Student Loan 2015 Discussion

tyllwyd

setmefree2 wrote: »

I would think carefully before doing this. Make sure you read this

The same is true whether you take just the tuition fee loans or the tuition fee and maintenance loans. Whether you borrow £9k or £16.6k the repayments will be the same.

I agree with you on this. What worries me is the situation where a student graduates, but doesn't earn enough to pay back the loan for fees within 30 years. So thinking about the two options:

(1) Total student loan £27K + £16.5K = £43.5K. You pay the monthly contribution based on your salary for 30 years.

(2) Total student loan £27K. Additional mortgage borrowing £16.5K. You pay back the monthly contribution based on your salary for 30 years PLUS £16.5K plus interest.

Unless you are very confident of being able to pay back the £27K loan within a reasonable time period, as far as I can see mixing student loans and mortgage-type loans is a bad idea.

Since this is the only point where the loans will be offered, I think I would take the maximum available, and wait and see the situation when she graduates - if she struggles to find a job, the student loan will be the cheapest borrowing she will find, if she goes straight into a great job with excellent career prospects, she can make overpayments/early repayments on the student loan.

gadgetmind

tyllwyd wrote: »

Since this is the only point where the loans will be offered, I think I would take the maximum available, and wait and see the situation when she graduates

That was our view in the end, but we're going to all review it together on a year-by-year basis.

Pinzy

Just one little thing - Student Finance will still tell you part-time student loans aren't available, you do have to ask about the "Tuition Fee loan" for them to grasp what you're asking about!

Part-time students are unlikely to be eligible for any Maintenance loan as you'll likely be studying from home.

pandora_ann

One more thing, I've stated this elsewhere on the forums the last time you posted about loans for part time students.

You are incorrect in stating that part time students previously had to look for commercial loans. There has been a means tested fees grant in place for years now, with a smaller award for additional items (ie books). This used to cover the fees completely but when the fees cap was raised a few years back the grant didn't increase, meaning it's only been enough to cover about half of the course fees. Most universities would have offered their students assistance with the remainder of their fees via the Access to Learning Fund (mine did).

It just annoys me when someone gives the government credit for finally funding part time students when funding existed before they even came into power, you just have to pay it back with interest now.

Now, if they were to offer a similar loan for postgraduate study, which is what most of us need in the current jobs market, I might give them a begrudging nod of thanks.

GaryN_3

Hi first time on this forum wanting advice (hope I post this in the correct place)....
My 25 year old daughter is just completing a two year fashion & design foundation course at Barnett college and was delight to be accepted at Epsom University to follow her dream, she was told originally that this course would enter on her on to the second year of a BA, unfortunately this wasn’t the case and she accepted a place on the 1st year of the three year course... she is now mortified to find that she cannot get any student loan funding for the 1st year as it only covers four years in total.. the tuition fees which have shot up for the 1st year to £ 8500, I’m told that she is not entitled to tuition fees, maintenance grant or maintenance loan.. does anyone know if she can claim anything in this 1st year or any ideas how she can achieve her dream, I want to help her as much as possible, but when you look at all the costs its totally overwhelming. She would now also find it very difficult now to get a place anywhere on the second year even if she could.

melancholly

http://www.timeshighereducation.co.uk/story.asp?sectioncode=26&storycode=419954&c=1

interesting report about student loans 'saving' the government money (obviously this fits with the view i already hold, but someone's actually done the maths!)

Dunroamin

GaryN wrote: »

Hi first time on this forum wanting advice (hope I post this in the correct place)....
My 25 year old daughter is just completing a two year fashion & design foundation course at Barnett college and was delight to be accepted at Epsom University to follow her dream, she was told originally that this course would enter on her on to the second year of a BA, unfortunately this wasn’t the case and she accepted a place on the 1st year of the three year course... she is now mortified to find that she cannot get any student loan funding for the 1st year as it only covers four years in total.. the tuition fees which have shot up for the 1st year to £ 8500, I’m told that she is not entitled to tuition fees, maintenance grant or maintenance loan.. does anyone know if she can claim anything in this 1st year or any ideas how she can achieve her dream, I want to help her as much as possible, but when you look at all the costs its totally overwhelming. She would now also find it very difficult now to get a place anywhere on the second year even if she could.

Barnett College seems to be linked with Middlesex University so she would be best to look at studying there if she wants to be accepted into the second or third year of the degree. Presumably Epsom doesn't feel that she would have covered enough of their first year degree work on her Foundation Degree to allow her to move straight into the second year.

She could check whether any other universities would accept her onto the second year but, if she's too late for this year she may have to work for a year and restart in 2013.

Person_one

Dunroamin wrote: »

Barnett College seems to be linked with Middlesex University so she would be best to look at studying there if she wants to be accepted into the second or third year of the degree. Presumably Epsom doesn't feel that she would have covered enough of their first year degree work on her Foundation Degree to allow her to move straight into the second year.

She could check whether any other universities would accept her onto the second year but, if she's too late for this year she may have to work for a year and restart in 2013.

I was about to suggest getting in touch with Middlesex.

Its actually got a pretty good reputation for visual arts though, including fashion, so there might not be any places left at this time of year, but worth a phone call in case they are willing to let her onto the second year in 2013 if they see a portfolio.

Lokolo

melancholly wrote: »

http://www.timeshighereducation.co.uk/story.asp?sectioncode=26&storycode=419954&c=1

interesting report about student loans 'saving' the government money (obviously this fits with the view i already hold, but someone's actually done the maths!)

Quite interesting, cutting the deficit by £1bil... it's a shame the total deficit is around £150billion at the moment!

lulu349

Hi, my husband and I are currently going through a divorce and my daughter is due to start uni in 2013 - will this alter the amount of non repayable loan she is entitled to?