When do student loan repayments show up?

CLAPTON

AnxiousMum wrote: »

So if a student is looking at something like medicine, they have to fund the tuition part of Year 4 themselves (but can be spread out over 3 years), and only get the maintenance loan.

Most surprising... do you have a reference that that?

redpete

CLAPTON wrote: »

Most surprising... do you have a reference that that?

Probably not, but I have a reference for...

As a general rule, medical students do not have to pay any tuition fees until the end of their course. In years 1-4, you can apply for a tuition fee loan, which covers the cost of your tuition fees. In year 5 (and 6 for 6 year courses), the NHS will pay your tuition fees for you, and you do not need to repay them.

guitarman001

My loan rate was 3.8% for last year. This year it will be near 0%. Next year I think I'm right in saying it could be 4%+.

I should have said, I was planning on paying off a £3-4k chunk and was wondering when that would show up.

If payments are back-dated so that the sum is effectively being paid off each month (countering the capital increase due to interest each month) then that's not so bad.

Anyway! My student loan is £15k and I have £18k in the bank. Plan is to keep paying it off through work, but also pay off £3-4k per year as my savings are getting little interest. Maybe when house prices crash I can put some money into buying a modest home - shares are pretty rocky right now.

Thanks!

CLAPTON

from september 2010 the interest rate will be 4.4% or 1% above base rate (i.e. 1.5% currently) which is the less.
better really to save the money for a mortgage deposit.

naked

CLAPTON wrote: »

Most surprising... do you have a reference that that?

There's a few scenarios I've heard of, but I'm not sure what the exact rules are and they probably depend on when you started the course:

I did a 4 year masters starting in 2003. Not a 3 year bachelors+1 year post graduate, it was a 4 year course. I got some of my tuition fees paid for by the LEA (could have had them all paid but my parents weren't poor enough) and I applied for a student load each year to cover accomodation etc. It all worked out no problem.

One of my friends (from England) did a 5 year Masters (similar to mine) as she went to a Scottish University and didn't have the right A levels to go in at year 2. She started in 2005. She was told halfway through this year she wasn't entitled to any help with her tuition fees this year because she was on a 5 year course, and the LEA would only pay for 4 maximum (I think this is a !!!! up by someone, because she studied abroad for a year and the fees for year 4 were paid by Erasmus and she didn't get any support from the LEA for that year)

My youngest brother started in 2007 on a 1 year foundation course (did the wrong A levels again) then a 3 year batchelors. He's been told he needs a masters for the job he wants, but he can't get any support for his tuition fees for the extra year if he changes course, or does another 1 year course.

It all sounds confusing, but it is probably written down somewhere where it makes more sense.