Help With Student Loans - HERE!

julian.2phone

Hello everyone,
I'm new to this forum but I am keen on saving on costs. Only two ways to get rich right?

Anyways, I'm in my 2nd year of uni, the first year I was only able to get a tuition and maintenance loan.

Basically, I'm an independent student, been living on my own since 15, been paying my own way since 17 years old. Now, I'm applying as just that, an independent student when I sent my P45s and W-2s (american equivalent) and rental agreements for the past 3 years. I don't really wanna show my bank slips but I guess if demanded i would be willing to do so.
I am absolutely desperate to get the full maintenance grant, even though it may only be worth £3000, its worth $5000 to me; since I got a scholarship in my first year the income gets boosted by further bursaries directly from my uni.

Now the SLC have turned around and asked me for further evidence of being independent, and I'm quite lost. I mean, I'm 22 now, they're asking for information dating from when I was 18 and asking about social services, benefits e.t.c. I mean I was 18 why would I be in business with social services? or benefits? I was working.
I dunno what kind of info I could come up with, I guess I could get in touch with my old 6th form college and get them to confirm I was on EMA when I was 17 years old. Or I could get in touch with the DSS in America and tell 'em I was getting foodstamps lol

I dunno, the SLC are some hard-nosed guys, why can't they get money to those who need it? I am entitled no doubt, but the standard of proof they require is nonsensicle.

What should I do????

Thank You, Julian

melancholly

if you want a big loan from them, then i think you have to be prepared to show them your current financial position... that seems obvious to me?!

how old are you? if under 25 then you need to show that you have been financially supporting yourself for at least 3 years. i don't know the details of this, but if you have been paying for somewhere to live since 15, you should be ok. if you are only 19 and have only been financially independent since 17, then you don't fall into their category.....

the slc have to be tough - there isn't an unlimited pot of money so they have to have strict rules on who they give it to.

this website may help:
http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/ApplyingForFinance-NewStudents/DG_10034857

however much you feel you need the money, you do have to prove it...

julian.2phone

I'm 22 years old!
The reason why I don't wanna reveal bank details are because of accumulated reserves. I have savings that exceed the amount I've earned on paper. That's because I am entrepreneurial and while I know the reserves don't affect eligibility, I am wary that the person assessing me will be like, hang - on this guy doesn't need it.
I mean, I have £6000 in my account, most students got like £1000 or £2000 at most.
I just want to get what I am entitled to.

I will read your URL now,

shopndrop

A couple of questions my son has asked and I don't know the answer to:
Are student loan deductions taken from your gross or net salary?
Can you choose to make additional payments and if so how do you go about doing this - do you just inform your employer.

BruceyBonus

shopndrop wrote: »

Are student loan deductions taken from your gross or net salary?

Gross

shopndrop wrote: »

Can you choose to make additional payments and if so how do you go about doing this - do you just inform your employer.

You make extra payments directly to the Student Loans Company. Either by credit/debit card online, cheque in the post, bank transfer or direct debit.

shopndrop

Thanks BruceyBonus, that is really helpful. If my son wants to make a regular overpayment (i.e. the same percentage each month), is it possible for his employer to take this directly from his salary or does he have to make the overpayments as a separate transaction?

kara_p_uk

Hi guys,

Just found this board and thought I'd ask some advice.

My husband graduated in 2002 and began paying his SL following April. He paid it until October 2004 when he changed jobs. Until then he was earning about 24000 and paying SL 120 a month ish.

When he changed jobs it was from one local authority to another and he was told that SL would continue to be taken out of his salary.

That year his SL statement didn't come and he got a letter stating SL were having problems producing them or getting amounts paid off from HMRC or something to that extent.

Anyway, for some reason the deductions didn't start to be taken off him at his new job as far as he knows as they didn't show on his payslip. We didn't notice this until about a year after he started as we'd just had our first baby and his father died along with other normal ups and downs.

He was earning less than the first job (now not in London) and so the drop in salary was taking a lot in getting used to but we didn't think it had dropped that much, infact it hadn't, HR had already made a mistake on his payscale,

He contacted SL and asked firstly what his balance was and got the sorry we can't tell you that response, he also asked how to begin payments and was told as PAYE would be taken from salary and nothing he can do to change that.

He has now been getting his statements each year but the payments he made in 2002-2004 have never shown as being paid. His balance is some 3000 more in 06-07 than when he graduated and he is still not getting payments taken by his current employer.

He has callled and asked them a few times and they say its down to SL/HMRC and to be honest we've not chased it as need the money as we now have 3 under 5's to feed etc and it has just hit me that it has been 4 years since he paid it and I'm getting worried that SL will just write to us and say its not been paid for 4years and your bill is now 5000 or something like that.

I've been asking him to try and call them again but its one of those things he just doesn't like doing, I now get his salary paid into my bank and I pay all the household bills etc as he just couldn't cope when I was on maternity leave and missed payment dates with loads of bills.

I'd like to pay it via direct debit or something at least that way I'm aware of whats happening with the debt.

Sorry its soooo long,
thanks in advance

Kara

BruceyBonus

shopndrop wrote: »

Thanks BruceyBonus, that is really helpful. If my son wants to make a regular overpayment (i.e. the same percentage each month), is it possible for his employer to take this directly from his salary or does he have to make the overpayments as a separate transaction?

It would have to be separate transactions - the employer will only take what they are told to take by SLC. Remember to check whether it is worth paying it off first though!

furley

Hi! I'm a newbie here. Thanks in advance for any advice you can give.

My son is in first year at Uni and has the usual tuition loan and maintenance loan. In addition he also gets a £1290 grant and £1350 bursary from his uni. Grandmother has now generously sent him a cheque for £7000 to bank against his loan. If he cashes this cheque:

1) Will he have to pay income tax on part of this?
2) Will he lose his grant?
3) Will he lose his bursary?

Even if we didn't divulge this to SF, surely someone would notice he's become richer suddenly.

We don't know what to do!

Lokolo

1) No
2) No
3) No

Gifts aren't income taxable. However maybe subject to inheritence tax if the person dies within 7 years.