Help With Student Loans - HERE!

missbiggles1

Ohh_Matron wrote: »

Hi, this may not be your area of expertise, but what happens if parents can't afford to top up their child's living costs whilst studying. Our household income is around £41000 pa, our only real debt is a mortgage but we have 4 children, 1 starting uni in 2016 and one probably in 2018.

My question is, what if the parents don't have enough disposable income to contribute much? What do we as the parents do?

I have told my child tht she will need to work but still several of our friends are contributing £500+ PER MONTH.

Are we/is this unusual?

With an income of £41k your child will be eligible for full funding so you shouldn't normally need to top this up. however, if you would like to do so, don't forget the money you'll be saving when she leaves home to go to university which you could give to her to supplement her income.

(IME, £500pcm is an unusually high amount and would mean that the student was very well off with the student loan and their parents would be exceptionally high earners.)

silvercar

Ohh_Matron wrote: »

Hi, this may not be your area of expertise, but what happens if parents can't afford to top up their child's living costs whilst studying. Our household income is around £41000 pa, our only real debt is a mortgage but we have 4 children, 1 starting uni in 2016 and one probably in 2018.

My question is, what if the parents don't have enough disposable income to contribute much? What do we as the parents do?

I have told my child tht she will need to work but still several of our friends are contributing £500+ PER MONTH.

Are we/is this unusual?

Family discussions are needed. Maybe your children need to work for a year while living at home to have some savings to start university. Maybe choosing a university where they can live at home is a cheaper option.

Unfortunately, you are part of the 'squeezed middle'. Parents with high disposable income can afford to be generous, parents with very low incomes find their offspring are entitled to fairly reasonable grant/ loan/ bursary combinations. Those in the middle suffer most.

I would say that a lot of parents have got their heads around the idea that some contribution is required. The government doesn't consider children financially independent at university and wants the burden shared.

There are some companies cropping up that will lend to students outside of the student loan. Whether it is a good idea to take on loans at this time is debatable.

htnelle

I have applied for student finance for my course (starting Sept 2016). I have previously studied part of a Bachelors but left in 2nd year due to personal reasons. Since then I have completed a part-time HNC over 2 years which was not funded by SFE.

SFE have said I am not entitled to any tuition loan at all because of this but I thought that I would be eligible for 2 years funding.

I want to challenge SFE about this but do I have a strong case?

Thanks!

TJeff

Seems you can only get a student tuition loan if you are going to Uni. Daughter doing an arts diploma over three years like uni but when I apply to SLC looks like the course is not eligible. Where can we get a loan? thanks

Dudeness70

Please can you help me.

I am trying to obtain funding for a degree starting in sept - but due to trying and failing three courses in 2002 - 2006 I have been turned down.

I have had on two occasions had my Compelling Personal Circumstances turned Dow due to insufficient evidence.

I have provided doctors notes and a letter from my psychologist detailing that I suffered from depression and anxiety for the times detailed.

I'm at a loss now what to do, I feel if I could get the answer right it may go through. But I'm thinking of giving in and not trying anymore for it.

Can you give me some advise please.

Dawn

healthandsafety

Hi is it true that interest is applied to student loans at 3% when they start their university course? Isn't this a little daunting to be left with say £36k plus interest on graduating? It's no wonder students are scared. Obviously this isn't repaid until they are earning however it's worrying.

silvercar

healthandsafety wrote: »

Hi is it true that interest is applied to student loans at 3% when they start their university course? Isn't this a little daunting to be left with say £36k plus interest on graduating? It's no wonder students are scared. Obviously this isn't repaid until they are earning however it's worrying.

You need to think of student loans as a graduate tax.

Savvy_Sue

healthandsafety wrote: »

Hi is it true that interest is applied to student loans at 3% when they start their university course? Isn't this a little daunting to be left with say £36k plus interest on graduating? It's no wonder students are scared. Obviously this isn't repaid until they are earning however it's worrying.

It's true that the interest starts to accrue from the day the loan is taken out. Which is, let's face it, the way loans usually work.

Have you / the potential student read Martin's myth-busting article? Plus ...

silvercar wrote: »

You need to think of student loans as a graduate tax.

this

JudiSN

Hi - I have been offered a place on an MSc course at Reading - this will be by first degree at the age of - well just post 60, therefore I am not eligible for the new Post Grad Loan which states that one must be under 60 when the course starts (surely against the Equality Act/Ageism?). Seeking any advice on funding my tuition.

Mrs_Arcanum

JudiSN wrote: »

Hi - I have been offered a place on an MSc course at Reading - this will be by first degree at the age of - well just post 60, therefore I am not eligible for the new Post Grad Loan which states that one must be under 60 when the course starts (surely against the Equality Act/Ageism?). Seeking any advice on funding my tuition.

I would suspect it is based on the chance of the loan being paid back. Otherwise anyone over a certain age could take up a student loan deliberately knowing they will never pay any of it back. The clue is in the use of the term 'loan'.