Help With Student Loans - HERE!

elfind123

Hi, I have the following document from when I signed up to my 1998 student loan which says my loan would be cancelled after 25 years. I know the guidance is now 65 years of age but I don’t remember receiving any change of terms and conditions. Does anyone have any more information on this? 

Ed-1

elfind123 said:

Hi, I have the following document from when I signed up to my 1998 student loan which says my loan would be cancelled after 25 years. I know the guidance is now 65 years of age but I don’t remember receiving any change of terms and conditions. Does anyone have any more information on this? 

That's a mortgage-style loan which is the system before income Contingent loans were introduced from 1st September 1998.

william2346

Hi all,

Looking for some advice please. 

Currently I am working from abroad and receiving letters from SLC stating they’ll put me on a standard repayment amount if I don’t provide details of employment. 

I am on a plan 1 student loan (pre-2012) and I’m curious, what can SLC do with non-payment? 

Does it get added to the loan, increasing the total amount repayable, or can they legally enforce paying back the entire amount as the letter suggests? I was under the impression a plan 1 loan was income dependent and not transferable to debt collectors etc…

What powers do SLC have to enforce repayment on plan 1 loans? 

Ed-1

william2346 said:

Hi all,

Looking for some advice please. 

Currently I am working from abroad and receiving letters from SLC stating they’ll put me on a standard repayment amount if I don’t provide details of employment. 

I am on a plan 1 student loan (pre-2012) and I’m curious, what can SLC do with non-payment? 

Does it get added to the loan, increasing the total amount repayable, or can they legally enforce paying back the entire amount as the letter suggests? I was under the impression a plan 1 loan was income dependent and not transferable to debt collectors etc…

What powers do SLC have to enforce repayment on plan 1 loans? 

SLC administers the student loan system on behalf of the Secretary of State for Education. The rights the Secretary of State has are contained in the repayment terms which are set out in regulations which are regularly amended by further regulations from time to time.

In regards to recalling the loan in full where a borrower fails to comply:

 https://www.legislation.gov.uk/uksi/2009/470/regulation/27/made

"Where a borrower fails to comply with an Information or Penalty Notice or both, the Authority may require the borrower to repay the student loan in full immediately."

silvercar

UniArchie said:

slcworker said:

Hey, i have alot of Knowledge of how the student loans procedure works. If anyone needs any help, i can advise as much general info.
Obviously i cant divulge into specifics due to Data Protection and the fact that i'd get fired, but anything i can help with, just let me know.

Has anyone's child ever moved in with grandparents so they get a higher maintenance loan at uni? My partner's wages take our household income up and I think it's really unfair (as he is not my child's father) that this means my son will be entitled to less. My partner has his own children to support. Just curious if people do this, thanks

Moving in with grandparents won’t effect the loan calculation unless they can prove they are estranged from you.
the government view is that you and your current partner are one household and it is that household that financially supports your child.

99redballs

hi could someone advise me with regards to the last year of student finance being lower, my daughter says she wasn't advised she would get less, and presumed she would  get the same as previous two years as our financial situation got worse (due to coronavirus ) and not better. us parents believe she's got less as se wont be using student accommodation in the last term(even though she will be and still expected to pay for it) 
is there anywhere when you apply that it states you wont get the same full amount in the previous two years -that to is reduced ?

Ed-1

99redballs said:

hi could someone advise me with regards to the last year of student finance being lower, my daughter says she wasn't advised she would get less, and presumed she would  get the same as previous two years as our financial situation got worse (due to coronavirus ) and not better. us parents believe she's got less as se wont be using student accommodation in the last term(even though she will be and still expected to pay for it) 
is there anywhere when you apply that it states you wont get the same full amount in the previous two years -that to is reduced ?

The final year is lower as it only covers the period until the end of the course rather than over the summer until the start if the next academic year.

Jenpa

Hi

I am doing a part time taught masters. I have student loan funding, and one of the conditions of that is that it can only take twice as long as fulltime (and total max 4 years). 

The fulltime version of the course is one year. I am doing part time over two years. To my understanding this is the maximum time I can spread it over due to the twice as long rule. 

However the uni tell me most of their part timers do the course over 3 years, two years for the taught content, and then the dissertation in the 3rd year. I cant work out if they are just not using loans or if I am missing something. 

I am worried that I wont get everything completed within 2 years. Can anyone advise?

Savvy_Sue

You need to check whether you have to commit to finishing within 2 years, or whether most people do the dissertation without a loan. The latter wouldn't surprise me: most of the post grad students I've known have finished writing up alongside work ...

I'm also sure a lot of it is mindset. If you are told 'most people take 3 years' you're conditioned to take 3 years. If you think 'I'm going to have to complete within 2 years or be self-funded for my 3rd year' you'll work towards whatever decision you make.

And note it's MOST of their part-timers. It's a choice. It's probably easier to take 3, but not necessarily if you have to work in that 3rd year.

(When I worked at a university, the completion rate for PhDs within X years was dire. A new rule was brought in: complete within half of X years, or fail. Completion rates improved dramatically once students no longer had the luxury of taking forever. I don't remember what X was, but it wasn't a small number,  and no-one would have been grant funded for X years!)

Jenpa

Savvy_Sue said:

You need to check whether you have to commit to finishing within 2 years, or whether most people do the dissertation without a loan. The latter wouldn't surprise me: most of the post grad students I've known have finished writing up alongside work ...

I'm also sure a lot of it is mindset. If you are told 'most people take 3 years' you're conditioned to take 3 years. If you think 'I'm going to have to complete within 2 years or be self-funded for my 3rd year' you'll work towards whatever decision you make.

And note it's MOST of their part-timers. It's a choice. It's probably easier to take 3, but not necessarily if you have to work in that 3rd year.

(When I worked at a university, the completion rate for PhDs within X years was dire. A new rule was brought in: complete within half of X years, or fail. Completion rates improved dramatically once students no longer had the luxury of taking forever. I don't remember what X was, but it wasn't a small number,  and no-one would have been grant funded for X years!)

Thanks Savvy_Sue - reason I am worried about finishing in 2 years is I work fulltime in the NHS and obviously things are hideous this winter. I thought I could fit more hours of study around work than I am currently managing, obviously we are struggling clinically and being begged to do extra shifts for patient safety. If Omicron dies down I might be ok, but who knows what next year brings at the moment! Appreciate the advise.