Help With Student Loans - HERE!

[Deleted User]

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 

Seems my reply may not have posted (possibly due to link), but if you simply Search "SFE how you are assessed and paid" it will present you with a guide published by SLC to help you better understand how your entitlement is calculated by the Assessors under the Regulations.

Disclaimer: not an expert

smallzoo2

SFSLExpert said:

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 

Seems my reply may not have posted (possibly due to link), but if you simply Search "SFE how you are assessed and paid" it will present you with a guide published by SLC to help you better understand how your entitlement is calculated by the Assessors under the Regulations.

Disclaimer: not an expert

Thanks but thats exactly what I used
£35,000 should be £7884 not £6900
How do I contact them to appeal and ask for an explaination

Cheers

[Deleted User]

smallzoo2 said:

SFSLExpert said:

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 

Seems my reply may not have posted (possibly due to link), but if you simply Search "SFE how you are assessed and paid" it will present you with a guide published by SLC to help you better understand how your entitlement is calculated by the Assessors under the Regulations.

Disclaimer: not an expert

Thanks but thats exactly what I used
£35,000 should be £7884 not £6900
How do I contact them to appeal and ask for an explaination

Cheers

That being the case then (you declaring exactly £35k residual income, and your daughter is living away from home, studying outside of London on a course that started on/after 1 August 2016 - and there is no outstanding Maintenance Loan Overpayment deducted from past study) an error has been made, but you can e-mail Formal_Appeals@slc.co.uk with the grounds for your appeal. i.e  that the entitlement doesn't reflect the correct residual household income, or household contribution based on the course start date or living situation.

They'll review the application and entitlement usually within about 6 weeks and deliver their decision.

Hope you get it sorted.

Disclaimer: not an expert

Cameron1590_2

Hello,

Looking for some advice.....I am looking at studying with the OU this is more on a subject that interests me then for career development. 

I currently live alone and earn circa £47k PA. If I study a degree part time (six years) would I be better paying as I go or taking out a student tuition fee loan?

I have a feeling it will be to pay as you go.......due to my salary, they SLC will do very well out of me over the next 30 years. 

Thanks 

[Deleted User]

Cameron1590_2 said:

Hello,

Looking for some advice.....I am looking at studying with the OU this is more on a subject that interests me then for career development. 

I currently live alone and earn circa £47k PA. If I study a degree part time (six years) would I be better paying as I go or taking out a student tuition fee loan?

I have a feeling it will be to pay as you go.......due to my salary, they SLC will do very well out of me over the next 30 years. 

Thanks 

 An entitlement of TFL is not means tested, it is however subject to eligibility criteria such as ordinary residence and whether you already have a qualification/s.

You can certainly apply for a TFL. Whether you are eligible to receive one or not is a different matter.

One question you should ask is, earning £47k PA, do you really want to end up with capital debt (exc. Interest) of at least £41k for something that you seem to be able to afford independently.

On a personal note, I don't see how a lender with a trillion £ loanbook would 'do well' from anyone borrowing c. £41k which may not be wholly repaid.

Disclaimer: not an expert

Beasley

Can slc take money from my pension? I am self employed.  I released a small pension last year and the slc added that to my earnings and took a huge amount from me. I thought they could only take into account money that I paid NI on? I have been out of work for months and I really need the money back. Any advice very welcome thanks

[Deleted User]

Beasley said:

Can slc take money from my pension? I am self employed.  I released a small pension last year and the slc added that to my earnings and took a huge amount from me. I thought they could only take into account money that I paid NI on? I have been out of work for months and I really need the money back. Any advice very welcome thanks

Strictly speaking, for tax purposes, your pension is actually earned income and therefore subject to the usual deductions (except NI contributions - you've literally paid your dues there).

Your pension could, in theory, be deducted for student loan repayments if it exceeded the threshold for them to be taken. That being said, you'd need a mighty fine pension to see repayments taken at source.

The only other way you could end up paying is if you need to complete a self-assessed tax return for some reason, in which case your income from all sources may well result in HMRC including a repayment for student loan in your tax summary.

Disclaimer: not an expert

silvercar

Cameron1590_2 said:

Hello,

Looking for some advice.....I am looking at studying with the OU this is more on a subject that interests me then for career development. 

I currently live alone and earn circa £47k PA. If I study a degree part time (six years) would I be better paying as I go or taking out a student tuition fee loan?

I have a feeling it will be to pay as you go.......due to my salary, they SLC will do very well out of me over the next 30 years. 

Thanks 

Under the current rules, you would be repaying about £2,000 a year for however long you are earning that amount or until the loan is paid off. So very rough calculation is whether you will be earning that amount for the next 20 years or not. If you would do then pay up front, if you plan on a career break/ retirement/ change of work etc then it could be worth taking the loan. Crystal ball territory I'm afraid.

ThatGuy11200

I recently finished paying off my postgraduate loan and I've now realised my current employer, where I started work in August last year, has also been deducting student loan repayments for an undergraduate loan that I never had.  Would the procedure for reclaiming this money be the same as for overpayments?

[Deleted User]

ThatGuy11200 said:

I recently finished paying off my postgraduate loan and I've now realised my current employer, where I started work in August last year, has also been deducting student loan repayments for an undergraduate loan that I never had.  Would the procedure for reclaiming this money be the same as for overpayments?

@ThatGuy11200

Have your PAYE details to hand, contact them and ask them to ensure a 'stop notification' (SL2) is sent to your current employer.
If the deductions were taken last Tax Year, 2019/20, you'll likely receive a rebate cheque from HMRC directly if they shouldn't have been taken at all, but SLC may just refund you themselves.

Anything taken after 6 April 2020 will usually be refunded direct at source (your wage), but HMRC might well do this too since they're receivong updates far more frequently than the annual updates they used to get.

Disclaimer: not an expert