booklet), but then I see elsewhere that below £25,000 provides £3387 grant and £4047 Loan (savethestudent.org website). So there is conflicting information and the SFE website only provides information for those who started the course in 2016 and 2017.

    Therefore could you please advise me on what you know, this would be very much appreciated.
    Originally posted by HFTIG
    There's various rates of loan/grant combination depending on when you started.

    Your's is section B of the following:

    http://www.practitioners.slc.co.uk/media/8963/financial-memorandum-for-201718-111016-final-v11.pdf

    Table B5 on page 22 but if it's your final year of the course then there is reduced rate maintenance loan which is shown in Table B1.
    • tihomirbz
    • By tihomirbz 20th May 17, 12:24 PM
    • 2 Posts
    • 0 Thanks
    tihomirbz
    Hi everyone
    Read quite a few of the articles, but still quite confused on what the best course of action would be for my particular situation. In summary:

    £37,000 of student loans total. Graduated last summer, started employment in September with base salary of £39,000, expected to rise to around £45,000 next year. Around £12,000 in savings.

    Based on what I've seen through the calculations, it seems that if I keep paying just the minimum payments every month, I'll end up repaying almost DOUBLE in today's money what I currently owe, which is ridiculous. So my question is - does it make sense to try and pay it back in full as quickly as possible? What I was thinking was use most of my savings + potentially a personal loan (of around 3-4% rate) to pay it back in full. I know that it's not advised to take other loans to pay back student loans, but based on the current RPI+3% rate that ends up at 5.3% for this year and potentially 5.7% for next year, which is much much higher any personal loan rate at most high street banks.

    Any suggestions and comments are welcome
    Thanks
    • agrinnall
    • By agrinnall 20th May 17, 2:11 PM
    • 17,678 Posts
    • 13,381 Thanks
    agrinnall
    Your situation seems to be unusual, as very few graduates will start on such a high salary, so the general comments on how to handle student loan repayment may well not apply to you. In your case you need to balance the lower total repayment you'd make by using your savings or taking out a personal loan against your future need for loans (mortgage in particular) which are not impacted by student loans but would be impacted by a personal loan and by the lack of funds for a deposit. If that balance falls on the side of repaying now then go for it.
    • tihomirbz
    • By tihomirbz 22nd May 17, 9:26 PM
    • 2 Posts
    • 0 Thanks
    tihomirbz
    The mortgage point doesn't really bother me - I am not planning on buying property in the UK any time soon (at least for the next 4-5 years), as I don't even know if I will be staying in the country for that long (EU citizen, Brexit, etc...). So I guess it makes sense in my case try and pay it back in full as quickly as possible?

    One thing I don't understand is when and how interest is added to the loan? I would like to make a bulk payment shortly before the interest is applied (even if not the full amount) to reduce the amount for this year particularly. I think I read somewhere that interest is added in September? Does that mean I should make a voluntary payment on studentloanrepayment some time in August?

    Thanks!
    • Ed-1
    • By Ed-1 22nd May 17, 9:38 PM
    • 1,859 Posts
    • 988 Thanks
    Ed-1
    The mortgage point doesn't really bother me - I am not planning on buying property in the UK any time soon (at least for the next 4-5 years), as I don't even know if I will be staying in the country for that long (EU citizen, Brexit, etc...). So I guess it makes sense in my case try and pay it back in full as quickly as possible?

    One thing I don't understand is when and how interest is added to the loan? I would like to make a bulk payment shortly before the interest is applied (even if not the full amount) to reduce the amount for this year particularly. I think I read somewhere that interest is added in September? Does that mean I should make a voluntary payment on studentloanrepayment some time in August?

    Thanks!
    Originally posted by tihomirbz
    Interest is calculated daily and compounded monthly, although you won't see it applied to the account until they know your income details after the end of the tax year.
    • BeckyAP
    • By BeckyAP 24th May 17, 3:21 PM
    • 13 Posts
    • 0 Thanks
    BeckyAP
    In regards to the above - the loan has also been accruing interest whilst you've been studying as well.
    • misshevatreva
    • By misshevatreva 9th Jun 17, 2:47 PM
    • 2 Posts
    • 0 Thanks
    misshevatreva
    I started studying for my MA in September 2016 and got the student finance PG loan. I've really struggled with my course, my supervisor suggested lowering the qualification (I'm presuming a Post-Graduate Certificate or Diploma). Will this affect my loan? Will I have to repay it sooner rather than in 2018? Or will the rules to it still apply?
    • _shel
    • By _shel 9th Jun 17, 4:18 PM
    • 961 Posts
    • 1,720 Thanks
    _shel
    I started studying for my MA in September 2016 and got the student finance PG loan. I've really struggled with my course, my supervisor suggested lowering the qualification (I'm presuming a Post-Graduate Certificate or Diploma). Will this affect my loan? Will I have to repay it sooner rather than in 2018? Or will the rules to it still apply?
    Originally posted by misshevatreva
    Any further loan payments will cease that's about it. Repayment stays the same.
    Thanks to everyone who posts competitions
    • Ed-1
    • By Ed-1 9th Jun 17, 5:12 PM
    • 1,859 Posts
    • 988 Thanks
    Ed-1
    I started studying for my MA in September 2016 and got the student finance PG loan. I've really struggled with my course, my supervisor suggested lowering the qualification (I'm presuming a Post-Graduate Certificate or Diploma). Will this affect my loan? Will I have to repay it sooner rather than in 2018? Or will the rules to it still apply?
    Originally posted by misshevatreva
    Postgraduate loan repayments don't start until 6th April 2019 at the earliest.
    • misshevatreva
    • By misshevatreva 10th Jun 17, 2:19 PM
    • 2 Posts
    • 0 Thanks
    misshevatreva
    Thank you! I've had all 3 payments now. I know when I suspended my UG studies (I had my son through my studies) and SFE wanted me to repay back straight away.
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