Help With Student Loans - HERE!

casegfx

Have 2 sons at university, just had 2018/2019 accounts back from Accountant had a big drop in income dropped by about £20,000 and is estimated to be about the same for tax year 2019/2020. Can they have the current years loan increased, they currently get around £5600 maintenance loan each which doesn’t even cover accoadation.

As my husband how is taxes PAYE, is also going to have no pay for at lest next 3 months due to long term illness we have no money to help them without cashing in pension.
Is there a way to get loan increases for current year?

sheramber

casegfx wrote: »

Have 2 sons at university, just had 2018/2019 accounts back from Accountant had a big drop in income dropped by about £20,000 and is estimated to be about the same for tax year 2019/2020. Can they have the current years loan increased, they currently get around £5600 maintenance loan each which doesn’t even cover accoadation.

As my husband how is taxes PAYE, is also going to have no pay for at lest next 3 months due to long term illness we have no money to help them without cashing in pension.
Is there a way to get loan increases for current year?

https://www.gov.uk/support-child-or-partners-student-finance-application/current-year-income

Edinburghsaver

I wonder if anyone can offer some advice. I have a plan 1 student loan (started uni in 2006, graduated 2010) that is currently sitting at about £13k. Up until this year I'd barely been clearing the annual interest added, but I have recently changed jobs and had a substantial pay increase, meaning I'm repaying just under £400 a month/ £4700 per year. I know that Martin Lewis usually says not to worry too much about clearing student loan debt but as it looks like I'm certain to pay off the remaining debt (in less than 4 years at current salary), would people recommend aiming at that now?

For background, I'm 31, have recently bought my first home, have a healthy emergency fund and am part of a defined benefit pension scheme... I don't have the cash to pay off the student load now, but am trying to decide whether to put my money into investment (most likely an index tracking fund, for an early retirement) or to pay off the loan early.

ceewash

My son has asked me to check this out. He's working in China and has arranged to pay back his student loan as requested. The threshold for China is much lower than the Uk at £15,000. This means he pays back a much higher amount each month than he would in England, probably 3 times. The threshold is based on the cost of living which is lower in China. He is however living in Beijing which is the most expensive part of the country e.g for accommodation. Is there are room for appeal against this threshold?

[Deleted User]

ceewash wrote: »

My son has asked me to check this out. He's working in China and has arranged to pay back his student loan as requested. The threshold for China is much lower than the Uk at £15,000. This means he pays back a much higher amount each month than he would in England, probably 3 times. The threshold is based on the cost of living which is lower in China. He is however living in Beijing which is the most expensive part of the country e.g for accommodation. Is there are room for appeal against this threshold?

Nope no appeal. He could choose to live in cheaper accommodation

ceewash

That's not proved to be so easy.

[Deleted User]

ceewash wrote: »

That's not proved to be so easy.

Anyone he could share with to save money? The country assessments are done by them and they must do an average rather than take into account more expensive areas of the country.

Callapygia

I'm hoping for some help with my daughter's student loan. She suspended studies for two years because of severe mental health problems. Her father died last year and I earn very little. She has restarted her studies this year, and gets maximum loan, and a low income bursary from the university, and is being assessed for disabled students allowance. However she has received demands for repayment of loan money that was paid to her the year that she suspended. I don't understand why this was paid at all as she suspended within a week or two of the start of the year. The problem is that she is barely able to manage on the support she gets now and to make repayments while studying would cause enormous hardship. I am worried about the extra stress this is causing her and that it might jeopardise her recovery, or mean that she drops out all together. Surely she cannot be expected to make repayments until she completes her course?

Savvy_Sue

You'll have to clarify with her: did the loan hit her bank account? If it did, was it ALL repaid at the time?

Callapygia

She received the money but was not aware of it at the time as she was ill. It just disappeared into her overdraft. Surely there should be some check that students are actually registered before the money is paid?

We don't have a problem with paying back the money once she graduates but to do so now would be impossible.