Help With Student Loans - HERE!

letiss7

I apologise if this question has been asked before but I can’t figure out how search just this forum and not all the others.
when filling in the household income form for my daughters application do I have to delayed my savings or just the interest earned from the savings?

[Deleted User]

letiss7 said:

I apologise if this question has been asked before but I can’t figure out how search just this forum and not all the others.
when filling in the household income form for my daughters application do I have to delayed my savings or just the interest earned from the savings?

Hi there

You declare your *income* from all sources. Your savings isn't income, but if you get interest on those savings that is income and must be declared. Similarly, investment in stocks doesn't need declared, but dividend payments do.

Hope this helps.

Disclaimer: not an expert

kazimojo69

Hi.  Not sure if anyone can help with the following or point me in the right direction please. Son is going into his 3rd year at uni I’m September. He is doing a nursing course and is an English Student studying in Scotland.  Normally SFE contact me to gain my income info to provide him with his maintenance loan.  The govt stated at the beginning of the year that all nursing students would receive an extra £5k on top of their normal loans. SFE are now saying this isn’t the case and his estimate for this years funding is now 0.00. They say he will be paid by the NHS. Student finance Scotland say they don’t know enough about finance England. But all the things we are reading online indicate he should be receiving his normal funding plus the additional £5k. But he’s phoned several times to SFE and getting no joy. He’s very worried and I do t believe this is correct.  Can anyone help please. X

letiss7

SFSLExpert said:

letiss7 said:

I apologise if this question has been asked before but I can’t figure out how search just this forum and not all the others.
when filling in the household income form for my daughters application do I have to delayed my savings or just the interest earned from the savings?

Hi there

You declare your *income* from all sources. Your savings isn't income, but if you get interest on those savings that is income and must be declared. Similarly, investment in stocks doesn't need declared, but dividend payments do.

Hope this helps.

Disclaimer: not an expert

Thank you, that confirms what I thought.

sophia1803

i’m due to start uni this september 2020
i was very fortunately offered a £10,000 bursary for each of my years of study (totalling at £30,000 across the 3 years). So i initially decided i would use this for my living costs so i’ve only applied for the tuition fee loan not the maintenance loan. However i wondered whether it’d be wise to now also apply for the maintenance loan also, due to my household income it’s estimated i’ll be entitled to the highest maintenance loan of approximately £9,000. Although i do not need the extra loan i thought it may be wise since it’s unlikely i’ll pay most of it back so could put it in a savings account and use it for future as i believe student loans are the most affordable loans? Would this be a wise financial decision? I’m so undecided as i don’t want to get myself into unnecessary debt but it may be worthwhile if i don’t end up paying it all back. any information and advice will be greatly appreciated, thanks

[Deleted User]

kazimojo69 said:

Hi.  Not sure if anyone can help with the following or point me in the right direction please. Son is going into his 3rd year at uni I’m September. He is doing a nursing course and is an English Student studying in Scotland.  Normally SFE contact me to gain my income info to provide him with his maintenance loan.  The govt stated at the beginning of the year that all nursing students would receive an extra £5k on top of their normal loans. SFE are now saying this isn’t the case and his estimate for this years funding is now 0.00. They say he will be paid by the NHS. Student finance Scotland say they don’t know enough about finance England. But all the things we are reading online indicate he should be receiving his normal funding plus the additional £5k. But he’s phoned several times to SFE and getting no joy. He’s very worried and I do t believe this is correct.  Can anyone help please. X

Unfortunately, NHS funded courses are quite convoluted when it comes to funding and my knowledge is quite murky when new regulations are involved.

However, it WAS the case that Final Year students would be eligible only for Reduced Rate Maintenance Loan from Student Finance, with the NHS Business Authority providing all other funding.

I am nearly certain that from 2016, this was expanded to include a partial Tuition Fee Loan from Student Finance also, but no other funding would be awarded. Again, all other funding being from the NHSBA.

At most, your son should expect TFL and ML from Student Finance, and any further funding from the NHSBA directly.

Disclaimer: not an expert

mstreet89

I’ve recently been told, due to the course level being a lower qualification, that I won’t get tuition fee loan or a maintenance loan even though I self-funded my BsC honours.  Can you please tell me the other options I have available and which are the best to go for

[Deleted User]

mstreet89 said:

I’ve recently been told, due to the course level being a lower qualification, that I won’t get tuition fee loan or a maintenance loan even though I self-funded my BsC honours.  Can you please tell me the other options I have available and which are the best to go for

You may consider whether your employer will Sponsor your studies, Apprenticeships or Graduate Programmes with your employer otherwise Private Financing through other lenders are your only option if you are not planning to study an 'exception' course as stipulated by the Gov't

Disclaimer: not an expert

smallzoo2

How do I find out why my daughter's Maintenance Loan has been calculated. If I put my wife and my earnings in (£35k total) then SFE finance calculator says she should get around £7900 yet she has been awarded £6900.  I rang SFE and asked why and the said its the assessors that calculate this value, so I asked to speak to the assessors and they said sorry you cant.

Is it best to appeal in writing and will they give a full explanation on how the amount is calculated

thanks 

Ed-1

smallzoo2 said:

How do I find out why my daughter's Maintenance Loan has been calculated. If I put my wife and my earnings in (£35k total) then SFE finance calculator says she should get around £7900 yet she has been awarded £6900.  I rang SFE and asked why and the said its the assessors that calculate this value, so I asked to speak to the assessors and they said sorry you cant.

Is it best to appeal in writing and will they give a full explanation on how the amount is calculated

thanks 

Sometimes there are adjustments:
Is she in her final year?
Is she living away from home or not?