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  • FIRST POST
    • MSE Eesha
    • By MSE Eesha 8th Mar 16, 12:44 PM
    • 67Posts
    • 19Thanks
    MSE Eesha
    Postgraduate loans 2016/2017 starters
    • #1
    • 8th Mar 16, 12:44 PM
    Postgraduate loans 2016/2017 starters 8th Mar 16 at 12:44 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.


    Thanks folks,
    Last edited by MSE Eesha; 18-03-2016 at 3:48 PM.
Page 3
    • Ed-1
    • By Ed-1 17th Aug 16, 11:55 AM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    1) Will taking out the postgraduate loan have any effect on the undergraduate debt I currently have. Specifically, as explained above my undergraduate debt is subject to plan 1 (has a lower level of interest). Will taking out a postgraduate loan increase the interest rate of my existing undergraduate loan (from RPI to RPI + 3%)? Or will my undergraduate loan remain as it is (i.e. increase just by RPI each year)?
    Originally posted by Yop
    No, they are separate loan balances with different terms of repayment.

    2) It would make more financial sense for me to try to clear the higher interest loan (postgraduate) before the other (undergraduate). If I wanted to make voluntary repayments once I start earning, would it be possible to specifically make these to the postgraduate loan, or will voluntary repayments have to be split between the two debts? For example if I wanted to repay a lump sum of £1000, would it be possible to direct this solely to my postgraduate debt, or would it have to be divided between this and the debt I already hold from my undergraduate loan. As an aside, if voluntary repayments did have to be split between the two debts, how would this be done: 50/50, or proportionally based on the size of each debt relative to my total debt?
    Originally posted by Yop
    You're going to be making repayments for undergraduate and postgraduate loans together anyway so it's not a question of which gets paid first. 9% of income above the plan 1 threshold (£17,775 from April 2017) goes to your undergraduate loan and a further 6% of your income above £21,000 goes to your postgraduate loan (postgraduate loans don't enter repayment until April 2019 at the earliest so no deductions will be made before then).

    You can ask SLC to put any voluntary repayment towards paying off your postgraduate loan (I don't know whether doing this online has this option so you might have to ring them to do it).

    3) Finally, do you have any tips on how someone in my situation should best go about repayment. I anticipate I will clear the postgraduate debt within 30 years, and this is going to be gathering interest: so my current plan is to try to clear that one as quickly as is reasonably possible with voluntary repayments, and leave the undergraduate one as it is (minus compulsory repayments).
    Originally posted by Yop
    Bear in mind that borrowing on income-contingent terms is the best form of borrowing you will ever have access to so think carefully before making any voluntary repayments. Only make voluntary repayments if you're certain that you will repay the postgraduate loan in full within 30 years from April 2019 and won't need to borrow on commercial terms in future.

    Otherwise, treat both loans together as an extra 15% tax.
    Last edited by Ed-1; 17-08-2016 at 11:58 AM.
    • Owly12727
    • By Owly12727 17th Aug 16, 8:09 PM
    • 1 Posts
    • 0 Thanks
    Owly12727
    I have been approved for the PG loan but wanted to get a Career Development Loan also to provide more stability for me whilst studying. I'm worried now that I have been provisionally approved for the CDL that I can't have both because of this statement in the reasons why you may NOT be eligible for a Career Development Loan;

    "Are eligible for a local authority mandatory grant and/or student loan for a learning programme you wish to undertake at a publicly-funded learning provider, including a higher education institution."

    Any thoughts?
    • dylans
    • By dylans 29th Aug 16, 1:06 PM
    • 1 Posts
    • 0 Thanks
    dylans
    Uni first
    You need to be accepted on a recognised post grad course at a recognised university BEFORE you apply for the loan. Yes that includes the OU and yes you have to pay up front.

    If you haven't got the cash to pay up front for a few months, you can apply to OUSBA (google it) to pay your costs. They pay the full costs of your course and then you pay them back monthly. You then apply for the post grad loan and you you use that to pay back OUSBA.

    It sounds a bit confusing but its not. Remember there are 3 stages to this. First get accepted on a course. Second contact OUSBA to pay your fees and get you on the course. Third get a Post grad loan and pay back OUSBA

    OUSBA are really good and understanding and effficient. I got an acceptance from them within the day and my fees were paid the following day. Then you contact Student Finance England for the Post Grad loan with details of your course and they give you a decision within a few days. It takes about 6 weeks to get the Post Grad money but OUSBA don't start taking your monthly fee costs for about a month.

