Help With Student Loans - HERE!

silvercar

danny_c wrote: »

Hello

Hoping you can help me out with this.

I'm looking to start a BSc degree in April at the University of London. This is a distance learning course, described as a flexible online course taking a minimum of three years, and a maximum of six years (I plan to complete it in three).

I've had student loans in the past, all of which have been paid off completely. I'm in my 40s, and have a well paid job but, with a wife, two young children, and a mortgage, I don't have the kind of disposable income where I could just pay for this course (around £15K) without any help.

So, firstly, would I be eligible for a student loan to pay for the course fees? If so, when would I need to start paying that back. Also if so, would I be better off just trying to find a low APR lenders loan?

Many thanks in advance.

Were your previous student loans for a BSc level qualification? If so, then you wouldn't be entitled to any full-time further funding as you already have a qualification at that level. See below for Ed-1's answer on courses eligible for part time funding. Would the university class a degree completed in 3 years as part-time?

Ed-1

danny_c wrote: »

Hello

Hoping you can help me out with this.

I'm looking to start a BSc degree in April at the University of London. This is a distance learning course, described as a flexible online course taking a minimum of three years, and a maximum of six years (I plan to complete it in three).

I've had student loans in the past, all of which have been paid off completely. I'm in my 40s, and have a well paid job but, with a wife, two young children, and a mortgage, I don't have the kind of disposable income where I could just pay for this course (around £15K) without any help.

So, firstly, would I be eligible for a student loan to pay for the course fees? If so, when would I need to start paying that back. Also if so, would I be better off just trying to find a low APR lenders loan?

Many thanks in advance.

It depends on the subject. It needs to be part-time though.

Previous study rules do not apply if the current part-time course—
(i) is a course in agriculture and related subjects, biological sciences, mathematical sciences, physical sciences or veterinary sciences (or a combination of those subjects);
(ii) leads to an honours degree; and
(iii) the student begins the current part-time course on or after 1st August 2017.

Previous study rules do not apply if the current part-time course—
(i) is a course in engineering, technology or computer science (or a combination of those subjects);
(ii) leads to an honours degree; and
(iii) the student begins the current part-time course on or after 1st August 2015.

You can get a maximum of 16 years worth of part-time funding.

danny_c

Thank you @silvercar and @Ed-1

It's for a BSc in Computer Science.

I got funding in 1994, but dropped out before a finished my first year (so no degree). I returned in 1997, but had to drop out in my second year due to finances (so, again, no degree).

Does that help at all?

Ed-1

danny_c wrote: »

Thank you @silvercar and @Ed-1

It's for a BSc in Computer Science.

I got funding in 1994, but dropped out before a finished my first year (so no degree). I returned in 1997, but had to drop out in my second year due to finances (so, again, no degree).

Does that help at all?

In that case, if the new course is full-time, you've got 3 years previous study.

The formula is you can get funding for the length of the new course + 1 year - years of previous study. Thus gives 3+1-3 = 1 year of funding so you'd only get a tuition loan for the final year. You can get a maintenance loan for every year though as you've not got an honours degree.

donnaral

Hi I have old mortgage style loans which were sold on to HSL and Erudio, I am required to pay them every month. I also have newer loans which come out my salary. I am now paying out over £300 p/month as they won’t consider each other. Why can’t I just pay the 9% that seems to be believed to be the case in the media? Thanks

Ed-1

donnaral wrote: »

Hi I have old mortgage style loans which were sold on to HSL and Erudio, I am required to pay them every month. I also have newer loans which come out my salary. I am now paying out over £300 p/month as they won’t consider each other. Why can’t I just pay the 9% that seems to be believed to be the case in the media? Thanks

They're different products with different terms and conditions. If you're over the threshold for both then you have to repay each concurrently (unless the newer loan was for a PGCE in which case you may be able to choose to defer one while repaying the other).

It's similar for those who hold Plan 1 and Plan 2 loans. Instead of repaying 9% over £25,000 they still pay 9% over £18,330.

AngryOctopus

Unless Ive interpreted the rules incorrectly (entirely possible), Im under the impression that 3 rules exist regarding CPR:


1. If a student withdraws due to CPR then year 1 of the new course is disregarded as PS (previous study)


2. If you have to repeat a year for CPR then the repeat year is disregarded as PS


3. If you successfully complete a year you cannot be granted CPR for that year i.e complete year 1, withdraw year 2 you can only claim CPR for year 2.


Could someone please correct me if any of the above is incorrect?


What happens in a situation where the following occurred:


year 1 pass
year 2 withdraw


year 1 pass
withdraw without starting year 2


year 1 pass
year 2 withdraw


Assuming that CPR is granted the maximum number of times that the regulations would allow, how many years of funding have been lost?


Obviously CPR is not guaranteed but assuming best case scenario...

sheramber

AngryOctopus wrote: »

Unless Ive interpreted the rules incorrectly (entirely possible), Im under the impression that 3 rules exist regarding CPR:


1. If a student withdraws due to CPR then year 1 of the new course is disregarded as PS (previous study)


2. If you have to repeat a year for CPR then the repeat year is disregarded as PS


3. If you successfully complete a year you cannot be granted CPR for that year i.e complete year 1, withdraw year 2 you can only claim CPR for year 2.


Could someone please correct me if any of the above is incorrect?


What happens in a situation where the following occurred:


year 1 pass
year 2 withdraw


year 1 pass
withdraw without starting year 2


year 1 pass
year 2 withdraw


Assuming that CPR is granted the maximum number of times that the regulations would allow, how many years of funding have been lost?


Obviously CPR is not guaranteed but assuming best case scenario...

link to your other thread
https://forums.moneysavingexpert.com/discussion/5953923/help-sf-rules-regarding-illness-and-completed-years

Richard_Grant

Hi,
HELP!!!!!
My grandson lives with us his Grandparents and has done since he was 14trs old. He is now 20yr old and has been accepted at Uni for Sep. 2019. The problem is that Grandparents household income is not considered when applying for full Maintenance Loan as it has to be his parents though he doesn't see them (how can we prove this as no professionals were involved) and they wouldn't help anyway. I have heard he can apply as estranged but all he gets is Job Seekers Allowance so do they class this as him providing for himself even though he lives with us? This is doing our heads in as we would gladly give our income and pay the extra to top loan up

mrCBH

I applied for a PG student load in 2016 when the scheme first commenced. The terms I signed upto stated that the loan wouldn't need repaying until April following completion of the course (I've got a copy of the t&c's). Course finishes in summer 2019 and so shouldn't need to repay until April 2020.

Just received a letter stating that my repayment's will start in April 2019. I phoned SFE to discuss but i'm told that their system has my course as 2 years and not 3, so there is nothing that can be done and i will need to start repaying in 2019. I have been through the t&c's of the loan agreement with them, only to be told that because of a bug in the system during the first year these loans were available there is nothing they can do regarding when the loan is due for repayment.

Surely this can't be right? I have a signed loan agreement which clearly states when the loan will be become payable.