Help With Student Loans - HERE!

Dunroamin

The government information is all pretty clear.

https://www.gov.uk/student-finance/loans-and-grants

https://www.gov.uk/apply-for-student-finance/household-income

http://www.sfengland.slc.co.uk/media/559149/sfe_pff2_1314_d.pdf

malc_b

Dunroamin wrote: »

The government information is all pretty clear.

https://www.gov.uk/student-finance/loans-and-grants

https://www.gov.uk/apply-for-student-finance/household-income

http://www.sfengland.slc.co.uk/media/559149/sfe_pff2_1314_d.pdf

Thanks for that, however:

The first link gives the maximum grant loan but doesn't say how to calculate a loan (in the past this used to be something like above £20k the loan reduces by £1 for £6.50). This data is not on that page, just a calculator.

The second link does define whose income in the household needs to be consider (but in fact isn't accurate as you can be under 25 and not have to include parents income).

The 3rd link is to a form which sorts says what figures they want but not what they don't want. I believe it is only taxable income but it doesn't say. Plus I see the form still asks for dependants and their income. Back in 2007 I complained about this to DPA since parents' dependants income has no effect on the student's loan, hence they have no right to collect this data and are breaking DPA to do so. The upshot being that you cannot rely on the questions in the form to be a guide on the figures actually required.

Taiko

A parent's dependent's income can affect entitlement. The income declaration is there to ascertain whether or not they are actually financially dependent on the parents. Whilst unlikely, a child under 18 could have a vast income, be it from an inheritance, or they could be a child genius with a huge company but still living at home.

It's unlikely, but it has to be looked at in order to meet the regulations, and so the data is relevant.

malc_b

Sorry, but that just isn't true. SLC ask for dependants. If a child is a millionaire say then they are NOT dependant on their parents.

If you wanted to check that parents understood what dependant meant then all SLC have to do is say list dependants (note that excludes anyone with an income > £xxx of their own). There is no need to gather exact info for all the parents that fall under £xxx. DPA says you should gather no more data than you actually need. In 99.9% of cases SLC do NOT need to know the exact amount of interest they earn in their junior saver. Hence SLC are breaking DPA.

I thought it was the second (my memory or maybe they change it) but from here it is the 3rd principle which says:

"Personal data shall be adequate, relevant and not excessive in relation to the purpose or purposes for which they are processed."

Collecting data from 99.9% of people when it is not needed is excessive in my book. It's like asking people for their exact birthday when all you need to know is are they over 25 or not.

malc_b

For any others interested I have managed to find some data. What you need to know is the name of document "Higher education student finance - How you are assessed and paid" which a google search can then find here sfe_hyap_1314_pf.pdf. The student notes sfe_pn1_notes_1314_d.pdf seem to have comprehensive info on what is household income.

Now why in 4 emails SLC could said look at these 2 pdfs I dunno.

Interestingly student unearned income excludes ISAs, as does parent's income (which, at least for parents, is not clear on the form).

Taiko

malc_b wrote: »

Sorry, but that just isn't true. SLC ask for dependants. If a child is a millionaire say then they are NOT dependant on their parents.

If you wanted to check that parents understood what dependant meant then all SLC have to do is say list dependants (note that excludes anyone with an income > £xxx of their own). There is no need to gather exact info for all the parents that fall under £xxx. DPA says you should gather no more data than you actually need. In 99.9% of cases SLC do NOT need to know the exact amount of interest they earn in their junior saver. Hence SLC are breaking DPA.

I thought it was the second (my memory or maybe they change it) but from here it is the 3rd principle which says:

"Personal data shall be adequate, relevant and not excessive in relation to the purpose or purposes for which they are processed."

Collecting data from 99.9% of people when it is not needed is excessive in my book. It's like asking people for their exact birthday when all you need to know is are they over 25 or not.

Some parents would still list their children, as they do not differentiate between being dependent/independent. Therefore, the income declaration is completely valid.

I also think you'll find it is clear in the form ISA's are exempt. The form states taxable income, and anyone with two bits of intelligence to rub together understands that you do not pay tax on an ISA.

malc_b

Taiko wrote: »

Some parents would still list their children, as they do not differentiate between being dependent/independent. Therefore, the income declaration is completely valid.

