Help With Student Loans - HERE!

sly_dog_jonah

shirone wrote: »

I want to move abroad next year, I know I'll have to inform the SLC of my location. But will they still not ask for payment details as I am under the new scheme or will I have to defer like the old scheme as I wont be using my national insurance number and they cant trace my wage.

You need to tell them you will be moving abroad, and how much you will be earning. If you are earning more than the equivalent of £15000 gross, they will tell you how much you have to pay. Usually this will be an annual payment, but you will be responsible for any currency conversion and/or bank/wire charges.

Go abroad without telling them, and the interest rate will be ramped up above inflation. Don't risk it. Tell them.

aneclair

Hi there, I'm hoping to start in either a DipHE or BSc in Mental Health Nursing in September. It seems strange to me that the NHS bursary for the Dip He course is more than if I do a degree? Is the SLC process the same? I have a previous Honours degree from back in 1994, when I hadn't a clue what I wanted to do and did my degree on the back of semi-decent A levels...

System

I am trying to build a model in Excel to work out my current student loan position and would be grateful for some help on the following.

INTEREST CALCULATION

I cannot quite model this properly - is the interest calculated on a daily basis and then compounded

e.g. if you owe £10,000 daily interest rate is 0.005% = 50p. So the next day will be calculated on £10,000.50 at 0.005% etc etc or is it more complex?

REPAYMENTS

I know that at the Tax Year End the SLC are told how much you have paid in the year and they then work out the interest if you had paid the money each month.

Is there a standard calculation e.g. they divide your payment by 12 and then assume a set date each month it was paid e.g. 1st of the month,

Mnay thanks

Mudassar

Hi slc,

Im currently doing a second degree in Pharmacy and my first degree was an honours degree. My LEA tells me no funds are available for paying my tuition fees. I've come to terms with that now but im still bamboozled by the fact that they are not providing a loan for my maintenance.
I come from a low earning background and im sure you'll appreciate that getting the sort of money expected is nion impossible.

Could you please find me some sort of loophole i can access so that i can carry on my studies. At this moment in time, i'm thinking of packing it in because i seriously can't afford to carry on like this.

PLEASE HELP!!!!!!1

regards,

M. Azam

stevey2005

I was encouraged to apply for my student loan online this year and a big push was made other students to do likewise.

I was so glad to hear that an online application method was available as I spent a whole ensurig the form was completed correctly and accurately. The website in Northern Ireland https://www.studentfinanceni.co.uk was ridled with errors, from not accepting sponor information to mixing up online and paper-based declaration forms!!

Not a good online application experience.

Skyewalker

My son is about to start a 2 year (96 weeks of tuition so no holidays save 4 weeks a year) BA degree course. He has been told by his LEA that he is only entitled to 2 years worth of loan (2 x 3070) even though he is doing the equivalent to a 3 year course's worth of tuition. His actual fees ar 15000GBP for the 2 years, so an extra 3070 of loan would have been helpful. The LEA is insistent that he is only entitled to 2 years tuition, surely this not correct?

(his parents' incomes preclude him receiving any grant but he has a london weighted maintenance loan of 4735GBP.)
Can you give any advice please?

hello12_2

I know that with my student loan (pre-1998) I can defer repayment once a year if I am below the threshold, but I started repaying mine this year, but will go on maternity leave part way through the financial year so will earn very little. Does anyone know what this will mean for my repayments, as there is no way I will be able to afford them then? I am a bit worried that I will have to wait until my pay actually goes down to sort this out and will still be making repayments in the meantime while the loans people prevaricate! Thanks!

Emmzi

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robnye

hope someone can help. i tried to search for answers and have found and understand some of it.....
with my eldest daughter we are investigating the whys and wherefores relating to finance when going to university,
we understand the issue of a loan for the fees which is paid directly to the university of choice, this is then repaid once she completes her course and start earning above £15K, we understand that interest is added to the loan from day one.
she would be applying for a loan for living expenses (maintenance) - non means tested - which we understand is up to 75% of max available,
is this then lumped in with the fees loan? or does it become a second loan account?
again we understand that this will accrue interest from the payment date and wont need to make payments back until she starts work and earns above £15k

if she was able to get a decent paying part time job (hard to find - i know) would she be able to make payments against the loans in advance of completing her course?

what other types of finance/loans are available (non means tested),

Broke_Student

robnye wrote: »

hope someone can help. i tried to search for answers and have found and understand some of it.....
with my eldest daughter we are investigating the whys and wherefores relating to finance when going to university,
we understand the issue of a loan for the fees which is paid directly to the university of choice, this is then repaid once she completes her course and start earning above £15K, we understand that interest is added to the loan from day one.
she would be applying for a loan for living expenses (maintenance) - non means tested - which we understand is up to 75% of max available,
is this then lumped in with the fees loan? or does it become a second loan account?
again we understand that this will accrue interest from the payment date and wont need to make payments back until she starts work and earns above £15k

I think thats right. You have one big account with the student loans company. The course fee is added onto the account as soon as the course starts and the university is paid it's fee. The loan comes in installments throughout the year and is added to the same account. Interest will be calculated on this account daily so you only pay interest on money from the day it is paid to you (or paid on your behalf).

if she was able to get a decent paying part time job (hard to find - i know) would she be able to make payments against the loans in advance of completing her course?

Yes you can make voluntary contributions via cheque/credit card/debit card/giro/standing order. These can not be reclaimed regardless of whether or not she is still on her course or not. Voluntary contributions will not offset any future deductions through the tax system either.

I strongly advise that you read the advise on this board before paying off any student loans early! You are better off keeping the money in a savings account!

what other types of finance/loans are available (non means tested),

Credit cards, commercial loans, bank overdrafts.