    So, for example, my course begins in September, OUSBA begin taking monthly fees back in November and the Post Grad loan is paid into my bank in October (they pay in three instalments) You use that to repay OUSBA and everyone is happy.
    • silvercar
    • By silvercar 29th Aug 16, 2:10 PM
    • 34,082 Posts
    • 142,516 Thanks
    silvercar
    I have been approved for the PG loan but wanted to get a Career Development Loan also to provide more stability for me whilst studying. I'm worried now that I have been provisionally approved for the CDL that I can't have both because of this statement in the reasons why you may NOT be eligible for a Career Development Loan;

    "Are eligible for a local authority mandatory grant and/or student loan for a learning programme you wish to undertake at a publicly-funded learning provider, including a higher education institution."

    Any thoughts?
    Originally posted by Owly12727
    Could well be just because they haven't updated their criteria to take account of the student loans available for the first time in September.
    • academicdad1987
    • By academicdad1987 11th Sep 16, 9:29 PM
    • 1 Posts
    • 0 Thanks
    academicdad1987
    Transfer Credits from Previous Study
    Hi

    - It must be a full master's course: This technically means a level 7 qualification worth 180 credits. Postgrad diplomas therefore don't count as these are usually 120 or 60 credits.

    I am enrolling onto a Full masters course - not a PG dip or anything like that. However, I have done my PGCE which gives me 60 credits from previous study, also known as APL, and I wanted to bring them across to my masters.

    Would I still be entitled to a PG loan if I transfer 60 credits from previous learning?
    • Bfc4eva
    • By Bfc4eva 14th Sep 16, 9:23 AM
    • 1 Posts
    • 0 Thanks
    Bfc4eva
    Masters funding
    Have been offered a place on Physiotherapy masters but it is not NHS funded can anyone help to how I can possibly fund this as course fees are £28000 for the 2 year course then you have living costs on top. The postgrad loan only gives you £10000 and Careers development loan is £10000 at the most but heard this is hit or miss.This is all I have ever wanted to do and places are so competitive really don't want fees to stop me achieving my dream.
    • Alphy
    • By Alphy 6th Oct 16, 5:04 PM
    • 1 Posts
    • 0 Thanks
    Alphy
    Age discrimination
    I too am concerned about the age restriction of 60 for postgrad loans. I have not yet found any reasons given for this apparently arbitrary choice. Any ideas about who do to contact for an explanation?
    • sheramber
    • By sheramber 6th Oct 16, 8:06 PM
    • 2,740 Posts
    • 2,133 Thanks
    sheramber
    I too am concerned about the age restriction of 60 for postgrad loans. I have not yet found any reasons given for this apparently arbitrary choice. Any ideas about who do to contact for an explanation?
    Originally posted by Alphy
    The age limit is set by the government so contact the Mister of State for Universities, Science, research and Innovation who is responsible for student finance.
    • Drumster
    • By Drumster 9th Oct 16, 8:43 PM
    • 1 Posts
    • 0 Thanks
    Drumster
    Inquiry Into the Student Finance England's Handling of the New Post Graduate Loans
    I am writing to you to make you aware of the Student Finance England's decision to withdraw the funding of Scottish, Northern Irish and Welsh Postgraduate Students living and studying in England. Furthermore I petition you to investigate further about the horrific way that Postgraduate Students have been treated in this matter and the very difficult mental and financial circumstances they now find themselves in as a direct result of the SFE's actions.

    Background
    From 2010 to 2012 I went to Edinburgh College and was funded by SAAS to study at HND level. Once I completed my studies I took a 2 year break from studying to start my own business in Berwick Upon Tweed but after this business failed, I decided to study at undergraduate level at Newcastle University which coincided with me and my family permanently moving to England in August 2014. My wife left her job in Scotland in August 2014 as part of our permanent move to Newcastle with my 3 children registered into English Schools. My 10 years old, has been awarded a scholarship to study music in the Newcastle area and is in his 2nd year of training.

