Help With Student Loans - HERE!

sabelu

In first year of degree and get home based maintainance loan c8k. I turn 60 during year one and was wondering if I will get a similar amount in years two and three considering household income etc stays the same. In fact it will reduce slightly Y2 and considerably Y3.
I read that maintainance loans for over 60 is c3.8k is this the case or am I not affected as I started prior to being 60?

Ed-1

sabelu wrote: »

In first year of degree and get home based maintainance loan c8k. I turn 60 during year one and was wondering if I will get a similar amount in years two and three considering household income etc stays the same. In fact it will reduce slightly Y2 and considerably Y3.
I read that maintainance loans for over 60 is c3.8k is this the case or am I not affected as I started prior to being 60?

It only applies to those who are age 60 or over at the start of the first academic year of the course.

Lisacain67

My son changed courses and fees not covered by slc! Help!

[Deleted User]

Lisacain67 wrote: »

My son changed courses and fees not covered by slc! Help!

We need more information than that to be able to help!

silvercar

Lisacain67 wrote: »

My son changed courses and fees not covered by slc! Help!

Hi Lisa and welcome to the MSE forums.

The rules can be complex and any decision dependent on the detail.

So you need to give further information. How long was he on course 1 and how long is course 2. Is he starting again from the beginning of the course?

Generally speaking he would be eligible for funding for the length of the new course plus 1 year. If he has already had funding for the previous course, that is deducted from the total. eg on a new 3 year course, if he changed courses in the middle of year 2 of the original course then he has received 2 years funding, so that is take off the 3 (new course) + 1 (extra year) =4 years. less 2 years he has already been funded for = 2 years. The funding is given for the final year(s) of the course. So for a 3 year course, with 2 years funding, he wouldn't receive funding until he reaches the second year, so the first year wouldn't be funded.

WillJumps

Hi

Currently my son is studying a degree. He has both a student loan and maintenance loan which I top up. He is likely to apply for a Masters course which if all goes to plan would start in September 2021.

I have read this article which covers a loan for the cost of the course:

I can't post a link but it can be found on the moneysavingexpert.com website under /students/postgraduate-loans

However, what about living costs? Is there a student loan available over and above that which would cover the cost of the course?

Thanks,

Will

Ed-1

WillJumps wrote: »

Hi

Currently my son is studying a degree. He has both a student loan and maintenance loan which I top up. He is likely to apply for a Masters course which if all goes to plan would start in September 2021.

I have read this article which covers a loan for the cost of the course:

I can't post a link but it can be found on the moneysavingexpert.com website under /students/postgraduate-loans

However, what about living costs? Is there a student loan available over and above that which would cover the cost of the course?

Thanks,

Will

The masters loan is for tuition and/or living costs. It is paid to the student to be used for either or both.

WillJumps

Ed-1 wrote: »

The masters loan is for tuition and/or living costs. It is paid to the student to be used for either or both.

Thanks for that. From the article it says:

"Master's students can apply for Student Loans Company loans of up to £10,906"

I am assuming that the cost of the Master course will be at least as much as current course fees and that therefore taking out the maximum loan will not leave my son anywhere near enough to live off!

Have I understood correctly?

[Deleted User]

WillJumps wrote: »

Thanks for that. From the article it says:

"Master's students can apply for Student Loans Company loans of up to £10,906"

I am assuming that the cost of the Master course will be at least as much as current course fees and that therefore taking out the maximum loan will not leave my son anywhere near enough to live off!

Have I understood correctly?

The fees depend on the course. My hubby paid £6k so had £4K left for outgoings.

You only get £10k and need to work or save prior to studying.

Ed-1

WillJumps wrote: »

Thanks for that. From the article it says:

"Master's students can apply for Student Loans Company loans of up to £10,906"

I am assuming that the cost of the Master course will be at least as much as current course fees and that therefore taking out the maximum loan will not leave my son anywhere near enough to live off!

Have I understood correctly?

Yes - the loan is a contribution towards costs repayable at a rate of 6% above £21,000 (threshold to be reviewed in 2021) and interest fixed at RPI+3%.