Help With Student Loans - HERE!

saoirsemb

I have a student loan from 2011-2015 which therefore has an interest rate of 0.9%. In September 2016 I am starting a Schools Direct PGCE course and am eligible for a student loan for the £9000 fees. My question is, if I take this loan would that money add to my current loan at 0.9%, be a separate loan at the new rate of 3.9% or potentially even pull all my loan into being 3.9%?

Ed-1

saoirsemb wrote: »

I have a student loan from 2011-2015 which therefore has an interest rate of 0.9%. In September 2016 I am starting a Schools Direct PGCE course and am eligible for a student loan for the £9000 fees. My question is, if I take this loan would that money add to my current loan at 0.9%, be a separate loan at the new rate of 3.9% or potentially even pull all my loan into being 3.9%?

Loans for courses starting Sept 2012 or later are separate from pre-2012 loans. Your new loan will have the higher interest rate but your old loan will stay on the lower interest rate.

For repayments: as your new loan will have a higher repayment threshold than your pre-2012 loan (£21,000), if your income is between the pre-2012 threshold (currently £17,335) and the post-2012 threshold (£21,000), repayments will reduce your pre-2012 loan. If your income is higher than £21,000 repayments from income above £21,000 will reduce your post-2012 loan while repayments from between £17,335 and £21,000 will reduce your pre-2012 loan: see the bottom of this page: http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678490&_dad=portal&_schema=PORTAL.

The pre-2012 repayment threshold changes on 6th April every year by the RPI figure from the March the year before. March 2015's RPI was 0.9% so the pre-2012 repayment threshold will change to £17,495 (17335 x 1.009) on 6th April 2016 etc.

Docilton

Going travelling for 8 months in Sept and will be living off savings. After this I will return to the UK and continue to work as normal.

Do I pay student loan while away?

Thanks

showmethe£

Hi there
I’m sorry to post here but there are so many posts re Erudio that I’m not sure where to start.
Can anyone point me in the right direction please?



The issue I have is that they have sent me a letter stating I am in arrears by one payment back in May 2014. I have always had a direct debit in place since 1997 and have always deferred on time.


Indeed I can see from the account statement that they have sent me that they mistakenly took £ out June 2014 and paid me back. The statement they have sent me also conveniently misses out months March – May 2014. I think the error is theirs and could be when they changed the DD details after taking SLC over.


Has anyone else had this problem and should I pay the arrears then complain to ombudsman to try claim it back [they have sent me their final response saying its due to the money not being recieved].

eden29

My son is applying for his student loan to start Uni in Sept, he will be 20 and works part time while living at home, we have already helped him with college fees this year for 4.5k ,he had messed up last year in state education and feel a bit fed up that we are expected to keep paying out for his higher education when its his choice to study.

I have remarried and his own father has not financially supported him in any way nor likely to for Uni.
We have a big issue with our finances being shared for something we are not borrowing and is in effect for his loan, if we are not being held accountable for his loan why do we have to share our information.
Surely as an adult he should not need us to 'support' him for loans that will be his to pay.
Looking at the SLC our joint earnings will only give him the basic maintenance loan which will not cover the accommodation even and they make no account for our mortgage payments in the household income. My questions are can we refuse to supply information and can if we do what maintenance loan will he receive?

Lokolo

eden29 wrote: »

My son is applying for his student loan to start Uni in Sept, he will be 20 and works part time while living at home, we have already helped him with college fees this year for 4.5k ,he had messed up last year in state education and feel a bit fed up that we are expected to keep paying out for his higher education when its his choice to study.

I have remarried and his own father has not financially supported him in any way nor likely to for Uni.
We have a big issue with our finances being shared for something we are not borrowing and is in effect for his loan, if we are not being held accountable for his loan why do we have to share our information.
Surely as an adult he should not need us to 'support' him for loans that will be his to pay.
Looking at the SLC our joint earnings will only give him the basic maintenance loan which will not cover the accommodation even and they make no account for our mortgage payments in the household income. My questions are can we refuse to supply information and can if we do what maintenance loan will he receive?

