Welsh Student Partial Cancellation of loan up to £1500

pjly20

The info seems to suggest that the amount which is cancelled will depend on the amount you pay back. The example with a £50 payment looks like it has received more than someone who has paid £5, but in each case the amount borrowed was different so its not clear to what extent the amount cancelled is influenced by the amount paid back.

DT did your son get the full £1500 for just the £5 or did he get a scaled amount based on a lower repayment? The examples are not great at explaining what would happen with a £3000+ loan and a £5 repayment.


Any advice/experiences would be great!




EDIT:

I've just found this which appears to answer my question!
"The partial cancellation will be £1,500 unless you have taken out a smaller maintenance
loan. If you borrow less than £1,500, the partial cancellation will decrease in line with the
amount borrowed."

This is taken from a pdf which as a new poster I am not allowed to post a link to but if anyone is interested it can be found by googling: 1238-193_SFW_FSHE_new students_v3.4_EN.indd and looking at page 19.

Double_Trouble

Yes as long as you have borrowed more than £1500 you will get the full amount so no point in paying back more than £5

DTxx

pjly20

Thanks DT :T

Double_Trouble

pjly20 wrote: »

Thanks DT :T

You are very welcome its nice to be able to pass some good money news on for a change

DTxx

Logistiks

Double_Trouble wrote: »

Yes as long as you have borrowed more than £1500 you will get the full amount so no point in paying back more than £5

DTxx

Hey all, first post here so bear with me...

The official site (listed in secod post) states:
"If you take out £1,500 maintenance loan in 2011/12 and you made a voluntary repayment of £5 to us after you received your first instalment (of £500), then £495 of your outstanding student loan debt will be cancelled.

The partial cancellation will not be applied to your remaining instalments due and there will be an additional £1,000 balance on your account at the end of the year (plus interest)"

Does this mean that, as I've taken a loan of £1500; In order to receive the full £1500 reduction then I have to pay after all 3 of the payments have been made to me?

Sorry if this has been explained previously.

-Matthew

Double_Trouble

Sorry this is a new one on me my son paid before he got his maintenance loan this year - I suggest that you give them a ring he said they were very helpful

DTxx