Student Loan 2015 Discussion

Ruley

The government is introducing the snappily-titled "24+ Advanced Learning Loans" for September 2013.

Basically, if you're aged 24 or more and studying at level 3 or above (that's A levels or equivalent) then instead of the old arrangement where you pay a fee and the government pays the college a grant, you now take out a loan for the full value.

It will work a lot like Uni loans and there are some special deals for "Access to HE" courses where the debt would be written off in most cases, but as ever, it's complex and the government isn't doing enough to publicise it.

Therefore, some 400+ colleges are all preparing their own guides which is incredibly inefficient and is bound to lead to some confusion with some guiidance being better (or just different) than others.

What we need is someone like MSE to provide a national service to students in much the same way as the brilliant MSE guide to Uni Fees...

Kaje

My brother is a little lost at the moment.

In 2011 he started a BA (Hons) in Television Technology and Production, during the Summer, the University announced it was changing a number of modules and a large portion of his cohort decided to leave the course.

He also decided - but a little too late. The University announced to the Student Loans Company that he would be continuing the course (as they hadn't heard otherwise) and the SLC paid the second year of fees.

What this now means is that he has, essentially, had two years of funding from the SLC despite only using one - and the SLC are only going to pay two years of another degree (the final two years) should he wish to pursue another.

The issue we have is that he would need to self-fund the first year, which is around £8500.

He could get access to the money, but it would leave his bank balance empty after a good few years of saving - though he would likely get £8000 back in maintenance loan from the SLC over years 2 and 3...

Is there anything else he could do in terms of being able to make the first year more affordable? Or is it essentially a case of 'pay up'?

Ruley

Hi Kaje
Depending on timing, I think it should be possible for the University concerned to file a 'Change of Circumstances' with the SLC regarding your son, so that his future education is not affected. Failing that, you should be able to appeal direct but I'm not sure of the process.
It isn't fair for the University to hold on to funding that your son can't use.
Ruley

Ruley

Ruley wrote: »

The government is introducing the snappily-titled "24+ Advanced Learning Loans" for September 2013.

Basically, if you're aged 24 or more and studying at level 3 or above (that's A levels or equivalent) then instead of the old arrangement where you pay a fee and the government pays the college a grant, you now take out a loan for the full value.

It will work a lot like Uni loans and there are some special deals for "Access to HE" courses where the debt would be written off in most cases, but as ever, it's complex and the government isn't doing enough to publicise it.

Therefore, some 400+ colleges are all preparing their own guides which is incredibly inefficient and is bound to lead to some confusion with some guiidance being better (or just different) than others.

What we need is someone like MSE to provide a national service to students in much the same way as the brilliant MSE guide to Uni Fees...

Any idea how I ask MSE for help on this?

tyllwyd

Ruley wrote: »

Any idea how I ask MSE for help on this?

You could try sending a pm to one of the team. Or perhaps start a thread on the 'site feedback' board, that seems to be monitored quite closely.

Kaje

Hi Ruley, thanks for replying.

Unfortunately, he (my brother, not my son! I'm not that old yet!) attended the first lecture of the second year, and so the university couldn't put through a change of circumstance (which was something we looked into).

It's all a bit crappy, really! Student Loans Company are still adamant they will only pay for the second and third years and that he'll have to find £8500 from somewhere!

Bad times.

KJ

Cole_porter

Hello there.

Last year I posted here asking for help and I remember Poolie and Amanda were very kind and informed me very well, clearing my doubts. So first of all, thanks a lot for that, again.

Just to remind you about my case, I took a loan in 2007, just tuition fees, and graduated June 2010. Then I moved to Italy and haven't had a real steady job since then until very recently.

I was/am supported by my parents and girlfriend, and that's what I told the SLC when I sent my Overseas Income Assessment Form. I also attached them a letter signed by my parents confirming that they were supporting me financially. (Poolie recommended me to do this). Then I got a letter from the SLC telling me that it was allright and they weren't expecting any payments from me for the next year. Good.

I just got this year's new form to fill and I have some questions.
Since around october, I've been working part-time (just 3 hours a week) teaching english lessons in a small learning centre for seniors.

The thing is that I don't know what to include with my Overseas Income form, because my payslips are, obviously, in Italian. Do I need to officially translate those? Also, I didn't notify the Student Loan company when I started my new job because the pay is so low that I didn't even think about it...It's like 130 euros per month after taxes. Could that be a problem? I know I'm under the threshold so I guess wouldn't have to worry, but I am a bit confused.

My idea would be to update my situation with them just by telling the truth, that I'm currently in employment, part-time, and still getting support from family. But I don't know if the proof I have, meaning the payslips, is gonna be good for them.

any ideas?

Thanks a lot in advance. It's great to read you Poolie year after year. Your massive help is greatly appreciated.

xexedir

I have a doubt about student loan. I'd like to do a foundation degree, but I did a degree abroad, one that I don't use nowadays. Do this mean I can't apply for a student loan?

Blame1

After reading the guide and scanning all through this thread I am as confused as ever.

One thing is clear is that this loan is at a very high interest rate with terms that while very generous are, at least in theory, are subject to change. Like any other loan if you don't like any changes in terms you are free to take your debt elsewhere - but with the interest that has already accumulated. Ouch.

So the question has to be - how reliable are the terms? Like others I am going to bet that the 9% and 30 years are fairly solid but I have no faith that the 21k threshold will be updated in accordance with wage growth.

In fact it never was an honest 21k because it was a figure to be taken 3 years down the line at the end of the first batch of degrees and measured against established professional wages which must have been determined from past statistics. Want to bet that is a gap of 4-5 years? How about the option of a future government freezing it for a bit longer?

Add in the fact that with so many ex full time mothers suddenly discovering that the government has added 10 years to their working life in the middle of a recession and you can be sure that unskilled wages are suffering. It would be very easy to lock the threshold to unskilled labor or the national minimum wage. All told my guestimate is that the threshold will be worth about 15k in todays money in 10 years time as measured against a professional wage. The way I see it most will be paying out at least as much as they put in.

Blame1

Cole_porter

I can't see how translating will help. How could they trust the translations if you provided them? Just send the payslips with a covering note explaining the situation in round terms and find out how much effort they are willing to put in. My guess is that they will leave it but if they want more they will ask.