Question about Student loan for Mature student.

jdk1983

I am looking into going back to University for next year but I'm struggling to find an answer to my question.

I started on a foundation degree a few years back and dropped out in the first year, I took a student loan and currently owe approx £4,000.

Now I'm looking into doing a Degree in Psychology.
But can I still get funding from the student loans company for another loan?

If the answer is No, then would the best idea be to pay off my existing loan and start again? Is that even allowed?

Any help you can give me would be greatly received as the financial side is my only barrier right now.

Lokolo

If you haven't done another higher/further (whichever is university) education course before that foundation then yes you can.

You recieve LENGTH COURSE + 1. So degree is 3 years which means you get a maximum of 4. You have used 1 year, you have 3 left, one for each year.

If you should end up repeating a year or something then you will lose 1 years finance and have to fund that year yourself.

jdk1983

Excellent!
My Degree is three years long so that works out brilliantly now I know I can get the funding to back it up
(will keep in mind if I need to repeat a year i'd have to pay but I doubt I'd let that happen this time!)

Thanks you, very happily informed

Lokolo

jdk1983 wrote: »

Excellent!
My Degree is three years long so that works out brilliantly now I know I can get the funding to back it up
(will keep in mind if I need to repeat a year i'd have to pay but I doubt I'd let that happen this time!)

Thanks you, very happily informed

Warning though, they could change the rules next year. So just keep an eye out, you can usually apply from early March/late Feb so keep an eye out around them. They are aiming to open applications earlier this year but I cannot see it happening.

student_advisor

Lokolo wrote: »

Warning though, they could change the rules next year. So just keep an eye out, you can usually apply from early March/late Feb so keep an eye out around them. They are aiming to open applications earlier this year but I cannot see it happening.

The rules have been set already, although that didn't stop them changing them after they had been set last year. Applications for 2010 entry should open in November (should have been available in September). We did go through this last year too, so watch this space!

Lokolo

student_advisor wrote: »

The rules have been set already, although that didn't stop them changing them after they had been set last year. Applications for 2010 entry should open in November (should have been available in September). We did go through this last year too, so watch this space!

Yep but also they said that interest loan rate would be set to the March RPI rate but its going to be 0% not negative as it should be hehe

Wakey2008

If you are over 25 you are classed as self dependant as well so automatically qualify for the maximum grant available (which you don't have to pay back). It's free money so you might as well take it.

student_advisor

Lokolo wrote: »

Yep but also they said that interest loan rate would be set to the March RPI rate but its going to be 0% not negative as it should be hehe

Don't even get me started on that con!

kymbogs

Lokolo wrote: »

You recieve LENGTH COURSE + 1. So degree is 3 years which means you get a maximum of 4. You have used 1 year, you have 3 left, one for each year.

If you should end up repeating a year or something then you will lose 1 years finance and have to fund that year yourself.

Hiya,
does the length plus course thing only apply to 3 year courses? As mine is a 4-year course and I've had a loan one year previously.

Cheers

Kimberley

Lokolo

kymbogs wrote: »

Hiya,
does the length plus course thing only apply to 3 year courses? As mine is a 4-year course and I've had a loan one year previously.

Cheers

Kimberley

No, I just used 3 because its the normal course length. Its course length + 1, so for you, it would be 5.

NY_Girl

Hi there,

Sorry to butt in! Does this still apply if you have never made any payments towards your outstanding student loan?

I did two years of a history degree and left 3 years ago. Since then I have been working and have never made any payments to clear the outstanding loan.

I am now looking at the financial implications of going back.

D