Help With Student Loans - HERE!

dialeg11

Hi I wonder if you can help I have tried to research this but no luck so far!!

My daughter knows she is due an inheritance from will of estranged family member who died 10 years ago she has received some cash two years ago £4k, which is in a savings account.

She goes to Uni this Sept (scotand 4 years) and we have completed the finance application on my income - single parent low earner no savings - and my daughter will receive full loan + some bursaries also applied for.

Now she has heard probate is going to be finalised and she will receive her inheritance soon-still no information as to whether this is going to be as property or cash, but it is going to be £85k.

Until it is actually in her account she qualifies for the loan as per her application but what should she do if she receives it before term starts? How is capital treated I can only find details for actual income? thanks

MrsManda

dialeg11 wrote: »

Until it is actually in her account she qualifies for the loan as per her application but what should she do if she receives it before term starts? How is capital treated I can only find details for actual income? thanks

In Section 8 of the student finance application form there is a a question about the student's unearned taxable income. This includes interest from savings but not the capital. This is where she'd put the information if she had the inheritance prior to filling out the form.

But as she'll receive it later she may need to fill out a change in circumstance form. I think there is a certain amount that you can receive without needing to fill out a change in circumstances form but I'm not sure what this is or whether I'm right. I'm sure Taiko or someone will be around later who'll be able to give you the information.

smicer07

Wonder if anyone could help.

Been paying off my student loan by direct debit for a while (29.22 minimum payment) but have recently noticed a payment coming out of my salary directly (£90 a month). Is this because I'm earning over 15k? Do I have to carry on with both of these payments? Can I cancel the direct debit?
Cheers!

smicer07

By the way, the direct debit says "Fixed term", the other says Income Contingent.

Oldernotwiser

When did you take out the loans and how much do you earn?

smicer07

Oldernotwiser wrote: »

When did you take out the loans and how much do you earn?

I took out the loans while I was at uni (1997-2001) and currently earn around 24k.

Oldernotwiser

The current repayment threshold for pre 1998 loans is £26,449 so you could be deferring your loans at present.

simplynoidea

I've applied for a student loan and starting uni Sep '11 by which time I shall be 55 years old. Looking at the student loan info am I right in thinking that if I am still working my loan won't be paid off until I'm 83 years old?

layanna_jade

Hi there

does anyone understand what the maintenance grant is dependent on? I've just completed my first year and applied for my finance for the 2nd year.

I'd previously completed 2.5 years of a degree but due to extenuating circumstances which have been accepted by SFE wasn't able to complete my first degree. They have agreed to pay the first years fees and the third years fees but I need to pay my fees for the second year.

Will I qualify for the maintenance grant for the 2nd year?

Thanks for any help

Taiko

No, you would not qualify for the maintenance grant. Eligibility for the maintenance grant is dependent on you being eligible for a fee loan.