    As I was previously funded by SAAS I could not apply to the SFE at the time of moving to England therefore my undergraduate studies were funded by SAAS. I graduated in July 2016 but as I wanted to study at Post Graduate Level I was informed by SAAS that I could not apply to them for anymore funding as was living permanently here in England in a Council House for 2 yrs.

    I therefore asked SFE if I was eligible to apply to them for funding before submitting my application forward and they confirmed over the telephone that I was eligible to apply. My application was approved in July with the first payment scheduled for the 26th of September which was also the day of my course registration. I therefore put off any plans to look for full time employment to support my family after my graduation and spent the summer preparing myself for post graduate study. On the basis of written notification from the SFE that my application had been approved I also put in place after school childcare for my 3 children and budgeted my finances based on the money I had been assured was coming to me from the Students Loans Company.

    The point I'm making is the SFE waited until all the Scottish,Northern Irish and Welsh students living and studying in England had registered with their University before blocking their payments without any warning or notification. This means by registering with your University and starting your course, like I have, makes me (and others in this situation) legally bound to pay the tuition fees which had been approved up until I started my course.

    Because my funding has been recalled I now have no means to pay for my fees and after school childcare costs not to mention that I am being forced to leave my course with the liability to pay the University my course fees. The Online system stated that my first payment had been sent and I received a text message from the SFE to say the funds had been released but they hadn't and according to the Students Advice Centre at Newcastle University, this was the case with every student in my position.

    The SFE's Call Service Staff had me going to my bank to check where the payment was but the fact is that no payment had ever been paid to anyone and they knew it!. I put my whole life on hold to prepare for the Masters course I had been registered on with the assurance that I had funding in place. It's been a horrible experience attending classes over the past 2 weeks not knowing why my loan payments had been blocked not to mention the arrears I am now have with other debts.

    The mental stress to me, my wife and 3 kids has been severe due to the financial implications of not receiving my loan along with being forced off my course with no job,is a direct result of the SFE's handling and dealing with the Scottish, Welsh & NI Postgraduates students applying for this new loan.

    I do not accept the SFE's ruling that I moved to England "Solely" on the basis to study at Newcastle University. As I am a UK citizen I have the freedom to move to any part of the UK for any reason or indeed for multiple reasons with no legal obligation to apply for a Work Permit or Visa to move from Scotland to England. I therefore would like the SFE to be made accountable for the mental and financial stress caused to me and my family and for my case to be reviewed on the basis that myself, my wife and three children did not move to England solely for the purpose of my undergraduate studies.

    This is not an acceptable way to treat non English students living and studying in England which is why I am bringing this matter to the public domain. I do not accept that the SFE has the right to force me to take a GAP year of my studies without considering the facts concerning my residency here in England. The SFE's conduct in the matter is in disrepute and should be investigated urgently as this affecting so many students left without funding.

    I look forward to hearing from you regarding this matter?

    James Robertson
    • silvercar
    • By silvercar 11th Oct 16, 2:46 PM
    • 34,082 Posts
    • 142,516 Thanks
    silvercar
    The government must be reading this thread!

    just been announced that post grad funding from 2017/18 will be available to all EU students. That should solve people having a similar issue to Drumster in future years.
    • sheramber
    • By sheramber 11th Oct 16, 8:13 PM
    • 2,740 Posts
    • 2,133 Thanks
    sheramber
    Drumsters problem is that SFE consider he moved to England purely to study which makes him inelligible

    I decided to study at undergraduate level at Newcastle University which coincided with me and my family permanently moving to England in August 2014.
    • 4dr10
    • By 4dr10 2nd Nov 16, 10:56 AM
    • 1 Posts
    • 0 Thanks
    4dr10
    3% + RPI Inflation Rate
    Good Morning,

    with the RPI inflation rate set to rise sharply in the coming months and years (BBC News 2/11/2016: Inflation Set to Soar to 4% by Late 2017) are we likely to see postgraduate student loans interest being charged at 7% + ?

    Thanks,
    Adrian
    • Ed-1
    • By Ed-1 2nd Nov 16, 12:45 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    Good Morning,

    with the RPI inflation rate set to rise sharply in the coming months and years (BBC News 2/11/2016: Inflation Set to Soar to 4% by Late 2017) are we likely to see postgraduate student loans interest being charged at 7% + ?

    Thanks,
    Adrian
    Originally posted by 4dr10
    Clearly, as interest on postgraduate loans is RPI+3%.
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