I also think you'll find it is clear in the form ISA's are exempt. The form states taxable income, and anyone with two bits of intelligence to rub together understands that you do not pay tax on an ISA.

Which is why I said SLC could ask a simpler question. As it stands SLC are requiring 99.9% of parents to go out and collect the data on the other children's accounts, just because of the 1 in 1000 who is not a dependent. That is 1000 times more personal data than they need to collect plus work for 1000 parents (I used to be one of those and I refused to collect the data, instead putting less than £100 or some such).

The form actually says,

"Q5. Did you receive any income from savings and
investments?"

"a. Total interest from UK banks, building societies and
unit trusts"

No mention of taxable unless you check the notes. That is quoted from sfe_pn1_1314_d.pdf.

The student section does say in 8a "Taxable unearned income" but that is missing from parents' section.

I thought ISA were interesting more so for parents who if they didn't read the notes would include ISA interest. For students an ISA could be useful just used as a normal saving account, some where to stash the loan when it comes in before having to pay bills during the term. That way any interest would not count towards reducing loan/grant. You are of course limited to paying in £5760 in any one tax year but that probably works out since rent normally comes out at the start of term.

Depending on household income student interest loses 10-20% (i.e. lose £1 in loan/grant for every £5-10 earned in interest). Given current interest rates probably not that significant.

JonathanZero

Great thread

I've got a 1998-2011 style loan, which I've been repaying since 2009, mostly via PAYE but for a year or so self-assessed.

I've not really kept track of it or paid much attention to my statements (although it's always been noted on my pay slips), but for the New Year I'm getting organised with all things finance! I've just phoned SLC and asked for a full set of my statements since I started. Are there any key errors I should check for that might mean I've been overcharged interest, a repayment I've made hasn't been counted or similar?

Thanks!

Quorden

Did post a thread in loans but think this is probably a better thread so sorry about that.
My daughter, who has lived in Guernsey with her mother since 2008, completed her 'A' levels last year, was accepted into Uni, applied for and was given a student loan for fee's and maintenance from Studentfinance England.
There was no misleading info on the application, very clear that she was educated in Guernsey but was returning to England for University and would live with me out of term time. She received the confirmation that she would be entitled to the loan back in September and has been attending Uni since.
Now we've got a letter saying that following an audit as she was resident in channel islands in 2103/ 2104 she is not eligible and the funding has been retrospectively withdrawn.
I do understand that a resident of Guernsey isn't entitled to funding from SFE however she was living under licence through her mothers marriage.
Problem for me is that having spoken to SLE in the event of an appeal being unsuccessful they intend to recharge her the 4k already paid, plus I either have to find a lot of money to continue her studies or she has to defer for three years. In addition she has signed up for a 42 week lease in London which was the condition for the halls of residence.
We're appealing the decision, applying for hardship grants and anything else we can think of but if anyone can suggest any other alternatives or knows about the right to claim back money due to their mistakes I'd be very grateful.

Taiko

Quorden wrote: »

Did post a thread in loans but think this is probably a better thread so sorry about that.
My daughter, who has lived in Guernsey with her mother since 2008, completed her 'A' levels last year, was accepted into Uni, applied for and was given a student loan for fee's and maintenance from Studentfinance England.
There was no misleading info on the application, very clear that she was educated in Guernsey but was returning to England for University and would live with me out of term time. She received the confirmation that she would be entitled to the loan back in September and has been attending Uni since.
Now we've got a letter saying that following an audit as she was resident in channel islands in 2103/ 2104 she is not eligible and the funding has been retrospectively withdrawn.
I do understand that a resident of Guernsey isn't entitled to funding from SFE however she was living under licence through her mothers marriage.
Problem for me is that having spoken to SLE in the event of an appeal being unsuccessful they intend to recharge her the 4k already paid, plus I either have to find a lot of money to continue her studies or she has to defer for three years. In addition she has signed up for a 42 week lease in London which was the condition for the halls of residence.
We're appealing the decision, applying for hardship grants and anything else we can think of but if anyone can suggest any other alternatives or knows about the right to claim back money due to their mistakes I'd be very grateful.

Can you post up your daughter's full residence history, going back to 2006 please? Can you just also confirm what she was doing in those years (studying, working etc)