Help With Student Loans - HERE!

stephw1

liney wrote: »

I'm in the same situation as you, so i'd be grateful if you can let me know what they said?

Also, this is probably a really silly question... Do you have to declare the bursary as household income to student finance, or do you get that in addition to the loan/grant?

The only part about bursaries I can find on the Student Finance site is to declare NHS burseries.

Eek! That's something else I hadn't thought about, as I haven't started my SF application yet. I think a call to them is definitely going to be in order.

stephw1

I found a discussion on The Student Room which might help. I am beginning to realise I don't know enough about it in the first place to be able to figure it out, even if I do get the answer!

(Oh, it says I can't post a link, woops... anyway this is what I googled: 'pgce student finance pre- and post- 2012')

stephw1

Also, the new one will definitely be under the new system, it says so here: "The new system only affects those starting an undergraduate course at university or college in 2012 (included within this are Higher National Diploma/Certificate courses and certain teacher training such as PGCE). Those still on courses started before then stick with the current fees and repayments."... but nothing on the pre and post problem!!

huskypup

Just after some advice

I think we have messed up step daughters loan application, some background......

My HB has two children who used to live with his ex wife - two years ago, stepson came to live with us (then 14), daughter stayed with her mum, we continued to pay maintenace for daughter - ex wife did not pay for son - as she said that we should use the money we used to give her.

She has now emigrated to Australia - step daughter is just about to complete her first year at university - son just about to leave school and goto college when he finishes his gcse's. We still get no maintenance for son - and daughter gets money now and again from her mum.

Last year on the finance forms - SD used both her mum and her dads details and received a loan that covered her rent plus about £250 left over - she got a small part time job to cover living expenses - she has an old car that we pay for which she needs to get her backwards and forwards to her job.

Fast forward to this year - we thought we were doing things properly by changing ex wife details to mine - as she is no longer in the country - this seems to have backfired - as I earn £3000 a year more in my main job and had a part time job that earned me £6000 - I cut these hours last Nov but does not come under the 15% rule for a reassess of income.

We are on a DMP, working two jobs, looking after stepson - with no help from his mum. Is it too late to go back to student finance and they use her mums details - she was paying tax and they had her NI number - she no longer has a UK address, so are unable to contact her.

On top of this she is having to move to a student house that insists you pay for the house for 52 weeks and not the 40 weeks that you pay for in hall - we/she could probably manage if we didn't have to do this - we have looked at all of the agencies and they all seem to insist on a full year.

I am so stressed about this - any advice

Taiko

All boils down to, out of term time, which parent the daughter is more in contact with/lives with.

SoHopeful

Hi - thanks for the info - I understand Further Ed is to be eligible for Student Loans from next year. I have a BA, (had a Grant in the good old days when we funded education sensibly in this country). Now 65 I want to do City & Guilds Image Capture Level III (Photography) I understand this is a 2 year course, several £000s, and other than State Pension have little income. My husband is still working and currently has a good income. Do I have to rely on him funding me or can I borrow in my own right? There may be an option to do the course in one year, in Academic year from Sept 2012 only, at the current rates, but this may be too onerous for me. Any advice would be much appreciated.

amiehall

stephw1 wrote: »

Ah sorry, I forgot there's "even older system" too!

I have the income-contingent one as I only graduated in 2011. I just find it all a bit of a brain-strain to be honest - so the 9% thing - is that the way my original loan works? I haven't paid any off yet so I don't know... so you think the two loans will add together, and I'll start to pay them off once I earn 15k at the rate of my original loan?

Not added as such. But yes, the 9% of earnings over £15k are the terms of the 1st loan. If earnings are over £15k then this payment will always be due until the loan is cleared. The part I am unclear about would be if earnings are £21k plus, which loan the payment would be allocated towards.

tuk

I completed a Hnd in England around 2001 & received 2yrs of student loans during that time, not re-sitting an exam for one of the modules meant I never received the qualification.

Would I get funding now in Scotland for a completely different course?

antonia1

Hiya, I'm trying to help my parents do student loans forms for my three siblings for the academic year 2012-2013. In tax year 2009-2010 my dad was made redundant and received a substantial redundancy payout (which was used to live off until he got a new job). So when doing last year's forms he completed a "current year assessment form", so the student loan was based on his income in the tax year 2011-2012. When completing this year's forms, he is unable to give information on the 2010-2011 and the loans seem to be assessed on 2011-2012 again. Is this correct (as he wasn't working for most of 2010-2011, so the loan based on that year would be higher)?

Also, I understand that at an income of less than £25,000 means they would get the maximum maintenance grant and maintenance loan (discounted based on grant received). How does this figure change considering he is supporting three students, all studying full time away from home?

devildog

antonia1

It is bizarre(in my mind) but when a current year assessment is requested for any given year, the next year the income assessment is again based on that same year's income figures.

235.






Where a parental contribution is assessed on a current year basis for one year of the

course, this will revert to an income assessment based on the preceding tax year for

the next year of the course and an income assessment based on the prior tax year

for the third year of the course (unless there is another drop in income). This will

mean that the same income will be used to assess the parent’s contribution for three

consecutive years. Where a current year income assessment is requested in two or

more consecutive academic years, the current year income in the second or

subsequent year will be compared to income data held by SFE for the previous

financial year rather than the prior financial year, in order to ascertain if there has

been a 15% drop in income.

There may also be a requirement to inform Student Finance of a change of circumstances which may alter the year assessed on(not sure on this)

243.

Under paragraph 3(3) a deduction of £1,130 is permitted:








For each child other than the eligible student who is wholly or mainly financially

dependent on the eligible student’s parent or the eligible student’s parent’s partner

whose residual income is being taken into account.










If total income is below £25,000 then my understanding is that each student would be entitled to the maximum loan/grant available so it wouldn't change because they are entitled to it all. However if earnings are above £25k then a deduction from the total household income of £1130 per additional student would be made from the figure.