ERUDIO student loans help

Lungboy

erudioed wrote: »

Before we start to flog the horse, i think we need the historic deferment threshold figures to see whether these recent consecutive lowerings of the threshold all coincide with the decision to sell off the remaining Mortgage style loans to the Arrow Global gang. I had a look and couldnt find such a list but maybe my head is still woozy from the sudden announcement. These figures may tell a story in themselves but we need to see them first. Can anyone help?
It does seem like a rather big drop, £2000 in one year suggests the floor must have fell out of something...

From a very quick search i can find the interest rates, but not the deferment threshold. I'll keep looking when I have time.

edit: I'm going to use web archive to try and find the deferment levels from the SLC website, and edit them in to this post.

Sept 2013: £28775
Sept 21 2012: £27813
Sept 9 2011: £27734

edit 2: found a page that lists them all up to 2011! http://web.archive.org/web/20110902111844/http://www.slc.co.uk/statistics/facts%20and%20%20figures/mortgage_style_loans.html

The threshold dropped in 2010/11, much like today's announcement, but not by anything like as much.

rizla_king

Lungboy wrote: »

From a very quick search i can find the interest rates, but not the deferment threshold. I'll keep looking when I have time.

Should be a simple FOI request to make if you can't find them.

Lungboy

rizla_king wrote: »

Should be a simple FOI request to make if you can't find them.

See my last edit, i found them all.

Ed-1

Lungboy wrote: »

From a very quick search i can find the interest rates, but not the deferment threshold. I'll keep looking when I have time.

edit: I'm going to use web archive to try and find the deferment levels from the SLC website, and edit them in to this post.

Sept 2013: £28775
Sept 21 2012: £27734
Sept 9 2011: £27734

edit 2: found a page that lists them all up to 2011! http://web.archive.org/web/20110902111844/http://www.slc.co.uk/statistics/facts%20and%20%20figures/mortgage_style_loans.html

The threshold dropped in 2010/11, much like today's announcement, but not by anything like as much.

The threshold for 2012/13 was £27813

http://www.nus.org.uk/en/advice/money-and-funding/how-and-when-do-i-repay-my-student-loan/

Lungboy

Ed-1 wrote: »

The threshold for 2012/13 was £27817

http://www.nus.org.uk/en/advice/money-and-funding/how-and-when-do-i-repay-my-student-loan/

Hmm, I'm not sure when they changed the threshold that year then, as the link i posted was for september, here is october's page with the same threshold, here is November's with the same threshold, and here is December's. I did think it was a bit weird that they kept it the same for 2 years, so I guess they changed it much later that year, or else they forgot to update the FAQ when they changed the threshold.

edit: Still the same in May, too.. How weird, that post-dates the NUS link.

e2: I think it's likely to be a bug with the archive. I'll update my original post with the correct info.

Ed-1

Lungboy wrote: »

Hmm, I'm not sure when they changed the threshold that year then, as the link i posted was for september, here is october's page with the same threshold, here is November's with the same threshold, and here is December's. I did think it was a bit weird that they kept it the same for 2 years, so I guess they changed it much later that year, or else they forgot to update the FAQ when they changed the threshold.

edit: Still the same in May, too.. How weird, that post-dates the NUS link.

e2: I think it's likely to be a bug with the archive. I'll update my original post with the correct info.

Sorry, I typo'd as well - it's £27813 not £27817!

erudioed

Lungboy wrote: »

From a very quick search i can find the interest rates, but not the deferment threshold. I'll keep looking when I have time.

edit: I'm going to use web archive to try and find the deferment levels from the SLC website, and edit them in to this post.

Sept 2013: £28775
Sept 21 2012: £27817
Sept 9 2011: £27734

edit 2: found a page that lists them all up to 2011! http://web.archive.org/web/20110902111844/http://www.slc.co.uk/statistics/facts%20and%20%20figures/mortgage_style_loans.html

The threshold dropped in 2010/11, much like today's announcement, but not by anything like as much.

Thats great lungboy. So the threshold increased last year and has shown an off trend decrease for the coming year by a rather significant drop, the biggest drop in the entire history of mortgage style loans so it seems. With only one other decrease around 2010 by £500.
So, what could cause this drop because if it is something dodgy or just random, then i guess BIS should be getting seriously grilled about why they havent been lowering the deferment threshold when the loan was still payable to SLC and the money would be going into the public coffers. As it will be from next year, BIS has dropped the threshold significantly for the first time, the very first year that such a large number of loans have been sold to a private enterprise, one with a base in Guernsey, or other channel island locations (The Wilmington Trust).
Surely BIS have to answer why it has chosen to do this during the first full year after the loans have been sold and not when the whole country could have indirectly benefitted. As it is, most of the money collected in Eudio's name will be flying out the country and not benfitting anyone here...let alone our fellow poor barstewards who are going to be paying Erudio after they try and defer next year and find they are due to start making repayments.
I assume that most people who have been deferred wont have heard about this, or will do, until next year, considering most people are probably happy to have just been deferred and dont want to think about these clowns again (for their own health) until deferment time next year when they will probably search out the forums again. It will be a large shock i think...

Lungboy

I can't find anything at all from the government on how they actually calculate the deferment threshold. The current threshold assumes a national average wage of ~£33852, if my rudimentary maths skills are correct, while the new threshold works out to an average wage of ~£31444. Using the ONS weekly average wage value and multiplying by 52 doesn't come close to either of these values, it's significantly lower than both.

e: the only thing i can think of is that the 85% is worked out on full-time national average, whereas all the published figures that I can find appear to include everyone. I can't find full-time-only figures, although I'll keep looking.

anna2007

If the deferment level is based on average earnings in the January each year, were we not in a period of negative RPI inflation back in 2010? That would explain the fall in the deferment level for that year, but doesn't explain this year's significant (and now even more suspect) drop.

rizla_king

Again, sounds an ideal thing to FOI BIS on. i.e. that source data used and calculation method. If anyone is prepared to do that for us? I'm not putting my name on a request I'm afraid.