Welsh Student Partial Cancellation of loan up to £1500

Double_Trouble

Just thought I should post my son has today paid £5 (the minimum you can pay) off his student loan which entitles him to £1500 being cancelled and therefore no interest being charged the partial cancellation is for Welsh Students only who received a maintenance loan in 2010/2011 and only applies once but the sooner you pay the sooner the £1500 is taken off your loan and the interest stops

HTH

DT

silvercar

Information here:

https://www.studentloanrepayment.co.uk/portal/page?_pageid=93,5482301&_dad=portal&_schema=PORTAL

Applies to 2010/11 and 2011/12, so looks like you can get £1500 cancelled from a loan you haven't yet received!

melancholly

wow - and it's automatic too! really good spot.

jillmarg

I am a little confused over this - after reading the information on the Welsh loan cancellation of the student loans site.
My son is in his final year and has had maintenance loans from 2009 onwards including this academic year 2011-12.
Does the partial cancellation only apply to students who have completed their studies and are about to repay loans or does this apply to current students?
If the latter, how does this work? does a on-off payment of £50 entitle the student to the partial cancellation?
too many questions, I know - help would be much appreciated

silvercar

jillmarg wrote: »

I am a little confused over this - after reading the information on the Welsh loan cancellation of the student loans site.
My son is in his final year and has had maintenance loans from 2009 onwards including this academic year 2011-12.
Does the partial cancellation only apply to students who have completed their studies and are about to repay loans or does this apply to current students?
If the latter, how does this work? does a on-off payment of £50 entitle the student to the partial cancellation?
too many questions, I know - help would be much appreciated

It seems that if you pay £5 off now, they will reduce the loan by £1500

Double_Trouble

jillmarg wrote: »

I am a little confused over this - after reading the information on the Welsh loan cancellation of the student loans site.
My son is in his final year and has had maintenance loans from 2009 onwards including this academic year 2011-12.
Does the partial cancellation only apply to students who have completed their studies and are about to repay loans or does this apply to current students?
If the latter, how does this work? does a on-off payment of £50 entitle the student to the partial cancellation?
too many questions, I know - help would be much appreciated

My son is still studying but by paying the £5 minimum payment now rather than waiting until he has to make his first payment he has saved himself interest accruing on the £1500.

DT

steff1989

did they call student finance wales or the student loans company? my mum told me about this the other day after being told about it by her friends daughter

Double_Trouble

It was Student Finance Wales

DTxx

co_0kiemonster

Just a quick question, is the £5 (or whatever amount you choose to pay) a one-off payment until you're earning enough to start paying back the loan?

Double_Trouble

co_0kiemonster wrote: »

Just a quick question, is the £5 (or whatever amount you choose to pay) a one-off payment until you're earning enough to start paying back the loan?

Yes that's all you need to pay until you are required to pay more with the earnings limit that's why if you want the £1500 to take effect now you need to make a payment now rather than wait until you have to make a payment. The worst risk you take is that you never earn enough to pay anything back and you have wasted your £5.

DT

co_0kiemonster

Thank you for your help, DT.