Help With Student Loans - HERE!

football1989

Is there anyone well into their 30/40s that still haven't paid off their student loan from before their 20s? Do you find the interest builds up a lot.

Parkersays

Sorry if this has been discussed previously but I am freaking out a bit over this...

I have two student loans; my undergraduate which has been brought by Erudio and my post graduate which is with SAAS. I have been paying my postgrad as 9% over £15k through my wages and have been deferring my other It is under the old system). I have now been told that I need to start paying back the other one. These companies do not speak to each other so one wants £70 month and the other wants £170. I simply can not afford £240 per month. Bearing in mind my partner earns £8k more than me and is paying £100 less than what I will be paying with these together.

Surely there is something I can do, i have no issue paying but £240 is too much for me
Thanks in advance and again sorry if this has been covered before
Beth x

Stokesy

Hi everyone.

I’m after some general advice on the best way to structure my student finances.

I’m going back to university in September to do a second degree. It’ll only be for two years as I’ve been accepted straight into 2nd year. I’ve been told that I cannot get a loan to cover the tuition fees as this is a 2nd degree. However, I should have enough money saved up to cover them. I’m planning to get a part time job to cover living costs and I’m undecided about whether or not I should get a maintenance loan.

I’m based in Scotland and I graduated after my 1st degree in 2006. I have a 14k loan outstanding from my first degree. As my first loan was taken out before 2005/06 it will be cancelled when I turn 65. SAAS’s website states that interest is charged at RPI or the BOE rate + 1% (whichever rate is lower).

You are charged interest at the rate of inflation (RPI - Retail Price Index) or the Bank of England base rate + 1%, whichever is lowest, from the moment you receive your first student loan payment.

The current RPI is 1.0% and I’m getting 1.6% on my ISA. I can get considerably higher than that with regular savings accounts and so on. As such, it looks like it might be a good idea to get the loan and stick the money in a savings account.

Does anyone have any other thoughts on the best way to proceed?

Taiko

What is the second degree you're looking to do?

Stokesy

Taiko wrote: »

What is the second degree you're looking to do?

Zoology. My first degree was business studies so it's a completely different area of study.

Taiko

Unless SAAS is significantly different, you're unlikely to be eligible for the maintenance loan.

agrinnall

Stokesy wrote: »

It’ll only be for two years as I’ve been accepted straight into 2nd year.

Are you sure it won't be 3 years? The Zoology courses at Scottish Universities that I've looked at are all 4 year degrees.

Stokesy

Taiko wrote: »

Unless SAAS is significantly different, you're unlikely to be eligible for the maintenance loan.

I've spoken to SAAS again, they stated I would be eligible for a maintenance loan. I've phoned three times and was given the same answer each time so it should be correct

agrinnall wrote: »

Are you sure it won't be 3 years? The Zoology courses at Scottish Universities that I've looked at are all 4 year degrees.

I'll be studying in Nottingham or Bangor depending on Open Uni results.

missbiggles1

Stokesy wrote: »

I've spoken to SAAS again, they stated I would be eligible for a maintenance loan. I've phoned three times and was given the same answer each time so it should be correct



I'll be studying in Nottingham or Bangor depending on Open Uni results.

So you've not only got a degree already but some units with the OU - how were they funded?

ETA

Do you fit into any of the concession categories that are listed in this?

https://www.saas.gov.uk/_forms/previous_study.pdf

Taiko

Stokesy wrote: »

I've spoken to SAAS again, they stated I would be eligible for a maintenance loan. I've phoned three times and was given the same answer each time so it should be correct



I'll be studying in Nottingham or Bangor depending on Open Uni results.

Maybe it is different for SAAS. I'd be willing to wager £10 to a charity of your choice on my version though. The helplines unfortunately have a habit of giving incorrect information, and we often see horror stories of that posted on here.

Let us know how you get on.