Help With Student Loans - HERE!

Postcodemap

Hi all I wonder if anybody could explain to me what pension contributions are deductible from parental income for student finance?
My husband is in a workplace scheme where he pays in a percentage of his salary each month (it varies as he is on commission), his employers match it. We thought this amount would be deducted from our total parental income but we have had an email which says
"Private pension contributions are not currently included as a deduction as the evidence we have received shows that they are paid into an occupational pension where tax relief is already given at source and not into a private pension".
I'm sorry to be dim but I don't really understand this.
My husband is in the same pension scheme as he was when our older son applied for student finance and we thought the amount was deducted. I read the guidance notes for 2014/2015 and they say

The gross amount of certain pension premiums (not in respect of pensions payable under a life assurance policy) that qualify for tax relief and certain equivalent payments– see Schedule 4, paragraph 5(2)(a) and (b). So I'm still no clearer. Any explanation much appreciated

Taiko

That's correct. A workplace pension deducts the money before you get to the taxable income. As such, they don't count.

Now, if he was paying extra in, that's an AVC which would count. Or if he'd taken out another pension elsewhere, that would also count.

barold

slcworker wrote: »

Hey, i have alot of Knowledge of how the student loans procedure works. If anyone needs any help, i can advise as much general info.
Obviously i cant divulge into specifics due to Data Protection and the fact that i'd get fired, but anything i can help with, just let me know.

Hi, I was / am eligible to have my student loans wiped when i reach 60 in july. Having started uni in 96 at age 42.

I've just recieved a letter from the company ERUDIO who bought my loans off the student loan co. There is no mention of whether my eligibility to wipe my loan in july still stands. can you help?
thanks, Martin.

Wikikenkey

My daughter who is English and resides in England has been accepted on to an NHS funded course in Wales.

She will apply for her means-tested bursary through NHS Wales.

Apart from the £1000 non-means tested grant which I assume she will receive as part of her means-tested bursary application, where should she be applying for her non-means tested loan of I believe in the region of £2000? Would this be through Student Finance England?

Grateful for any help.

chrisandsue

I am completing my financial information in support of my daughter's application for student finance. I am a little confused as to what can be claimed as "allowable expenses on which you claimed tax relief". Specifically, can I enter payments into my employer's superannuation scheme under this heading? Also, I have been making monthly payments to the students loans company for my own student loan (from 12 years ago). Can I enter these payments as well?

I would be very grateful for any help!

Many thanks, Chris

brand8

Hi I have just been reading through this forum and I think I may have missed on on applying for a bursary grant for son he is in his first year at uni started sept 13 we applied for student fianance which he got full as I only earn 7000 a year and am single parent should we have applied for a bursary grant too if so can we still do it now and how do we go about it. Also I get free dental care as I have tax credits son has toothache at the mo does he have to pay for dental treatment or would he get it free thankyou

devildog

brand8 wrote: »

Hi I have just been reading through this forum and I think I may have missed on on applying for a bursary grant for son he is in his first year at uni started sept 13 we applied for student fianance which he got full as I only earn 7000 a year and am single parent should we have applied for a bursary grant too if so can we still do it now and how do we go about it. Also I get free dental care as I have tax credits son has toothache at the mo does he have to pay for dental treatment or would he get it free thankyou

If your income is only £7,000 per year then it would appear your son would be entitled to the bursary, although you don't actually apply for it separately, if I recall correctly there is a 'tick' box on the loan application form. I would certainly get in touch with Student Finance about this.
Re dental charges, just because you get tax credits, that doesn't mean your son is entitled to free dental treatments. If he goes to a dentist for treatment and states he is a student he should be informed/given a form to complete (NHS form) where he will need to detail all his income/outgoings this form will then be looked at and a decision made as to whether he will get any help with these charges.

devildog

chrisandsue wrote: »

I am completing my financial information in support of my daughter's application for student finance. I am a little confused as to what can be claimed as "allowable expenses on which you claimed tax relief". Specifically, can I enter payments into my employer's superannuation scheme under this heading? Also, I have been making monthly payments to the students loans company for my own student loan (from 12 years ago). Can I enter these payments as well?

I would be very grateful for any help!

Many thanks, Chris

I would say no to the superannuation scheme because that is taken from your pay before it is taxed.
Not 100 % sure re student loan payments but on balance of it would say no -isn't it too taken directly from your wage before you are paid? It is a loan (just like a mortgage or car loan) and they wouldn't take any notice of them either.

chrisandsue

devildog wrote: »

I would say no to the superannuation scheme because that is taken from your pay before it is taxed.
Not 100 % sure re student loan payments but on balance of it would say no -isn't it too taken directly from your wage before you are paid? It is a loan (just like a mortgage or car loan) and they wouldn't take any notice of them either.

Many thanks for your reply. There are 2 reasons I am a little confused about this:

1. My wife pays into an additional stakeholder pension, where the tax is added after she has made the payments. Her payments into this have been allowed by SLC as expenses. Since superannuation payments are also allowed against tax in the same way, surely they should also be allowed as expenses?

2. My daughter is also applying for an NHS bursary. They specifically ask us to declare employee pension contributions. It would seem strange if they are using different criteria to SLC.

Thanks for any clarification!

devildog

Lol it is confusing isn't it!! I pay into an additional stakeholder pension too, that is an allowable deduction against our household income but my partner's employer's pension is taken straight from the wages before they are paid and so therefore it is already deducted from gross income so cannot be allowed as a further deduction.


One of mine is also an NHS student and the forms/criteria are different to Student Finance (why should they make life easy for us ) I haven't got time now, but I will look through the NHS application we did tomorrow.