Help With Student Loans - HERE!

Oldernotwiser

Agree with Lokolo that there's absolutely nothing to worry about. The student having cash in the bank doesn't affect his financial entitlements at all.

I hope he isn't going to use this windfall to pay back his student loans.

furley

I think - well, I KNOW - the intent of this gift is for him to bank it and then use it to pay off most if not all the loan. Grandparent would prefer him to use it now but I have dissuaded this option.

Boy has had a little National Savings account since he was a babe. We thought we'd deposit the cheque into that. Is this unwise, stupid or ignorant? Can't see he would need an ISA as he's a non-earner.

Thanks for the posts - and Happy New Year.

The_One_Who

I'd put £3,600 into an ISA, personally. Even though he's not earning just now he will be in the near future. Building up the ISA over time will give him a nice little pot of money.

shopndrop

Our son had some surplus money and he put it in an ISA, although he couldn't see the point at the time. Now that he is working and paying tax he is so grateful that some of his interest is tax free.

netty179a

Hi, can anyone possibly help me please? I am a mature student currently at college studying HEFC's (Access Courses) with the intention of going to Uni Sept 2009. My application is in for the Uni's I favour so fingers crosssed as I want to get off the roundabout I'm on of jobs I hate, temping, not knowing just how money I will have at the end of the month. So, new career, new budget, new life here I come....

However, my question is.... I will be 42 in May 09, I am a discharged bankrupt as of Sept 2002 but have still rather foolishly got a bad credit rating. I know, I know, please no lectures. I have been told that student loans and bursaries etc are a no brainer for students. I have looked at all the options available but I can't seem tp find one vital bit that will either help or hinder me. Credit checks!!!! I've been told that it's not a problem and I will get one, but this is from my very uninformed personal tutors at college.

I hope to be away from home, will be living to a strict budget, and will be looking for a p/t job so won't be expecting the state to fund me, at least not more than I am entitled to just like any other student young or old. I've looked at bursaries, scholarships etc and seemed clued up but the credit checks are worrying me.

I'm waffling now but any help will be muchly appreciated.

Thanks x

BruceyBonus

As far as I'm aware, there are no credit checks for student loans.

netty179a

Ah thanks BruceyBonus. :j I'm so confused by it all :rolleyes:

I had my plan sorted and thought I was going to be ok, however I've read somewhere on this site about credit checks. Is this maybe only for anything additional other than the bog standard loans, grants bursaries etc????

I'm also actually a bit annoyed about student bank accounts, am I the only mature student thinking that it's extremely biased towards the younger student??? What if i want to travel on a train or a coach??? just cos I'm over 25 doesn't mean I'm going to be able afford it any more than the young uns!!!! :mad: And I will be using the account after I (hopefully) graduate and get a job for which I will be trained.

Anyway, rants over, but again anymore advice will be much appreciated.
xx

Lokolo

Mature = been working = should have saved for university, hence why the Under 25 offer.

No credit checks for student loans.

The_One_Who

There are no credit checks for student loans, but there usually are for student bank accounts. And the railcard can be used by mature students as long as they are in full-time education. You need to get some proof though.

netty179a

Thanks The One, I didn't realise that. And Dear Lokolo, the reason I am going to University ( a decision made 6 months ago after being made redundant yet again!!) is to improve my life and to earn some money, similar to the motives of the younger students I believe. However, I am currently saving for Uni from my minimum wage job salary as I'd rather not actually get a loan. It's the likes of my tutors at college and even this site who are encouraging me to get 'good' debt, I hate it and would rather not and I nearly didn't go through with the application for Uni, but hey, why shouldn't I be afforded the same priveledges as my 18 year old niece?????????? I'm not usually wound up by digs like yours but please think of the whole picture before you are so sarky in the future. This is a HUGE and frightening step to take without other peoples negaivity.
xx