Why would student loans care if you have a massive mortgage and therefore don't have much income left over? Why should that be considered on whether your son gets a grant? Ridiculous comment just because you choose to spend that much.

If you want you don't have to supply anything, you don't have to give them anything. He will get the standard maintenance loan and if that doesn't cover his accommodation and bills thats his problem.

Savvy_Sue

eden29 wrote: »

We have a big issue with our finances being shared for something we are not borrowing and is in effect for his loan, if we are not being held accountable for his loan why do we have to share our information.

Surely as an adult he should not need us to 'support' him for loans that will be his to pay.

You're not being asked to share information which has anything to do with him paying back (although you can expect to be chased if your son doesn't keep his address updated with them and does not start repayments in some way). But you don't have to share anything. If you do choose to share, then your son MAY be entitled to some grant, so see below.

eden29 wrote: »

Looking at the SLC our joint earnings will only give him the basic maintenance loan which will not cover the accommodation even

And every year I got my sons to work out whether or not it was worth their while for us to submit information. If it made no difference to what they would receive, we did not submit our financial information (and heaved a huge sigh of relief because it was always very painful ...)

Lokolo wrote: »

If you want you don't have to supply anything, you don't have to give them anything. He will get the standard maintenance loan and if that doesn't cover his accommodation and bills thats his problem.

And it's a problem you should start to discuss with him now. When DS1 was in the loans system a parental contribution was calculated. I asked if he would need it because it would have been a struggle to give it to him. He said he didn't - he'd done paper rounds and worked at the local cinema and been sensible with his money.

But he did not assume we would just cough up.

You son has choices: if he chooses to go to University he can choose which one he goes to to minimise his living costs. He can also choose to take a year out and work and save. You can choose to what extent you support him, but you need to talk about it.

silvercar

eden29 wrote: »

My son is applying for his student loan to start Uni in Sept, he will be 20 and works part time while living at home, we have already helped him with college fees this year for 4.5k ,he had messed up last year in state education and feel a bit fed up that we are expected to keep paying out for his higher education when its his choice to study.

I have remarried and his own father has not financially supported him in any way nor likely to for Uni.
We have a big issue with our finances being shared for something we are not borrowing and is in effect for his loan, if we are not being held accountable for his loan why do we have to share our information.
Surely as an adult he should not need us to 'support' him for loans that will be his to pay.
Looking at the SLC our joint earnings will only give him the basic maintenance loan which will not cover the accommodation even and they make no account for our mortgage payments in the household income. My questions are can we refuse to supply information and can if we do what maintenance loan will he receive?

It makes sense to provide the information if doing so will increase the funding for your child. Why would anyone deny their child increased funding just because they didn't want to give information?

If it won't make a difference to his funding then I can totally understand not giving the information. Looking at it the other way, your child will be denied full funding because of your household income, so are more likely to need some support from you. A lot of students wouldn't manage without parental support, although you are within your legal rights to refuse him a penny, most parents who are able to help are willing to do so. After all, supporting our children doesn't stop the minute they become adult.

eden29

I'm not denying him an opportunity for funding, giving our personal information only means they have it on file and will not lend him anything more then the basic maintenance loan based on this information.

My point is can we compelled to provide it and if we don't what will he get ?

eden29

Myreference to our mortgage payments is a reference to disposable income which iswhat’s important when assessing how much we can help him financially, it’s nota reference to how much we owe or have spent and incidentally quite rude of youto say we have chosen to spend so much, we have not. Not ridiculous to ask thatquestion as we can’t give what we don’t have.


As I understandit all students can borrow the fees, then a maintenance loan on a sliding scaleaccording to their household income, a grant may then be given based on lowincome and special circumstances. We never expected him to get a grant and I wasasking about loans specifically.