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Self employed AND employed - student loans?!
I'm employed and self employed. I had been under the impression that these were counted as separate jobs and so I wouldn't repay student loans on either until they were over the repayment threshold separately (see gov.uk page on Repaying your student loan/How much you repay). I am unlikely to ever earn over the repayment…
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Student Loan Repayment - delay in applying repayment between Plan 1 and Plan 2
Hello, I took out a Plan 1 loan to study (grad 2012) and started repaying, then was made redundant and went studying in 2015 taking out a small Plan 2 loan. I started repaying in 2016 where my PAYE salary would get split between both plans, with 2/3 going into Plan 2. I repaid Plan 2 in 2021, and this is when I noticed…
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Do cash gifts count towards income when paying back student finance loan?
If I am given a cash gift of say £100,000 - would that contribute to my income, in the eyes of student finance? My understanding is no. Student finance repayment is only levied at your salary - not your savings and/or gifts. This gift would obviously be subject to other taxes (inheritance tax if applicable and capital…
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Parent dilemma - pay back loan for year 1/2 or keep and instead pay for fees for year 3/4
I want to help my daughter with Uni fees, but I'm not clear if it is better to pay off the loans she has for her Year1&2 that are accruing interest or instead Pay for her Year 3/4 fees directly so no loan needed .... (I hope be able to pay for all 4 years in future) She is studying Psychology and I've no idea of her career…
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How to find student discounts
Hi all, I'm wondering what people's strategy is for finding discounts and cashback offers. There are multiple different student discount schemes. There are also multiple cashback providers, including the cashback sites Topcashback and Quidco, cashback from debit or credit cards, points from nectar, avios etc. I've often…
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Student Loan : parental support & SIPP payments
Why do slc require information about SIPP payments when completing the parental support / income application? I note the declaration was for SIPP not workplace pension payments / salary sacrifice. Do they consider your income amount after the SIPP payment has been deducted? I don’t understand why it would be relevant if…
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Can I student loan be changed once awarded?
I'm asking this on behalf of my godson. He gets roughly 7k in student maintenance loan. His parents are divorced and he has lived with just his mum since he was 3. His dad stopped paying any support for him in 2020 but when my godson did the student loan application he declared the incomes of his mum, his dad and his dad's…
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Apprenticeship and BA Hons Degree Together
Hi all, Not sure if this is the right category. I just have a quick question that I'm wondering about regarding 2 courses. I am currently completing an Apprenticeship and it will be finished in November (hopefully sooner) I have also signed up to complete a BA Hons Degree which starts in October (this isn't for work, just…
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Placement year possibly becoming a 3rd year of study
My son is planning to do a placement year from September this year (25/26) and complete his final year next year (26/27). He will be applying for his reduced tuition loan soon and no maintenance loan. But what happens if he can’t get a placement and decides to do his 3rd year instead this year. If he’s already applied for…
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Should I make a lump sum repayment on my Plan 2 student loan as a new graduate?
Hi all, I'm about to qualify as a dentist and will be on Plan 2 for student loans. My current financial situation: * Student loan balance: around £90,000 * Savings: about £40,000 (currently just in a 4.3% cash ISA) * Starting salary: approx. £50,000 then jumps to £70,000 in the second year of qualifying I understand that…
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Student Loan Plan2 rates
Is there a way to see what the rates have been over the years? Background: We have been taking a look at our son's account (with him) - he paid off his PostGrad Loan (PGL - which was attracting 7.2% interest 😳), & he had a letter telling him he was due a refund. The PGL shows -£1,346.79, so something has gone off - he paid…
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Pre-registration masters course - student finance help and advice
Hi everyone I would really appreciate help and advice on this! I completed an undergraduate degree and got my student loans from Student Finance Wales. I did my degree in England. I am now wanting to do a masters degree (pre registration) in Speech and Language Therapy in a university in England. This is eligible for…
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Student Loan or Bank of Parents
We are considering the option of our daughter getting a Maintenance Loan or us funding her university and she pays us back interest free rather than the 9% she would have to pay interest on the loan. Seeing them come out of uni with a £60 grand debt is so scary. There is also the factor that they don't pay any back until…
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Cannot access student finance acct online
Hey everyone. I had two student loans: plan 1 and plan 2. Plan 2 has been paid off, and a balance remains on plan 1.however, since then I've been unable to access my repayment account online. I can log in, but a message pops up saying I cannot manage My account online. I've been in touch with slc and they said to try a…
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Already on Plan 2, should I take out an extra Plan 5 loan?
Hello All,I'm trying to work out if I should take out an extra loan which I'm entitled to: As it stands I have a: Plan 2 loan for entered in to repayments started April 2020 (due to covid etc... have not year earned enough to hit the threshold so paid back £0 so far) I left uni without completing my degree with one year…
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Plan 2 Student Loan Repayments
A very Baby-Boomer problem. Our daughter, earning £75k pa with an expectation of a 4% annual bonus has a Plan 2 debt of about £45k. We could afford to pay down at least £35k of this and at the same time she would pay down the balance using some of her savings, leaving her debt free and able to top up her pension. We paid…
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How and how much financial support to give our children through university and beyond
Good morning everyone This is the beginning of year 2024. I am not sure how many parents out there in the forum that are battling through cost of living crisis whilst working out how and how much to help our children through university and beyond. I am a single earner of the family. My son is going to university from this…
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Plan 1 - date debt gets written off
Hi, I’m trying to understand when my Plan 1 student loan will be written off to determine if I should try and overpay or leave it as it is. The .GOV and MSE website says: The loans for your course will be written off 25 years after the April you were first due to repay.” Does this mean the April after I first reached the…
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Mortgage Style Loans
I'm in Scotland. I have 5 mortgage style student loans, obtained each year from 1996-2000. The government sold these off, the 96-98 loans to lender1 and the 99-00 to lender2. I am currently making repayments but later this year they should be considered for write off as the last loan will have been issued 25 years…
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student loans previous study rule
hving read through too many student loan threads iv become increasingly worried about my own situation and was wondering if anyone can clarify its regarding the Previous study rule for student loan fees. { 3+1- previous study) when did this rule start? my own situation is that i completed a degree from 1999- 2002 under the…
