Help With Student Loans - HERE!

mxspyder

Thanks Taiko, sorry to hear you have been snowed in! I am currently studying part-time but as it looks unlikely that I will be employed in September, I am considering completing the last two years full-time (this would take four years part-time). Thanks again

SayangAlly

Please help. I changed jobs in Sept 07, and was (more or less) happily paying off my student loan every month, but the new employer didn't pay attention to the P45 and didn't start taking SL repayments until the Feb 08.

Then in April (new financial year) the same employer stopped taking SL repayments out of my salary. I didn't notice at the time that it wasn't listed as a deduction (busy at work, neighbours from hell at home, looking for new job in any spare moment), no excuse, just explanation...

Then I changed jobs in Sept 08, and had to fill in a P46 because old employer didn't do a P45. I ticked the box to say I needed to make SL repayments, but the new employer didn't take any either (didn't realise the deductions weren't being taken - new payslip, new job, new city, new manager a bully - no really) again, not an excuse, an explanation

I had to complete a self-assessment return for 2007-8 in Jan 09, and suddenly owed £400 to HMRC. I immediately checked with new employer whether they were taking SL repayments as instructed in P46, and Finance response was "SLC will tell us in February if you should be paying anything, don't worry"

Now I'm doing my tax return for this year, and I have a certain dread that my bill for SL repayments is going to be around £1000 for the same reason as last year, but all because my employers didn't do as I asked.

Is there any way I can get this sorted without having to find £1k in two weeks?

Did I cover myself by filling out the P46 correctly and how much trouble am I in for being a bit scatty with scrutinising payslips?

Finally, no-one sent me any letters to indicate that I was behind with repayments (see below) which is one of the reasons I assumed repayments were being taken

Thanks for any advice

MrsManda wrote: »

Information from the SLC website with regards to credit agencies:
Important information about how we recover outstanding arrears We actively contact customers to discuss repayments and pursue arrears. As part of this work, we send letters to those customers who consistently fail to repay what is due, requesting that they contact us (or if appropriate, their private sector loan administrator) within 28 days to discuss the options available to them.

After this date, unless there are mitigating circumstances, we register customers who have not deferred and are not meeting their repayment obligations with UK Credit Reference Agencies.

This is done to ensure that

• loans are properly collected; and
• customers are protected from getting into furtther long-term debt through excessive borrowing.

Customers who engage with us and make suitable arrangements to repay or defer repayments will not face court action for as long as they keep to heir agreed repayment plan.

MrsManda

I've tried the search engine because I know this has been mentioned before but can't seem to find it. My husband starts a new job in March complete with a payrise. I'm sure that it's been mentioned that a change in household income +/- 15% should be reported to the SLC but I can't find anything official which says this. Can someone point me in the right direction?

As he won't have proof of his new income until at least the end of April do I:
a) Fill out the Student finance applications using his current details
b) Use current details then fill out a change in circumstances form as soon as he has proof of his new salary
c) Use current details, wait until I receive my assessment, then fill out a CiC form for reassessment
or
d) Leave filling out the paperwork until after he has confirmation of his new salary (given last year's mess, I'd rather not do this)

Lokolo

MrsManda wrote: »

I've tried the search engine because I know this has been mentioned before but can't seem to find it. My husband starts a new job in March complete with a payrise. I'm sure that it's been mentioned that a change in household income +/- 15% should be reported to the SLC but I can't find anything official which says this. Can someone point me in the right direction?

As he won't have proof of his new income until at least the end of April do I:
a) Fill out the Student finance applications using his current details
b) Use current details then fill out a change in circumstances form as soon as he has proof of his new salary
c) Use current details, wait until I receive my assessment, then fill out a CiC form for reassessment
or
d) Leave filling out the paperwork until after he has confirmation of his new salary (given last year's mess, I'd rather not do this)

Changes to your marital, financial or home circumstances

You should report any changes in your personal or financial circumstances while you are studying. Advise your local authority or Student Finance England as soon as possible - it could affect the amount of financial support you get.
Changes you’ll need to report include:

• getting married, or establishing a civil partnership
• becoming separated or divorced
• having children
• your parents having more children
• becoming sick or disabled
• your household income rising or falling

From http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Afteryourfirstyear/DG_171586

I would do b) personally.

Also it's not CiC you fill in, it's some other random form. I've been getting it wrong.... but somehwere on these boards is the form..... or hopefully someone will come along and say which...

Taiko

New salary doesn't need to be notified. We've never done an upward CYI assessment. They should only be done on 15% drops, not increases.

MrsManda

Taiko wrote: »

New salary doesn't need to be notified. We've never done an upward CYI assessment. They should only be done on 15% drops, not increases.

