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Student loan plan 2 - interest rate from September
Hello! I am wondering if anyone has any information on what the interest rate will be for plan 2 student loans from September. My understanding is that e current 7.1% cap is only applicable until September 2023. And that as of then, the March RPI will be used (per the normal rules). With March's rate still being above…
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How much student loan should I take out??
I'm a welsh medical student who has a lifetime ISA. Is it worth borrowing extra student loan to invest in the ISA to maximise the government contributions I'm entitled to (25%)? The benefits of this for me in the next ten years would be great. However, I'm not yet sure what my future career path looks like, and am unsure…
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Plan 1 student loan - pre 2006
Hello The interest rate on my loan has gone up to 6%. I'm just curious is this tracked to base rate, so if the base rate goes down to 2% will the interest on the student loan go down there as well. Or will it stay high? I beleive for may years it was around 2%
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Student loan - should we pay off for 25 year old son earning £40k
Hello, I know there is an awful lot of info on whether to pay a student loan off. Could I run by our scenario to get some advice please. I have bullet pointed for ease. * Son is 25 years old and got a graduate trainee scheme which he finished 2 years ago with a very large company. He is now fully qualified in the insurance…
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Pre1998 loan (Scotland)
I have 3 loans, taken out in 1996, 1997 and 1998 (in Scotland, though I am not sure that matters pre 1998) My understanding is that these should be written off 25 years after the first payment date of my last loan, or when I turn 50, whichever is sooner. My repayments are currently deferred until 19th October (I have…
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UK student started uni Sep22, applying for loan 2023
Our son started uni Sep2022, and we paid his full living allowance for 1 year. He is applying for a student loan this year and next. Will he be on plan 2, or the new plan 5? We are UK citizens living in UK. Thanks
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Unihomes Gas & Electric
Hi all, My son is moving into a shared house for 2 years next month, and the previous students had used Unihomes for the Gas / Electric / Broadband etc .. I’ve done a quick quote on their website, but their quoted monthly repayment seems very high. Can he change to another provider ? I’m guessing he’ll need the MPAN number…
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Should I repay my student loan in full?
I keep seeing advice you shouldn’t repay your UK student loan, “the money is better put to use elsewhere” certainly doesn’t feel like it at the moment! I’m on Plan 1 and have £12500 remaining on my loan, I have a fairly decent salary and repay £~550 a month or about ~£6000 a year, more if we get a big bonus. Via PAYE I…
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Triple plan repayment?? repayments on plan 2, PG, AND plan 5??
Hi all! A conundrum.. can't seem to find any info on it online. I did my undergraduate under a plan 2 loan. Will never repay in full, its sat at ~£60k. I've just finished a masters, PG loan currently at £9250, have been making voluntary repayments as have plenty in savings and anticipate to repay before it wipes even on a…
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Guide discussion: Student Loans in Wales
This is the place to discuss our guide on 'Student Loans: Wales'. We'd love to hear your thoughts, personal experiences, and general feedback. 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.'
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Gross or net salary used to calculate parental contribution to student maintenance costs?
If both parents are considered ‘high earners’ around £50-60k basic pay. What figures are taken into account for determining the parental contribution? Eg I also make AVC’s into my DC pension scheme. But overtime and bonuses can be variable. And could I for example pay more AVC into pension/or work less overtime (accrue…
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student loan coming to an end
My student loan should be paid off in 3 months time. I currently pay £260 per month as per my wage slip. Does this mean i will receive an extra 260 in my take home pay or will it be less due to tax?
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Support with student childcare
Hi, Me and my partner are both 23. My partner is starting her midwifery degree in September. We live together and have an 18 month old together who will be starting nursery at the same time. As a young couple the cost of nursery is causing a bit of stress. We are unable to utilise tax free childcare as she will not be…
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How much to top up?
Hi, DS1 is going to uni in sept. We have just paid the deposit for first year halls (It has to be these halls and anyway there wasnt really anything much cheaper )cost is £8228 for the year (44week contract) The maintenace loan is £9200 ~ however my son will only qualify for the lowest amount. Our top up will need to be…
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Data breach
Was contacted by SLC Student Finance England, following application for daughters SL ( this is third child so felt I knew what I was doing) to say I had attached a form incorrectly to my daughters account, which I don't have access to.Checked my own account stated all forms recieved and application complete. Contacted SLC…
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Is this a sensible way to pay off SL early using a credit card?
I have around 5K left to pay and i am aiming to pay it off in 1.5 years, with the interest rates going up this will amount to around £300-400 in interest i think. Is it sensible to pay off with a credit card, and then get another credit card to do a balance transfer for 2 years at 0% Seems too simple, is there a downside…
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Student Loan
If I’ve paid some of my student loan off when I didn’t need to - can i claim those payments back?
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Student loan to be paid off next month
Hi, So from my calculations I now owe about £650 left of my 20k student loan (wooo!!). I currently pay off this amount each month and thus next month after deductions my student loan will be full paid off. Now I am wanting to make sure I don't end up paying in subsequent months and having to reclaim at a later date. Please…
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Second loan - does write-off date get reset?
I graduated in 2009 and have a student loan from that time. I'm now thinking about going back to university and getting a postgraduate loan. If I take this PG loan, will the date that my original UG loan gets written off be changed in accordance with my new loan, or will it remain and the PG loan will have a different…
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Should I pay off my student loan early?
Hi All, I currently have about 2 years left on a plan 1 student loan, and that's assuming that the interest rate climbs to 6.5% (base rate + 1%) and never comes back down. In November my current low fixed rate mortgage ends, and i'll be moving onto a much higher rate (c.5%), potentially costing about £400 per month more…
