Student Loan 2015 Discussion

frames1_uk

crikey, I didn't even realise it was time to start all this again..... I just had a look at my daughter's last years loan application and it says that for this year the fees would be £9000, that can't be right, as surely they stay at the level of last years instead of the increase?!

gadgetmind

amiehall wrote: »

prepared to support your daughter financially,

More resigned to it than anything else.

why wouldn't you want your daughter to get all the support she's entitled to?

That number would be certain to end up being zero so why go to the trouble?

Lokolo

frames1_uk wrote: »

crikey, I didn't even realise it was time to start all this again..... I just had a look at my daughter's last years loan application and it says that for this year the fees would be £9000, that can't be right, as surely they stay at the level of last years instead of the increase?!

The £9k fees are only for 2012 starters. Your daughter will have the lower fees, but they will go up (by some sort of inflation figure they make up).

melancholly

gadgetmind wrote: »

That number would be certain to end up being zero so why go to the trouble?

i guess there's still the non income assessed bit, which is 65% of the max value. that's a considerable amount.

i wish i could be shocked that the details on repayments aren't out yet.... but perhaps a lot of letters to MPs might speed it up (or at least register frustration)? http://www.writetothem.com/

the other option is to make plans for a gap year. avoids being the guinea pig year and gives time for preparing financially if you don't go with student finance...... hardly ideal, but worth considering.

gadgetmind

melancholly wrote: »

i guess there's still the non income assessed bit, which is 65% of the max value. that's a considerable amount.

Yes, she might go for that, but it's all high-interest borrowings. She does have a cash buffer due to some lucky/skillfull/whatever share purchases, but that's ear-marked as a house deposit and I'm reluctant that she blow it on university fees.

I suspect we/she will go for the loan as long as early repayment terms are reasonable.

the other option is to make plans for a gap year

If (big if!) she gets into medicine, it's a five year course, so she needs to crack on or she'll be late 20s before she's working!

melancholly

gadgetmind wrote: »

If (big if!) she gets into medicine, it's a five year course, so she needs to crack on or she'll be late 20s before she's working!

i guess i was a student for 8 years..... wasn't what i planned at 17 when i put a UCAS application in though! loans aside, plenty of medical students do gap years, plus thinking of it financially they are one of the only groups pretty much guaranteed to go into employment at good pay when they finish.... in terms of long term job security and life time good income, it doens't get much better. (i say all that assuming we'll still have an NHS in 5 years though!)

i know it's not a great plan B, but for a lot of people, it's now well worth considering, given all the current uncertainty.

gadgetmind

melancholly wrote: »

i know it's not a great plan B, but for a lot of people, it's now well worth considering, given all the current uncertainty.

I doubt she'd do this for financial reasons, but medicine is ultra-competitive so she needs to get the grades (hard) and an offer (even harder).

TBH, I'm looking forward to her A-levels being out of the way as much as she must be. Marking mock paper after mock paper when I get home from work isn't much fun, particularly as I then have to go over anything she's stumbled over and make sure she understands it. Maths, chemistry and biology are certainly stretching my ageing mental skills!

Lokolo

gadgetmind wrote: »

I doubt she'd do this for financial reasons, but medicine is ultra-competitive so she needs to get the grades (hard) and an offer (even harder).

TBH, I'm looking forward to her A-levels being out of the way as much as she must be. Marking mock paper after mock paper when I get home from work isn't much fun, particularly as I then have to go over anything she's stumbled over and make sure she understands it. Maths, chemistry and biology are certainly stretching my ageing mental skills!

One of my friends who is styding medicine at Bristol did a gap year but did volunteer work at the hospital. Although I think it required a lot of luck getting it.

Another *idea* (I may have mentioned), is to buy a property in the area. Another friend who is studying medicine, her dad bought a property and is renting out over the 5 year period to her and her friends. But obviously it requires a little luck that you can a) get a mortgage, and b) hope that house prices don't tumble.

setmefree2

amiehall wrote: »

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.

Do they start charging interest at the point the student receives the loan moneys?

If they are charging interest at RPI plus 3% isn't a delay a good thing? (as long as the parents have the money to sub son or daughter)

What's the longest period you can delay getting the loan?

Lokolo

setmefree2 wrote: »

Do they start charging interest at the point the student receives the loan moneys?

If they are charging interest at RPI plus 3% isn't a delay a good thing? (as long as the parents have the money to sub son or daughter)

What's the longest period you can delay getting the loan?

It USED to be something like you could apply up to 3 months before your course year ended. (so you'd be able to apply up to around March/April 2013)

The main thing that will determine how long you delay for is when you need the money, which will depend on the university (tuition) and the accommodation provider (usually university for 1st year).