Student Loan 2015 Discussion

Oldernotwiser

kayr wrote: »

Maybe some people won't have to repay their loans but in the case of my children, I'm pretty sure they will end up doing so because of the careers they are likely to follow.

And can you guarantee that they'll never be made redundant, never become ill or disabled, never want to take time off to look after their children (or you!), never want to pack the whole thing in and go round the world?

People's lives are unpredictable and aiming for a well paid career is no guarantee of a high income for the rest of their lives.

kayr_2

Oldernotwiser wrote: »

And can you guarantee that they'll never be made redundant, never become ill or disabled, never want to take time off to look after their children (or you!), never want to pack the whole thing in and go round the world?

People's lives are unpredictable and aiming for a well paid career is no guarantee of a high income for the rest of their lives.

Obviously I can't guarantee that - by the way I'm not stupid - but I still think it's likely they will end up repaying the loans. I still would say that a loan, even one of this type, is different from a grant. If it was the same as a grant then the government would give my kids a grant!
And at the risk of attracting a lot of flak from some people, if I had a daughter I might (depending on what she was like) think it would be much less likely she would end up repaying her loans. I think you have to make the best guesses you can in order to plan financially. Nothing will go exactly as planned, but I'm not going to opt out of using my brain and experience.

setmefree2

Oldernotwiser wrote: »

And can you guarantee that they'll never be made redundant, never become ill or disabled, never want to take time off to look after their children (or you!), never want to pack the whole thing in and go round the world?

People's lives are unpredictable and aiming for a well paid career is no guarantee of a high income for the rest of their lives.

Of course she can't. Any more than you can know those things will happen. In all likelihood they won't.

Furthermore, even if her kids were made redundant, became ill, or took time off to have kids that still doesn't mean it isn't worth while paying up front to avoid some of the interest.

jennie65

I am aware the fees, whether they be £9k or less are not payable until the graduate starts to earn £21000 per annum.

But what about any loans taken out for living expenses, when do these become payable.

As a loan parent on a moderate income of £19000, I will find it hard myself once my children go off to uni to keep a house for the 3 of us as I rent in the private sector and without the benefit of tax credits and child benefit I will struggle so i will be of no use finanacially to them.

They will go together, my son stayed on at college an extra 2 years for his sister to do A levels in order that my finances stayed the same so we kept our home but they will now go off to Uni at the same time. I am told their "main" residence will be considered Uni, so will get no assistance financially to keep renting a home big enough for them to come back to in Uni holidays. Or does anyone know of any help that can be given for them to pay monies to me as well to halls as i HAVE to keep rooms for them at home. Its okay for parents that can afford to just keep rooms for the kids, but I would struggle to rent a 1 bed property in my area.

insomniac03

Fab article - looking forward to the full new guide when things are slightly clearer. One quick request, please could you link to this new article from the existing parents guide page http://www.moneysavingexpert.com/family/student-finance. This is still the first thing that comes up when you search the site for 'student finance' and many student advisers (like me!) recommend this page to students and parents.

Just adding an alert at the top of the page saying something simple like 'Alert! The student finance system has changed for those entering Higher Education in 2012 or later. For more details see....'

Or something like that lol!

No4Guardians

Would be good to know about concessions, if any, for students already on income support. Clegg said something about first two years being free, but no detail followed.

Lokolo

brummierebel wrote: »

It's 9% of gross.

FS I knew that and yet I still said net..... damn Apprentice making me too excited to think straight.

Lokolo

jennie65 wrote: »

I am aware the fees, whether they be £9k or less are not payable until the graduate starts to earn £21000 per annum.

But what about any loans taken out for living expenses, when do these become payable.

As a loan parent on a moderate income of £19000, I will find it hard myself once my children go off to uni to keep a house for the 3 of us as I rent in the private sector and without the benefit of tax credits and child benefit I will struggle so i will be of no use finanacially to them.

They will go together, my son stayed on at college an extra 2 years for his sister to do A levels in order that my finances stayed the same so we kept our home but they will now go off to Uni at the same time. I am told their "main" residence will be considered Uni, so will get no assistance financially to keep renting a home big enough for them to come back to in Uni holidays. Or does anyone know of any help that can be given for them to pay monies to me as well to halls as i HAVE to keep rooms for them at home. Its okay for parents that can afford to just keep rooms for the kids, but I would struggle to rent a 1 bed property in my area.

Although the loans are seperate in their title they are all considered as one when being paid back and having interest added on.

So for example I have taken £3k tution and £3k maintenance each year, so around £6k. My student loan debt in statements is £21k, they bunch it together.

If you are on £19k (and lone parent) then they will get grants and bursaries to help them.

I am confused as to why you have a house now but when they leave you cannot afford to keep it, were they paying rent to you?

jennie65

No4Guardians wrote: »

Would be good to know about concessions, if any, for students already on income support. Clegg said something about first two years being free, but no detail followed.

Really? Lets hope no details do follow, assuming these students will graduate and have the same opportunities for careers as any other student why shouldnt they have the same "fees" as anyone else, they also will not have to pay until earning £21k so why should they get them waived.

What is needed is help for those parents who will now struggle to pay for housing now the children are considered as left home, but are still obliged to keep a room for them to come "home" to in spring break etc.

I have been told I will be treated as a single person, and be expected to rent a property for a single persons need and will only get help as a single person and if i continue to rent the house we have called home for the past 6 years then i will not get any assistance as it is too big for a single person being a 3 bed house. despite the fact that my children will need somewhere to return to when not in Uni.

Former_MSE_Dan

Hi folks,

Just wanted to let you know we have now added tables for fees of £6,000/year and £9,000/year into question 17. Hope that's helpful

http://www.moneysavingexpert.com/family/student-loans-tuition-fees-changes#17 (may take a few mins to update)

Dan