Changes to Welsh Student repayments

Swimmum

Hello
New to this so sorry if its been brought up before. I have a son in his 2nd yr at uni, just checked the Student Finance Wales website and the repayment of his loan seems to start when he is earning £1316 per month or £303 per week, or £15,795 per year, NOT the £21,000 as previously shown last year. Also a friend advised me to search the website because (buried a bit) was something called Welsh Loan Cancellation, whereby if you start paying a bit of your loan back the Welsh gov cancels part of the loan. This seems good but seems to go against everything that Martin is advising, so am a little confused as to what to do......advice would be appreciated....thanks!

Ed-1

Swimmum wrote: »

Hello
New to this so sorry if its been brought up before. I have a son in his 2nd yr at uni, just checked the Student Finance Wales website and the repayment of his loan seems to start when he is earning £1316 per month or £303 per week, or £15,795 per year, NOT the £21,000 as previously shown last year. Also a friend advised me to search the website because (buried a bit) was something called Welsh Loan Cancellation, whereby if you start paying a bit of your loan back the Welsh gov cancels part of the loan. This seems good but seems to go against everything that Martin is advising, so am a little confused as to what to do......advice would be appreciated....thanks!

If he's in his 2nd year then he must have started in 2011/12 which means he is under the old funding system which has a repayment threshold now at £16365 (it was at £15795 until April and will be uprated by inflation every April until 2015). The £21000 repayment threshold only applies to students starting in 2012/13 under the new system. See here for info on Welsh loan cancellation: http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678622&_dad=portal&_schema=PORTAL