Help With Student Loans - HERE!

Oldernotwiser

emmalouise81 wrote: »

Hi, I was wondering if anyone could offer me some advice.

I deferred my final year assigments last year due to ill health, until assessment period this (academic) year. I was under the impression that it would be straight forward...... I wouldn't need to go to lectures, just hand my work in before the deadlines.

I went to enrole yesterday and I was told that because I deferred twice (from april to august and then august until this next assesment period), I have to attend modules and pay for them.

The total is £2625 (£525 for each module). This will be me my 5th year at uni. (I resat my 2nd year) and I have had my fee's paid for 4 years and received 4 loans. Im not really expecting my fee's to be paid again but I have no idea what to do. I haven't applied for a loan because I didn't realise I would need to attend lectures.

Is there any point in applying for a student loan if I have recieved 4 already? Im really going to struggle finding this sort of money but I dont want to give up after 5 years of studying (including have 2 kids inbetween), to throw it in at this point would be heartbreaking.

Thanks
Emma

Have you thought of transferring your credits to the OU and finishing your degree off that way? If your household income is low you could get help with the fees and live on your earnings and/or benefits.

emmalouise81_2

Oldernotwiser wrote: »

Have you thought of transferring your credits to the OU and finishing your degree off that way? If your household income is low you could get help with the fees and live on your earnings and/or benefits.

No, I hadn't thought of that. I didn't realise it would be possible.

I shall look into though, thank you.

dunko_2

Hi. Sorry for any duplication but I couldn't find this anywhere previously....

My problem is basically that I have a huge student loan balance (about £25,000 now). I reached this by starting a course in 1998 but fell seriously ill and had to discontinue the course in year 2. Not wanting to give up on getting degree, I started a new BSc in 2001 and was allowed to take out the full student loan amounts again, including hardship loans. Being entirely self funding, I was working all the time I was studying and was even granted some non-loan grant (forget what they call it).

Thankfully I have graduated and am now in employment but am now stuck with this huge balance. The monthly interest payments alone increase its value by £60-80 per month whereas my payments are about £90 / month so it looks like I am basically going to be "taxed" for the rest of my working life at this rate. In addition, the actual total amount paid would be hugely more than the amount borrowed. Whilst the interest rates don't lie, it seems to be-lie the fact that you are only supposed to pay back the value borrowed.

I also feel penalized for a bout of life-threatening illness and daring to complete a degree.

My questions are then: is anyone else burdened with a huge balance for whatever reason? Has anyone ever challenged the amount and it reduced? Has anyone ever successfully argued to have the balance reduced on the grounds of ill-health or other dispensation?

I am perfectly willing to pay a substantial amount for my degree but I feel a threshold has been crossed and the runaway outstanding balance is in no way fair.

Thanks, Duncan

katyshaw

Is there anyway of reducing your sl payments even though your salary remains the same? They are taking nearly £200 a month off me and living in the south I could really do with the extra cash! I know its a debt but the rate is so small I would actually rather control how much/little I pay off each month. Is this possible?

The_One_Who

katyshaw wrote: »

Is there anyway of reducing your sl payments even though your salary remains the same? They are taking nearly £200 a month off me and living in the south I could really do with the extra cash! I know its a debt but the rate is so small I would actually rather control how much/little I pay off each month. Is this possible?

I really don't think so. The rate is set at 9% of your salary over £15,000. Unless you have an old-style loan, and I don't really know how they work.

Oldernotwiser

katyshaw wrote: »

Is there anyway of reducing your sl payments even though your salary remains the same? They are taking nearly £200 a month off me and living in the south I could really do with the extra cash! I know its a debt but the rate is so small I would actually rather control how much/little I pay off each month. Is this possible?

I'm afraid that everybody could always do with the extra cash! As you must earn well over £40,000 to be paying this you'll find it difficult to plead poverty and it won't do you much good to try. Take comfort in the fact that you'll be paying it off very quickly and that you wouldn't be earning this salary without a degree.

india

I started studying a social work ba last month. I applied for a loan and signed all the paperwork. I received a financial notification confirming it, but I haven't received any payments as yet.

Can I cancel the loan. I've changed my mind and I'm worried about the repayments and how it will effect me in the future as I'm a single mother.

If I can cancel it does anyone have the number to call.

^!£$&

this is the general enquiries number 0845 026 2019 you couldring them and im sure they can transfer you to the right number
can you really afford to do this degree without a loan?? How will you afford travel, tuition fees & books, I didnt have a loan in my 3rd yr and worked to support myself and managed to do this but it was tough !!

Oldernotwiser

india wrote: »

I started studying a social work ba last month. I applied for a loan and signed all the paperwork. I received a financial notification confirming it, but I haven't received any payments as yet.

Can I cancel the loan. I've changed my mind and I'm worried about the repayments and how it will effect me in the future as I'm a single mother.

If I can cancel it does anyone have the number to call.

You do know that your benefits will be assessed on your loan whether you take it out or not? Could you clarify your situation; are you still planning to do the course?

india

Oldernotwiser wrote: »

You do know that your benefits will be assessed on your loan whether you take it out or not? Could you clarify your situation; are you still planning to do the course?

I didn't actually realise that my benfits would be assessed on the loan weather I take it or not.


I'm just really worried about getting into debt after uni. I've been there before and only cleared my debts thus year. I will have to sit down and work this all out.

I am still doing the course I started 2 weeks ago. I don't really want to work either. I have worked full-time from the age of 16 up to July this year. I want to concentrate on studying for the next 3 years.

Maybe your both right and I couldn't afford uni without a loan. I may stay with the loan this year and try not to go into it and see how I stand for next year.

Thank you