Postgraduate loans 2016/2017 starters

edited 18 March 2016 at 4:48PM in Student Money Saving
90 replies 46.5K views
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  • Hello I'm finding it difficult to understand the interest rate on postgraduate loans from NI, from what I can see you start accruing interest at 1.75% form the start of the course. This is very different from England where the interest is 6.3% (RPI + 3%) SO just wondering if I was correct or if the NI interest rate is actually (RPI + 1.75%).

    If anyone can elucidate I would be grateful.

    Thank you
  • Ed-1Ed-1 Forumite
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    Hello I'm finding it difficult to understand the interest rate on postgraduate loans from NI, from what I can see you start accruing interest at 1.75% form the start of the course. This is very different from England where the interest is 6.3% (RPI + 3%) SO just wondering if I was correct or if the NI interest rate is actually (RPI + 1.75%).

    If anyone can elucidate I would be grateful.

    Thank you

    In Northern Ireland postgraduate loans are plan 1 loans which have a repayment threshold of £18,330 (changes annually with RPI). Repayments are merged with undergraduate loans and are not in addition to them.

    Interest on plan 1 is calculated as the lower of the prior March RPI or the current base rate + 1%.
  • Hi, I have a question hope someone can help, my daughter has got herself a 4th year graduate apprenticeship. She has qualified for a student loan of approx 10900 which will pay her fees of 8000 but previously she has gotten a maintenance grant to pay for her living costs. Does anyone know if there are any loans or grants she can get to help with living costs as she is based in London and as we are on a low income we can’t afford to give her 600 per month on rent. Any advice would be gratefully received as she is now starting to talk about giving up her apprenticeship as she can’t afford to live in London.
  • silvercarsilvercar Forumite, Board Guide
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    Hi, I have a question hope someone can help, my daughter has got herself a 4th year graduate apprenticeship. She has qualified for a student loan of approx 10900 which will pay her fees of 8000 but previously she has gotten a maintenance grant to pay for her living costs. Does anyone know if there are any loans or grants she can get to help with living costs as she is based in London and as we are on a low income we can’t afford to give her 600 per month on rent. Any advice would be gratefully received as she is now starting to talk about giving up her apprenticeship as she can’t afford to live in London.

    My understanding is that the £10,900 is to cover everything - fees and maintenance. Her university may be able to advise on further funding.
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  • Hi,

    I am in my last year of my part time masters qualification (in Wales). I have struggled for two years without finance due to my part time course being more than twice the length of the equivalent full time course. Is there any new on this changing? Any other funding options out there? (failed to gain funding from future finance)

    Any help would be appreciated!
  • scootw1scootw1 Forumite
    2.2K Posts
    Does anyone know if the OU confirm attendance of the course to student Finance Wales all on the same day two weeks after the course starts or does the process take a while?
  • MSR01MSR01 Forumite
    7 Posts
    First Post

    How does the postgrad loan affect working tax credit entitlement?

    I'm considering taking a masters degree. I can only afford to do this by applying for a postgraduate loan. I will complete the degree on part time basis whilst continuing to work self-employed. As a freelance sole trader, I receive working tax credit and it is very useful. As things stand, I would struggle without it.
    Is there any information about how my tax credits payments would be affected if I was accepted for the postgrad loan?
  • Horsehead67Horsehead67 Forumite
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    MoneySaving Newbie
    Re postgraduate loans
    What happens re repayment if you dont complete the course or only manage to complete some of it?
  • khgreenkhgreen Forumite
    2 Posts
    First Post
    MoneySaving Newbie
    If I can afford to pay for the masters upfront should I? or should I take the loan and put it in savings to pay back in installments once I am earning.
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