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How interest is applied to loans
Hey everyone, I need help understanding how interest is applied to my loan over time. Here are some example stats Monthly Mandatory repayments (taken from my pay): £130 Interest rate: 6.3% loan: £66,000 Would my loan grow every month based on this equation ? new balance = balance + (balance * 0.063)/12 - 130 > does this…
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Top universities and MSE call for current student loan statement to be scrapped - MSE News
MoneySavingExpert.com, together with the Russell Group of universities, is calling on the Government to scrap the current student loan statement, after 90% said our redesigned version of the statement helped them understand the student loans system...Read the full story: 'Top universities and MSE call for current student…
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SHL Test Answers?
Hello to all, I have an online test pending by SHL. In all honesty, I've never done one of these assessments before and am super-nervous! I was wondering if there are any websites were I could see some actual questions? Preferably with the answers and explanations I only have a couple of days until my deadline on this, so…
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Student loans and self employed
I have a student loan which i pay off on a yearly basis being self employed. I pay this in Jan of every year, however the account accrues interest throughout the year. I am in a position that i have the money for student loan for previous tax year sitting in my account, can i pay it off early or will i be asked to pay it…
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Student Finance v Loan
Struggling with finances atm and have been paying son's accommodation fees up to now (about £1400 per term). Is it better - more cost effective - to pay fees through student finance compared to getting a loan?
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0% loan/credit card to get student housing full payment discount?
So for the full year in my university student housing would cost 6.5K in 3 2-2.2K instalments but if i can pay the full amount at the start of the year i can get a £200 discount is it advisable to try and get a 1 year 0% interest loan or credit card pay the full year on that put the money from the student maintenance loan…
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Student loan write off question for old mortgage style loans
Hi, I've got 2 sets of student loans - one set was in 92/93/94 and they are fixed mortgage style loans. The next set are income continent student loans starting in 2003. I've deferred the mortgage style loans since taking them out as I've remained under repayment threshold, until this year. So I'm just about to start…
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Student Loan Plan 1 if reached threshold?
Hi all I have been informed that because I reached the threshold (£18300 2018/19) I am not entitled to any refund or for any year where I may have earned over threshold. This has been explained because student loan company calculate repayments month to month - and I am paid monthly. My employer have change payroll company…
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If I pay off my student loans with Erudio...
I have never earned enough to be able to pay back my student loans from the nineties. Unfortunately, through moving and SLC not updating their records, my loans weren't always deferred so they got passed to Erudio. They threaten me with giving my loans over to people like Capquest if I don't make payments. So now, even…
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Household income - divorcing parents
My daughter is due to go to uni this autumn & we are looking at applying for student finance. Her father and I are currently going through a divorce. I have been a stay-at-home parent for many years & he has emigrated to the US. Pending the divorce & financial settlement, I receive interim maintenance from him for myself…
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Paid student loan due to work error
I don't normally pay off my student loan as my salary is under the threshold. However, due to processing errors at work, I received a lump sum in one wage slip, an accumulation of a year's worth of underpayment. This meant that I went over the threshold and therefore £372 went straight to student loans. It doesn't seem…
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Repayment Threshold 2020/21
With RPI for March in at 2.4%, the repayment threshold for plan 1 loans will rise to £19,390 from 6 April 2020 (18,935 x 1.024 rounded up). With the relevant average earnings increase for Jan to March in at 3.3%, the repayment threshold for plan 2 loans will rise to £26,575 from 6 April 2020 (25,725 x 1.033 rounded up).…
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Earn Extra Money Online
I am a student and wish to earn some extra pocket money. Can anyone suggest me what part-time jobs can be done so that it does not affect my studies and also, help me earn some extra pocket money online?
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Anyone studied for an Open University degree at 18?
My son and I were discussing his plans for the future, and he would like to know if it is viable to do a degree through Open University straight from 6th form College. He has a part time job, and he would rather carry on working and live at home while studying, as doesn't want to run up debt for rent and bills while at…
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Student loans data to be shared every week - here's what it means for you - MSE News
The amount of interest you're paying on your student loan should become clearer, and you should be less likely to overpay, after HMRC and the Student Loans Company started sharing data on a weekly basis...Read the full story: 'Student loans data to be shared every week - here's what it means for you' Click reply below to…
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Cost of living loan different for siblings
Is there any reason why siblings are being offered different cost of living loans? Both are at Uni outside of London, both doing undergraduate study, both have had the same household income assessment and both had the same loan amounts last year but this year the loans vary by over £500. Anyone who knows why that would be?…
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'Intent to return to the UK' - SF
I have applied for student finance and they require information over the last 3 years regarding my taxable income. I am 23 and I returned to the UK from Ireland in June 2017 in order to study an access course to gain the necessary points needed to then attend University. In the time that I have been on my access course I…
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Salary Sacrifice & Household Income
When declaring household income to Student Finance, should I first deduct the pension contribution I make by salary sacrifice or not? I currently pay 30% in to my pension, so it would make a difference to the amount of maintenance loan my son receives.
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Student Finance and current household income
Hey all, I'm a 2nd year and I've been living at home and commuting in to my local university for the past two years, but I *should* be going on an international year next academic year starting in August 2019. Living costs will inevitably be a lot higher, but that would be ok because according to STE, I would get close to…
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SLC can't tell me what my loan was for
I started university in 2006 and graduated in 2011, this cost me £26,000 in maintenance and loans from SLC (before interest), a figure I've always thought was a bit high. Unfortunately, being a bit naive at the time I didn't keep all of my paperwork from the SLC and although some of it is available electronically on their…
