Student Loan 2015 Discussion

nicki342001

Beagles4ever wrote: »

My son just started Uni with 3 year course normal 9K a year fees and 4k a year maintenance loan. His grandparents are giving him 6k a year over next 3 yrs, should he pay part of his loan off or keep loan and repay when earning but use the 18k over 3 years to save eg in new Help to Buy ISA released end of this year? Any guidance appreciated

Hi. I would advise him not to take the loan or reduce it, he can easily live on 6k

taboo1

Hi, what about if someone moves abroad after finishing the Uni, do they recalculate the amount payable monthly compare to the salary to that particular country?

Ed-1

taboo1 wrote: »

Hi, what about if someone moves abroad after finishing the Uni, do they recalculate the amount payable monthly compare to the salary to that particular country?

Each country has a different repayment threshold.

For plan 1 these are here:
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678668&_dad=portal&_schema=PORTAL

For plan 2 these are here:
http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678823&_dad=portal&_schema=PORTAL

Maureen43

I have some specific questions I am hoping some of you folk can help with. I'm starting to really worry that university education will me out of reach of my children on financial grounds.

1) Are parents' savings taken into account when deciding their child's eligibility for a maintenance/tuition loan, or just any interest from those savings which would count as income?

2) What other income streams are counted? Clearly earned income and savings interest - but also child benefit, child tax credit, child maintenance (for other children)?

3) I am divorced. Will my ex's (much higher) income be taken into account when deciding eligibility for loans, or just mine?

Ed-1

Maureen43 wrote: »

I have some specific questions I am hoping some of you folk can help with. I'm starting to really worry that university education will me out of reach of my children on financial grounds.

1) Are parents' savings taken into account when deciding their child's eligibility for a maintenance/tuition loan, or just any interest from those savings which would count as income?

Just interest from savings - i.e. "unearned income".

Maureen43 wrote: »

2) What other income streams are counted? Clearly earned income and savings interest - but also child benefit, child tax credit, child maintenance (for other children)?

See for yourself on the PFF2 form which you can access here:

https://www.gov.uk/student-finance-forms/y/uk-full-time/income-details/year-1516

Maureen43 wrote: »

3) I am divorced. Will my ex's (much higher) income be taken into account when deciding eligibility for loans, or just mine?

Just the income of the parent(s) who the student normally lives or has more contact with, unless that parent lives with a partner; if they do then both income of parent and partner will be used.

NiallBlackburn

Hi, a couple of quick questions... Is there anywhere to access the 2015 guide for mature students, it was really useful and appears to have been removed from everywhere!

Also, as I turned 25 after my course started, is it worth/can I re-apply for finance under my new conditions as a mature student?

Thanks

Mrs_Arcanum

Does anyone have a copy of the original contract where the threshold rises are mentioned?

Preferably pre 2015/16 & post 2012.

candchagg

Hi
I am new to the forum. Can anyone help? I am currently studying for my PGCE at Exeter Uni and having trouble getting my Student Loan as I have been working overseas in Chile and more recently in Barcelona last summer. For some reason the student loan company has asked if I can shoe them that these were fixed term contracts as this affects the decision to give me a loan or not.

Mrs_Arcanum

http://www.impactnottingham.com/2016/02/students-guide-to-how-the-government-is-screwing-us-over/?utm_source=rss&utm_medium=rss

Looks like there will be a gender imbalance on payback due to the freezing of the threshold as well as the unfairness in changing the rules.

koru

Beagles4ever wrote: »

My son just started Uni with 3 year course normal 9K a year fees and 4k a year maintenance loan. His grandparents are giving him 6k a year over next 3 yrs, should he pay part of his loan off or keep loan and repay when earning but use the 18k over 3 years to save eg in new Help to Buy ISA released end of this year? Any guidance appreciated

I know this is from last year, so it might be too late for Beagles4ever, but for the benefit of anyone else reading this thread with a similar query, I would say there's a very good chance that the son would be better off if he takes the maximum loan and saves any excess cash. It is all explained in this article (which, if anything, understates the case):
http://www.moneysavingexpert.com/students/should-i-get-student-loan

Unless he is a VERY high earner throughout his career, the loan is likely to end up costing him the same, whether he takes the maximum loan or not. So, better to keep the cash.

Even if he is a very high earner, the extra repayments he makes as a result of having a bigger loan are still likely to be less than the benefit he gets from hanging on to the cash. He can probably invest it and earn a higher return and he can use the accumulated amount as a house deposit. Plus in a year's time he can get £1000 per year free from the govt in a Lifetime ISA.