Student Loan 2015 Discussion

gadgetmind

Lokolo wrote: »

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.

That's something I've already been looking at as many lenders will let the mortgage be guaranteed by other property and/or other investments. This would mean that our daughter would own the property, which avoids capital gains tax issues and gets her on the old housing ladder.

However, 1) we wouldn't do this for the first year, 2) it would depend on the housing market dynamics of where she ends up.

amiehall

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?

If you're using a fee loan to pay university fees, this needs to be in place at the start of the course otherwise the student will either need to pay the money themselves or leave. The university won't accept an IOU from you or a promise that you will apply for student finance. The money is paid by SLC to universities (currently) in 2 equal installments in Jan and April and you won't be charged interest before the money is actually paid.

If you don't apply for maintenance loan at the start of the year then decide you want one, you have up until 9 months after the start of the academic year (ie. 31st May) to apply for one if you change your mind later. Interest starts from the day the money is paid to the student/university in all cases.

yertiz_2

Does anyone know if students can get a statement showing what they owe so far including interest? I have a son in his 3rd year and we were trying to work it out, or do they have to wait until they finish Uni?

Derivative

yertiz wrote: »

Does anyone know if students can get a statement showing what they owe so far including interest? I have a son in his 3rd year and we were trying to work it out, or do they have to wait until they finish Uni?

http://www.studentloanrepayment.co.uk

Same login details as SLC website.
They recalculate interest monthly.

Helix

yertiz wrote: »

Does anyone know if students can get a statement showing what they owe so far including interest? I have a son in his 3rd year and we were trying to work it out, or do they have to wait until they finish Uni?

Even after you graduate you are lucky to get sent a statement. I got one after my first year of uni but nothing since. The link EdgEy posted is your best bet.

setmefree2

amiehall wrote: »

If you're using a fee loan to pay university fees, this needs to be in place at the start of the course otherwise the student will either need to pay the money themselves or leave. The university won't accept an IOU from you or a promise that you will apply for student finance. The money is paid by SLC to universities (currently) in 2 equal installments in Jan and April and you won't be charged interest before the money is actually paid.

If you don't apply for maintenance loan at the start of the year then decide you want one, you have up until 9 months after the start of the academic year (ie. 31st May) to apply for one if you change your mind later. Interest starts from the day the money is paid to the student/university in all cases.

Presumably we could delay claiming the maintenance loans for 9 months which would mean we could avoid paying 9 months of interest at RPI plus 3%....we'd have no trouble giving our son the money in lieu....

It would probably only save £800 to £900 but if you were planning on clearing the student loans in the first year of work as per ML's scenario 3 then it might be worth considering.

gadgetmind

Helix wrote: »

Even after you graduate you are lucky to get sent a statement. I got one after my first year of uni but nothing since.

These guys are starting to sound more and more like loan sharks!

Poolie

gadgetmind wrote: »

These guys are starting to sound more and more like loan sharks!

Unfortunately, it is all due to the way the tax system works in this country and how it has been tied to the student loan system for repayments. I generally receive my annual statement around August/September each year without fail.

Students still at university should receive a statement each year. One reason for this stopping would be a change of address and where mail has been returned so SLC stop all future correspondence so up to the student to get in touch, which the repayer will do when money starts to be taken from their salary.

Lokolo

Poolie wrote: »

Unfortunately, it is all due to the way the tax system works in this country and how it has been tied to the student loan system for repayments. I generally receive my annual statement around August/September each year without fail.

Students still at university should receive a statement each year. One reason for this stopping would be a change of address and where mail has been returned so SLC stop all future correspondence so up to the student to get in touch, which the repayer will do when money starts to be taken from their salary.

And you can see all correspondence on Student Loans Repayment website.

Poolie

Lokolo wrote: »

And you can see all correspondence on Student Loans Repayment website.

Can certainly see the date it was generated. Although (not sure if this affects everyone) I cannot access any of the old statements.