Help With Student Loans - HERE!

silvercar

rockontommy wrote: »

Can anyone advise on the legalities of HMRC collecting repayments monthly through PAYE but not forwarding them to SLC until tax year end (accruing extra interest during that time)?

You are credited for when the payments are actually made, so won't have accrued interest on payments you have made.

It is an absurd system to only transfer information once a year.

madmax76

Hi I'm fairly new to this site so hope I'm using it correctly?
My 1st born is starting uni next month to study Fashion Photography. He's been allocated a maintenance loan which falls short of his accommodation costs, therefore has been currently working to make up the £300 difference.
My question is: can he get funding anywhere else to help with equipment he needs to buy before starting uni? We're looking through the various grants available and he is happy to take out a student loan, but I haven't a clue on where to start?
We will be helping him with his day to day costs of living whilst he is there, but we're not in a position to give him a lump sum to start with.

ashleyrogers

Hi there,

I wonder if you can help me.

I logged into my student loan portal yesterday (started university 2014 and graduated 2017).

I see that I am currently being charged interest at 6.3%, however it was my understanding that if you earn under £25,725 (which I currently do) you are charged at RPI? Am I therefore being charged at the wrong interest rate?

I am due to be promoted in September which will take me above this threshold so would be keen to get this sorted asap id I am indeed being charged the wrong interest.

Many thanks
Ashley

Ed-1

ashleyrogers wrote: »

Hi there,

I wonder if you can help me.

I logged into my student loan portal yesterday (started university 2014 and graduated 2017).

I see that I am currently being charged interest at 6.3%, however it was my understanding that if you earn under £25,725 (which I currently do) you are charged at RPI? Am I therefore being charged at the wrong interest rate?

I am due to be promoted in September which will take me above this threshold so would be keen to get this sorted asap id I am indeed being charged the wrong interest.

Many thanks
Ashley

Does it say something like 'info correct as at XX/XX/XXXX in the corner of the screen?

meoww999

Hi,

I am currently looking at doing a P/T degree with the Open Uni and just wanted confirmation of how the tuition loans work.

I only work 3 days a week due to a long term heart condition so thought it would be an idea to fill my other days with study. I completed a 60 credit course in 2009 but circumstances meant I couldn't do any more at that time.

What I was wondering is that if I qualified for the loan for the full degree, would I definitely not pay it back unless I earned over the threshold? With me only able to work P/T, I just wanted to double check that I wouldn't suddenly have an extra payment in the future unless my wages were a lot more than they are now. Also, even though I am quite sure that I can manage the course with my ill health, what would happen to the loan if I had to leave during the course? Would it become immediately due no matter what I am earning or will the threshold still apply?

Thanks in advance

silvercar

meoww999 wrote: »

Hi,

I am currently looking at doing a P/T degree with the Open Uni and just wanted confirmation of how the tuition loans work.

I only work 3 days a week due to a long term heart condition so thought it would be an idea to fill my other days with study. I completed a 60 credit course in 2009 but circumstances meant I couldn't do any more at that time.

What I was wondering is that if I qualified for the loan for the full degree, would I definitely not pay it back unless I earned over the threshold? With me only able to work P/T, I just wanted to double check that I wouldn't suddenly have an extra payment in the future unless my wages were a lot more than they are now. Also, even though I am quite sure that I can manage the course with my ill health, what would happen to the loan if I had to leave during the course? Would it become immediately due no matter what I am earning or will the threshold still apply?

Thanks in advance

Under current rules, and I haven’t seen anything that suggests this will change, the thresholds remain the same whether you work part time, full time or not at all. So working part time means you are even less likely to reach the repayment thresholds.

If you left during the course the only immediate repayment would be for any loan that was paid to you to cover you for a period when you were no longer a student. So if you had received a loan in September for the winter term but left in October you would be required to repay part of that term’s loan. Everything else would fall into repayment at the usual time with the usual thresholds applying.

Determined89

Hi,

Apologies if this has already been answered but I am struggling to see all posts due to being on my phone...

I am considering doing a MSc degree in Sept 2020, is there any options for a postgraduate loan? I have found that there is information on the UCAS website, but just wanted to check that it is not limited to certain degrees/subjects etc?

Many thanks

meoww999

silvercar wrote: »

Under current rules, and I haven’t seen anything that suggests this will change, the thresholds remain the same whether you work part time, full time or not at all. So working part time means you are even less likely to reach the repayment thresholds.

If you left during the course the only immediate repayment would be for any loan that was paid to you to cover you for a period when you were no longer a student. So if you had received a loan in September for the winter term but left in October you would be required to repay part of that term’s loan. Everything else would fall into repayment at the usual time with the usual thresholds applying.

That's brilliant thank you.

I thought that was the case re working PT and thus being unlikely to hit the threshold for repayment but thought it sounded too good to be true! I'll look into getting my course set up ASAP then.

Thanks again!

brettcta

Can anyone point us in the right direction for assistance with parent learning allowance & childcare grants?

My wife’s just starting a PGCE and it’s taken ages for SFE to process her application.

She’s eligible for the full maintenance grant and we applied for the childcare & parent learning allowance as our daughter (2) will need to go into nursery whilst my wife’s on placement and uni.

We meet all of the criteria on the SFE website for the above funding but the wife’s finally had an email today from SFE to state that we’re not eligible for any of the funding because of our household income.

She’s called up and was told that the threshold is £25,000 - our household income was below this last year and will be lower still this year because she’s left her job to go to uni. We’ve called back now and the thresholds gone even lower - £13,xxx.

I’m getting the impression the 2 people we’ve spoken to don’t know their !!!! from their elbow. All the 2nd guy kept telling us is that the information on the website is generic. How can eligibility criteria be generic - you’re either eligible or you’re not. There’s no mention of ‘you have to meet these criteria, oh and by the way you have to be on a very low household income’.

Due to the time it’s taken SFE to process the applications, she’s called regularly and has been told that she was eligible but they’re just taking longer to send the letters. On the back of this we’ve paid a non-refundable deposit of £150 to the nursery to secure a place.

The first call today she was told that a letter was sent to her early August telling her she wasn’t eligible and they’ve just sent a follow up email today.

Can any one shed some light on what the eligibility criteria actually is and if we’re being given the run round. It’s likely that my wife’ll have to pull out of the course now as we can’t afford £600/month nursery fees and we can’t get anyone to mind our daughter for 5 full days whilst I’m at work and my wife’s at nursery.

[Deleted User]

You mean maintenance loan not grant?