Student Loan 2015 Discussion

Oldernotwiser

alicat236 wrote: »

I apologize if this question has been answered elsewhere, but I haven't been able to get a clear answer yet, not even from the Student Loans Company or the University at which I wish to study.

I am hoping to begin a PGCE in September 2012 and would therefore be taking a 2012 loan to cover my £9,000 tuition fees.
I finished my BA in 2004 on an old style student loan, this loan has not yet been repaid.

With teaching salaries close to the repayment threshold for 2012 loans and well above the pre-2012 threshold, will I end up repaying both loans at once?

This would seem unlikely as it would result in generation of impoverished young teachers. But in that case, will the pre or post 2012 loan be repaid first? The order of repayment does make a big difference to the amount of pay you'll lose in the first few years and overall amount paid.

Has anyone been able to find an official answer? I have my PGCE interview next Thursday so it is getting to the point where I need to know facts rather than conjecture as I cannot afford to do a PGCE if they expect me to repay both loans at once come 2013.

Thank you!

Poolie answered this question on this thread.

https://forums.moneysavingexpert.com/discussion/3766489

so you can see that, far from being impoverished, a graduate in this situation will actually be paying less than at present because of the higher threshold.

tyllwyd

I've just come across this report from Skandia which discusses the possible financial implications of the decision whether or not to go to university.

http://www2.skandia.co.uk/Investor-news/Investing-for-financial-goals/first-steps-to-wealth/

MrsAverage

"In 30 years’ time the UK Government is likely to have to write-off debt of between £30,649 and £64,935 for every full-time university student who graduates in 2015."

I find this very concerning. I always suspected gov's maths was dodgy, now I know! My fear remains that when they wake up to how much they need to write off will be that they raise the repayment rate. Still waiting to see small print of these loan contracts...as to how much they can change them by.

melancholly

MrsAverage wrote: »

I find this very concerning. I always suspected gov's maths was dodgy, now I know!

i agree - the numbers have never added up (i still don't understand how this went through parliament). i can only assume that moving to loans rather than direct funding for the university must shift the money from an outgoing number to some other column, to make it look better. since it's a loan, will it somehow count as an asset? i can't see any other reason why they'd do it (apart from a way to force lots of universities to close and to move to a US model of higher eduaction, but this is a very ham fisted way of doing that. plus a really bad outcome in my book!)

fwiw - there were reports about the dodgy numbers before this went through parliament e.g. http://www.millionplus.ac.uk/press/tuition-fee-increases-are-robbing-peter-to-pay-paul- from November 2010
sadly the newspapers didn't choose to report this...... the new system is bad for students, bad for unis and bad for the taxpayer. sadly, they won't be backing down any time soon (they can't back down on everything and the NHS changes are much more prominant....)

davestretty

I'm expecting to lose my job shortly at age 58. If I can't find a job (i'm also disabled) I believe I get no beneifits after 6 months job seekers allowance. if I enrol for a first degree next year I believe I can get a full fees loan, a maintenance grant and a topup loan (i have a housewife and daughter dependants). As I get a (<20k) pension from 60 and will never work again Am I correct in thinking I will never have to pay back either student loan or grant. If so this is a result as I can retire, study and have some income all free. woopee a loophole to get round the no jobs market and benefit cuts thanks to this tory money pinching government. Gotcha toffboy Cameron and richgit Duncan-Smith!

Martin am I correct in my assumptions/ need to know before I commit

Taiko

Not quite. When you get to 60, you won't be eligible for the maintenance loan or maintenance grant.

Oldernotwiser

2sides2everystory wrote: »

Davestretty's enquiry is also interesting. I already have a degree but due to its sell by date having been exceeded I quite fancy doing a new "first degree". Can I apply for an SLC loan and maintenance loan until aged 60 ?

You can't get funding for a degree if you already hold a qualification at that level.

melancholly

2sides2everystory wrote: »

Davestretty's enquiry is also interesting. I already have a degree but due to its sell by date having been exceeded I quite fancy doing a new "first degree". Can I apply for an SLC loan and maintenance loan until aged 60 ?

not if you already have a degree. there is no funding for people to do lots of different degrees.
http://lmgtfy.com/?q=funding+for+second+degree

wiggyuk

Hi all im 31 years young and im looking to learn a trade either electrician or plumber (probably plumber) but im currently unemployed and dont have the money to fund the course myself I think its like £4k, also local colleges do not offer full time plumbing courses only part time if you are already employed in the plumbing trade as part of an apprenticeship so my question is can I get student funding for doing a plumbing course at a training centre such as ABLE skills ? http://www.ableskills.co.uk/city-guilds-6129-plumbing-courses.htm or is funding only available to local colleges, im based in Leicester is that as any relevance on anything.

Oldernotwiser

wiggyuk wrote: »

Hi all im 31 years young and im looking to learn a trade either electrician or plumber (probably plumber) but im currently unemployed and dont have the money to fund the course myself I think its like £4k, also local colleges do not offer full time plumbing courses only part time if you are already employed in the plumbing trade as part of an apprenticeship so my question is can I get student funding for doing a plumbing course at a training centre such as ABLE skills ? http://www.ableskills.co.uk/city-guilds-6129-plumbing-courses.htm or is funding only available to local colleges, im based in Leicester is that as any relevance on anything.

I'm afraid that you won't get any funding to do a course like this and these short courses are not looked on favourably in the trade. You'll still need site experience to get the full qualification anyway.