Student Loan 2015 Discussion

Lokolo

gadgetmind wrote: »

Thanks, but I created my own with rather more bells and whistles.

It says that no loan is best but there is always the risk that she won't be able to take the pressure of medical training and the loan derisks things a little.

The calculator tells you how muich your daughter is entitled to. Nothing to do with the payback.

You asked whether the figure used salary sacrifice and after tax and NI. Well if you use the calculator and put in your financial information, it'll give you a rough estimate I do think you are over the limit though as I think they use gross salary rather than net. (so no amount of SS would benefit)

gadgetmind

Lokolo wrote: »

The calculator tells you how muich your daughter is entitled to.

Ah, oops, sorry. Anyway, that's easy - she's only going to get the absolute minimum.

I do think you are over the limit though as I think they use gross salary rather than net. (so no amount of SS would benefit)

Salary sacrifice reduces your gross salary by steering it instead into employer's pension contributions, however, even this doesn't help me as they want pre-tax income and we also have to include my wife's income from investments. Doubly doomed.

amiehall

Lokolo wrote: »

http://www.studentfinance.direct.gov.uk/portal/page?_pageid=153,4680136&_dad=portal&_schema=PORTAL

Try the calculator.

And PAYG, you won't need to fees fully upfront. They usually take them around Christmas in one part, then Easter the next.

This is not my experience. While the SLC would supply the money to the university at these times, it is not possible as a private individual to leave payment so late.

Options available at my university are: pay all by end of September for a small discount or pay 50% september and 50% in january. These are the only 2 options. Places may vary but I didn't want you to get your heart set on paying nothing until after Christmas!

silvercar

amiehall wrote: »

This is not my experience. While the SLC would supply the money to the university at these times, it is not possible as a private individual to leave payment so late.

Options available at my university are: pay all by end of September for a small discount or pay 50% september and 50% in january. These are the only 2 options. Places may vary but I didn't want you to get your heart set on paying nothing until after Christmas!

Agreed. It is only by taking the fees loan that the payments are made that late, otherwise it is 2instalments in Sept and Jan.

It may be possible to take the loan and then repay the loan before any interest is added - not sure on this one, but taking the loan is definitely administratively easier for the student.

Ra1885

Hello

A great guide for those going to university first time round however I am really struggling to find clear concise clear information (even from student finance themselves) about funding for graduate entry medicine. A requirement of the course itself is that you have a first degree, so inevitably there are others in the same position as myself who had a fees loan for their first degree.

So far entitlement letters from student have stated I am entitled to apply for anything from £0.00 to full maintenance loan, maintenance grant (which I'm pretty certain I'm not entitled to) and tuition fee loan. Not only this but when I contact them advisors do not seem to know that the course even exists never mind that it comes with any funding (which I'm reassured it does by their own website). Any clarification you could provide on the rules for funding for this 'exception' course would be very much appreciated... Also any information on how repayments will be worked out for both sets of loans would be great.

Thanks

melancholly

Ra1885 wrote: »

Hello

A great guide for those going to university first time round however I am really struggling to find clear concise clear information (even from student finance themselves) about funding for graduate entry medicine. A requirement of the course itself is that you have a first degree, so inevitably there are others in the same position as myself who had a fees loan for their first degree.

So far entitlement letters from student have stated I am entitled to apply for anything from £0.00 to full maintenance loan, maintenance grant (which I'm pretty certain I'm not entitled to) and tuition fee loan. Not only this but when I contact them advisors do not seem to know that the course even exists never mind that it comes with any funding (which I'm reassured it does by their own website). Any clarification you could provide on the rules for funding for this 'exception' course would be very much appreciated... Also any information on how repayments will be worked out for both sets of loans would be great.

Thanks

http://www.nhscareers.nhs.uk/details/default.aspx?id=557

it's certainly complicated - part payment of fees is needed for 2012 entry. beyond that, it's anyone's guess - nothing for any form of graduate study is clear for 2013 yet.

the NHS bursaries page is linked to from that one and should help too.

Don_Draper

Just filling in the forms with my offspring for Sept 2012 start. We're applying for the fees loan & basic maintenance loan.

A) Can we apply now & then change our mind in, say, August 2012 if we decide instead to pay in full from our savings? How would we go about withdrawing from the loan before taking any of the cash? Can't find anything covering this in the T&C.

What would be the consequences e.g. if when she gets her results she decides to pull out completely from going to uni this September and then wants to apply again for a loan a year or two later? I read somewhere that you are only allowed to apply for a loan once - even if you don't ultimately take the cash -is this true?

Thanks for the advice.

setmefree2

March's inflation figures show the retail prices index (RPI) at 3.6%, the Office for National Statistics (ONS) announced today.

The Department for Business Innovation and Skills (BIS) hasn't confirmed these rates. It says they will be formally announced in August

September 2012 starters
Those who start university from September 2012 will pay interest on the loan at RPI + 3% from when they take out the loan.
It is unclear which RPI figure will be used, though it is likely to be from the previous March, therefore the rate is likely to be 6.6% from when they first draw the money, though it will change in subsequent years.

http://www.moneysavingexpert.com/news/loans/2012/04/student-loan-interest-could-fall-for-hundreds-of-thousands

Don't cha just love this bit :-

It is unclear which RPI figure will be used, though it is likely to be from the previous March, therefore the rate is likely to be 6.6% from when they first draw the money

DESPAIR :cool:

MrsAverage

Just posted this on the 2012 calclualtor thread too. (sorry didn't know how to copy it properly
"We advised our DS to pause his application when we realised that t&cs were not yet finalised. I have today just been back to his application with him from where you can access t&cs and it's no surprise to find it still reads
"If you: • are starting your course on or after 1 September 2012 and;- live in England or Wales; or- are an EU student funded by England or Wales. You will, subject to Parliamentary approval of new legislation which is due to come into force by 6 April 2012, be on Repayment Plan 2 – look out for the pink boxes as this information applies to you. in an amended format If Parliament does not approve the new legislation then you will be on Repayment Plan 1."
So, even though it was supposed to be passed on 6th April does anyone know if it actually was?

By the way, the page then goes onto say for futher info link to the student loans repayment company - but that only has t&cs for the old style loans.

I think the only way to get to these so called t&cs are via the loan application process, but you might find this link works
http://www.studentfinance.direct.gov...TIONS_1213.PDF"

setmefree2

I've reposted your post here

http://forums.moneysavingexpert.com/...3910547&page=2

to see if we can get a comment from MSE.