Is that in the rules somewhere? Where does the 15% come from? Thanks

It's OK I've found it

If you’re expecting a significant drop in your income, you can ask to be assessed on the current tax year instead.If you think your household income for the current tax year will be at least 15 per cent lower than for the previous tax year, complete and return a ‘Current year income assessment form’.

circuit

i was enrolled in a degree at year 2 and dropped out approximately two months later due to personal problems.

i keep getting bills from the SLC saying my outstanding balance for this is over £6000.

i have written to them several times and had no reply and no revised balance.

what should i actually be paying?

MrsManda

circuit wrote: »

i was enrolled in a degree at year 2 and dropped out approximately two months later due to personal problems.
i keep getting bills from the SLC saying my outstanding balance for this is over £6000.
i have written to them several times and had no reply and no revised balance.
what should i actually be paying?

What did you receive from the SLC?

aah

I have posted this on another thread but it seems that this one is more relevant, apolgies mods. Please do move or merge as is appropriate and sorry for not reading properly.

Hello everyone

I would like to ask for some help. I am a very mature student, at 53 in the first year of a 2 year PGCE, will be 55 when I finish. (July 11). I am also earning - £43k and I have a (redundancy induced) pension of c£8k pa.

I know I sound well off, but it is only due to my being much older than many SLC clients, indeed I have children who are SLC clients, and I probably earn similarly to other parents on these boards, more than some, less than others.

My fees are £950 pa, which my employer and I agreed to pay between us - £650 pa by my (kind) employer, and £300 pa by me. The University has biled my employer for the first £650 which they have paid. I have paid nothing yet.

But the University tells me I am stupid and the course is eligible for funding by SLA. So I have applied. And this morning I received a financial notification from Student Finance England detailing

Tuiton fees - loan to be paid £950
Maintenance Loan:
non income assessed basic loan £3564
less loan substituted for grant £1106
Loan to be paid £2458
Supplementary grants - maintenance grant £1106

What does all this mean - apparently the fees will go direct to the Uni - what happens to my employer's £650, does it go back to them, or to me? And do I now become liable for the whole £950 instead of just £300. And is this maintenance grant exactly that - a non repayable grant of £1106? And as for the £2458 loan, where does that go - into my bank account?
Cab I bank the grant and loan (and the employer subsidy if I get it back) and earn interest on it while I am studying and pay it all off thereafter? Is that lawful?

Is there anyone out there who could help me. My bottom line is - I do not want to finish this course in debt (been there done that, and am helping my own children out of it)

Many thanks
Anne x

Lokolo

aah wrote: »

I have posted this on another thread but it seems that this one is more relevant, apolgies mods. Please do move or merge as is appropriate and sorry for not reading properly.

Hello everyone

I would like to ask for some help. I am a very mature student, at 53 in the first year of a 2 year PGCE, will be 55 when I finish. (July 11). I am also earning - £43k and I have a (redundancy induced) pension of c£8k pa.

I know I sound well off, but it is only due to my being much older than many SLC clients, indeed I have children who are SLC clients, and I probably earn similarly to other parents on these boards, more than some, less than others.

My fees are £950 pa, which my employer and I agreed to pay between us - £650 pa by my (kind) employer, and £300 pa by me. The University has biled my employer for the first £650 which they have paid. I have paid nothing yet.

But the University tells me I am stupid and the course is eligible for funding by SLA. So I have applied. And this morning I received a financial notification from Student Finance England detailing

Tuiton fees - loan to be paid £950
Maintenance Loan:
non income assessed basic loan £3564
less loan substituted for grant £1106
Loan to be paid £2458
Supplementary grants - maintenance grant £1106

What does all this mean - apparently the fees will go direct to the Uni - what happens to my employer's £650, does it go back to them, or to me? And do I now become liable for the whole £950 instead of just £300. And is this maintenance grant exactly that - a non repayable grant of £1106? And as for the £2458 loan, where does that go - into my bank account?
Cab I bank the grant and loan (and the employer subsidy if I get it back) and earn interest on it while I am studying and pay it all off thereafter? Is that lawful?

Is there anyone out there who could help me. My bottom line is - I do not want to finish this course in debt (been there done that, and am helping my own children out of it)

Many thanks
Anne x

Fees go directly to university. I am not sure how you choose to not pay all of that. I don't think you can. When applying you state how much you want to recieve. You can change circumstances.

However, the grant is non repayable as long as you finish your course year. Goes into your bank account.

The loan also goes into bank account.

When you have graduated, you pay back the loan out of PAYE pay, like tax. You pay 9% of anything over £15k you earn. When you turn 60, the debt is wiped I think. I can't remember the exact rules (ONW help please!!! ), as you are currently 52 it maybe different?

And yes you can put grant and loan in bank account and earn interest off it. That is what I am doing