Help With Student Loans - HERE!

Ultramum

Hi all

Hubby is to be made redundant in September - we have been considering whether to fill in the form regarding current year income for our son's student finance but wanted to find out for definite whether his redundancy payment would count in the calculations. It has taken me over two hours of searching (and I am VERY good at internet searches!) until finally I found this:

The Further and Higher Education (Student Support) (Amendment) Regulations 2014 ... on the legislation.gov.uk site:
http://www.legislation.gov.uk/uksi/2014/1766/made
available as a pdf here:
http://www.legislation.gov.uk/uksi/2014/1766/pdfs/uksi_20141766_en.pdf

Basically a load of gobbledegook in sections 10 and 11 regarding changes to what is 'taxable income' - it is however clearly explained in the "Explanatory Memorandum To The Further And Higher Education (Student Support) (Amendment) Regulations 2014 No. 1766" found at this link:
http://www.legislation.gov.uk/uksi/2014/1766/pdfs/uksiem_20141766_en.pdf

scroll down to paragraph 4.3:
"In addition, this instrument amends the 2011 Regulations to make clear that redundancy payments which are not treated as taxable income by HMRC are included as taxable income in the household income assessment and the dependants’ grants income assessment for higher education student support. Both changes will apply to student support arrangements for the 2014/15 academic year."

Guess that answers the question - we'll stick with assessment on 14/15!

JoeyK1979

Thought this might be useful for you all. I was introduced to Tom Wolfe as I work in education. Really interesting chap, he set up Just Giving and has now set-up a company which in a nutshell is a way to crowdfund your student loan its called EdAid - Its definitely an interesting proposition and FCA approved so worth exploring. Tom is altruistic and simply want to provide an alternative way for students to fund themselves through education without walking away with huge amounts of debt! Good luck!

silvercar

Cariad71 wrote: »

Hi there,
My daughter Starts uni in Sept 2016 and I've entered our household income. It says it's too high. Does that mean she can't get anything for maintenance or is there a non income based element? Thanks in advance.

About three quarters of the loan is non means tested. She won't get any grant.

Xisit

I'm very confused I've applied to do a BA Hons part time (over 6 years) and applied for Student finance for £2768 for the first year, I understand I have to apply each year afterwards as you have to pay back the loan when you earn over a certain amount (which I already do) this starts being paid back after 4 years, does each loan (each year of finance) pay back the 8% instalment and then for the second year another 8% on top making it 16% out my wages etc or is it a maximum of 8% No matter how many loans you have?

Please help :-/

Mrs_Arcanum

Xisit wrote: »

I'm very confused I've applied to do a BA Hons part time (over 6 years) and applied for Student finance for £2768 for the first year, I understand I have to apply each year afterwards as you have to pay back the loan when you earn over a certain amount (which I already do) this starts being paid back after 4 years, does each loan (each year of finance) pay back the 8% instalment and then for the second year another 8% on top making it 16% out my wages etc or is it a maximum of 8% No matter how many loans you have?

Please help :-/

As I understand things, you start paying back after you earn £20,000 pa, but only at a small percentage. So the 8% is taken only from earnings above £20,000. So if you earn £21,000 you will pay back £80 over the year.

silvercar

Xisit wrote: »

I'm very confused I've applied to do a BA Hons part time (over 6 years) and applied for Student finance for £2768 for the first year, I understand I have to apply each year afterwards as you have to pay back the loan when you earn over a certain amount (which I already do) this starts being paid back after 4 years, does each loan (each year of finance) pay back the 8% instalment and then for the second year another 8% on top making it 16% out my wages etc or is it a maximum of 8% No matter how many loans you have?

Please help :-/

You only start paying back from the April after your course ends.

You then pay one calculation, so it would be X% of your earnings over £Y. No matter how many years you took out the loan for.

Dudeness70

I have been turned down for a student loan due to not completing three courses I started but didn't finish due to mental health issues/depression.

I've had counselling and got my life together. And want to do my law degree. I've been told to make a detailed response to each year with supporting evidence from Doctors, which I can provide plus when I had treatment with a psychologist which eventually lead to me getting better in 2013.

The guy on the phone at SLC didn't sound sure I would get anything from putting in evidence which has left me doubting I can.

Is there any advice you can give me to help with providing evidence for each year. The years are

2002/2003
2003/2004
2005/2006

Any help would be gratefully received

Ed-1

Mrs_Arcanum wrote: »

As I understand things, you start paying back after you earn £20,000 pa, but only at a small percentage. So the 8% is taken only from earnings above £20,000. So if you earn £21,000 you will pay back £80 over the year.

Not sure where you got 8% and £20,000 from.

The repayment conditions are currently 9% above £21,000 for post-2012 students and 9% above £17,495 for pre-2012 students.

Ed-1

Dudeness70 wrote: »

I have been turned down for a student loan due to not completing three courses I started but didn't finish due to mental health issues/depression.

I've had counselling and got my life together. And want to do my law degree. I've been told to make a detailed response to each year with supporting evidence from Doctors, which I can provide plus when I had treatment with a psychologist which eventually lead to me getting better in 2013.

The guy on the phone at SLC didn't sound sure I would get anything from putting in evidence which has left me doubting I can.

Is there any advice you can give me to help with providing evidence for each year. The years are

2002/2003
2003/2004
2005/2006

Any help would be gratefully received

How long is the Law degree you have applied for funding for?

In which year (i.e. first year, second year etc.) did you drop out of the courses you previously started?

Dudeness70

The course is 4 years with year three as a placement year.

I dropped out in first year in all three of them.