Welsh students maint. loan

Poppy9

DD seems to think there is a "tip" to trigger maintenance loan cancellation of upto £1500

She thinks she was told they need to do something within a month of starting uni.

Anyone know about ?


http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678622&_dad=portal&_schema=PORTAL

Lokolo

I don't believe this is the case, but I could be wrong. I think when she finishes university she can wait until she pays it through PAYE, or make an overpayment (the latter would be better if she does it as soon as she finishes, as interest will be owed on the £1500 until she pays through PAYE)

Poppy9

I just asked a friend who's child has graduated and he said he only found out about it recently but his son started to repay £5 and had £1495 wiped off his maint. loan but he thinks he could have done this while studying so no interest accrued. Perhaps I will ring someone in Student Loans to see if they can explain the situation to me as that link I attached doesn't really help.

Valley_Bluenose

From Student Finance website (note this still refers to 12/13 not the coming year):

After you have made the first repayment of your student loan we will automatically cancel up to £1,500 of the Maintenance Loan that you took out in academic year 2012/13. This repayment can either be mandatory (through your employer) or voluntary (through the Student Loans Company – such as, by making an online payment).


However, in order to receive the full benefit of the partial cancellation, you should have received each instalment of the maintenance loan due for academic year 2012/13 before making a repayment.

Seems you shouldn't make a repayment until you have received all 3 instalments of your loan. I think the last payment is May next year.

Also, I this is ONLY FOR LOANS FROM STUDENT FINANCE WALES.

Poppy9

Valley_Bluenose wrote: »

From Student Finance website (note this still refers to 12/13 not the coming year):

On the link from my OP it also refers to 13-14 academic year but I agree it looks like you wait till 3 installment received.

I'm guessing you should make your own repayment before you have to due to income and that you should repay just £5

Valley_Bluenose

Poppy9 wrote: »

On the link from my OP it also refers to 13-14 academic year but I agree it looks like you wait till 3 installment received.

I'm guessing you should make your own repayment before you have to due to income and that you should repay just £5

I did notice that Poppy9, however, after running the checker on your link I established that our son would be on Plan 2 Repayment as he's a) Applying from Wales and b) Starting Uni after 1 Sep 12.

The Plan 2 page about the Welsh Repayment Cancellation Offer still only refers to 12/13 - but I guess that is an oversight.

LINK

On you other point, I agree, paying back £5 after receipt of the third instalment of the Maintenance Loan would appear the way to go in order to get a very nice £1500 off the loan.:D