Student Loan 2015 Discussion

gadgetmind

Lokolo wrote: »

Well the money doesn't get paid until they start, and if it turns out early repayment ends up having charges etc.etc. you can change circumstances and cancel the loan.

http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Gettingstarted/DG_171586

I could spot nothing relevant on that page (but I might have missed it so feel free to quote the exact wording regards repayment and/or cancelling), but elsewhere I found -

"Repaying your loan quicker: The rules on making payments on top of your monthly repayments haven’t been finalised. A consultation about this closed 20 September 2011 and the government's response has not yet been published.
"


So, it seems we're still in the dark,

Lokolo

gadgetmind wrote: »

I could spot nothing relevant on that page (but I might have missed it so feel free to quote the exact wording regards repayment and/or cancelling), but elsewhere I found -

"Repaying your loan quicker: The rules on making payments on top of your monthly repayments haven’t been finalised. A consultation about this closed 20 September 2011 and the government's response has not yet been published.
"


So, it seems we're still in the dark,

Sorry what I meant was you can still apply but before your daughter (pretty sure its daughter??) actually goes to univeristy she can still cancel the loan.

If you’re a full-time student, you can log in to your student account and change the following details:

- loan amount or type, such as the Tuition Fee Loan amount

So obviously there wouldn't be any repayment costs because she hasn't repaid anything (as the amount loaned will be £0).

So infact they have until September time before they have to have decided.

I would recommend you don't wait though. When I did mine (I wasn't income assessed though), pretty much in first week of opening, I had my confirmation within a few weeks. Those that leave it til later end up finding delays, having things lost etc.

I also did mine online and it was very easy.

gadgetmind

Lokolo wrote: »

Sorry what I meant was you can still apply but before your daughter (pretty sure its daughter??) actually goes to univeristy she can still cancel the loan.

Yes, daughter, but are you sure the loan can be cancelled once it's been taken out? We have no way of knowing when they'll announce early repayment terms and she might be well through her course before they get around to it!

So infact they have until September time before they have to have decided.

Well, no way are we going to sign *anything* until they have announced all the details and have them in written form on a mutually binding contract. If this means we end up self-funding, well that's no bad thing given the interest rate and what I fear will be draconian early repayment terms.

Lokolo

gadgetmind wrote: »

Yes, daughter, but are you sure the loan can be cancelled once it's been taken out? We have no way of knowing when they'll announce early repayment terms and she might be well through her course before they get around to it!

Once the moneys been paid obviously no it cannot be cancelled, but no money will be paid until she actually goes to university and signs in.

The tution fees for mine weren't actually paid until January either (1 installment in Jan, 1 in April). 1/3 maintenance was paid in the second week of uni.

However, I should hope they will have decided by September...

Well, no way are we going to sign *anything* until they have announced all the details and have them in written form on a mutually binding contract. If this means we end up self-funding, well that's no bad thing given the interest rate and what I fear will be draconian early repayment terms.

Unless they've changed it since last time, they send you details about what you've applied for and then ask you to sign the bottom. So there is also this option (you apply but don't sign the form). But it has been a couple of years since I last applied...!

gadgetmind

Lokolo wrote: »

However, I should hope they will have decided by September...

I'm not so sure, but even that is too late IMO. Anyone who's not sure they're going to accept the terms will need time to save up and/or organise a loan elsewhere, so leaving it until the last minute is pretty despicable.

Unless they've changed it since last time, they send you details about what you've applied for and then ask you to sign the bottom.

"Dear sucker. Please sign below to accept the terms that we haven't yet announced."

amiehall

Yeah you should apply now and get the assessment all sorted as soon as. They'll then post your daughter a form to sign and return. No money will be loaned without this declaration so you can delay returning that as long as you like. At least this way, if you do decide to take out the finance, all the assessment is done and there shouldn't be major delays on getting the money.

gadgetmind

amiehall wrote: »

Yeah you should apply now and get the assessment all sorted as soon as.

Assessment will be easy as there is no way that I'm going to send them any information relating to our personal finances!

No money will be loaned without this declaration so you can delay returning that as long as you like.

Thanks, that useful to know.

amiehall

gadgetmind wrote: »

Assessment will be easy as there is no way that I'm going to send them any information relating to our personal finances!



Thanks, that useful to know.

That's entirely your personal decision and it sounds like you'd be prepared to support your daughter financially, however it's something I struggle to understand, why wouldn't you want your daughter to get all the support she's entitled to? What do you think the SLC want with your income information? I'm pretty sure it's not a big conspiracy.

If you're not supplying information for means testing then no aspect of the application has anything to do with you! Your daughter could choose to take out non-means tested support without even telling you about it if she wishes.

Lokolo

amiehall wrote: »

That's entirely your personal decision and it sounds like you'd be prepared to support your daughter financially, however it's something I struggle to understand, why wouldn't you want your daughter to get all the support she's entitled to? What do you think the SLC want with your income information? I'm pretty sure it's not a big conspiracy.

If you're not supplying information for means testing then no aspect of the application has anything to do with you! Your daughter could choose to take out non-means tested support without even telling you about it if she wishes.

I do not think (unless theres something I don't know about gadget from all the threads we crossover) that gadget's daughter would be entitled to anything from income assessment anyway.

kayr_2

gadgetmind wrote: »

I'm not so sure, but even that is too late IMO. Anyone who's not sure they're going to accept the terms will need time to save up and/or organise a loan elsewhere, so leaving it until the last minute is pretty despicable.

I am sure you can apply for the loans and then not take any money (had discussion with v switched on university finance bod last year) so as Lokolo rightly says it doesn't actually matter if we hear about the detail until later in that sense. However I strongly agree that it is wrong to expect kids to apply for a loan without giving the full details. I would assume there will be penalties but apply anyway and if there aren't reassess the situation. If you have saved up etc then it will be nice to have some spare money!

I have emailed the D BIS or whatever it's called about this so will supposedly get a reply in 15 working days!