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Student Finance while on a DMP?
Welshie28
Posts: 90 Forumite
Hi,
I'm on a DMP with Stepchange however I have just signed up to start a university course next month.
The student finance is not repayable until I earn £21,000 a year, I currently earn £10,000 per year and the repayments won't start until I finish the course in 4 years time by which point my DMP will be finished.
Do I have to tell my DMP provider about this?
Thanks.
I'm on a DMP with Stepchange however I have just signed up to start a university course next month.
The student finance is not repayable until I earn £21,000 a year, I currently earn £10,000 per year and the repayments won't start until I finish the course in 4 years time by which point my DMP will be finished.
Do I have to tell my DMP provider about this?
Thanks.
0
Comments
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I'm starting teacher training and I've applied for student finance - it's not really getting into debt in the sense of a bank loan or overdraft etc so I haven't told them about it.
I already had a £12k student loan from my first degree from way back and I didn't mention it to them as in my mind its more of a tax repayment than anything. Stepchange will just want to know your take home pay after all deductions (tax, pension, national insurance and student loan).
That's as far as I understand things anyway...Started DMP with stepchange - Feb 2016 Self Managed - October 2016
Starting Debt: £25,555 Current Debt: £21,529 (Total debt re-payed: 15.75 %)0 -
Just to add, if you do struggle at university you won't be able to get an interest free overdraft or anything so don't be afraid to get in touch with SC to alter your repayments as necessary! Only if you need to obviously but I don't know your debt level and living on £10k/year might be difficult even without debt repayments...Started DMP with stepchange - Feb 2016 Self Managed - October 2016
Starting Debt: £25,555 Current Debt: £21,529 (Total debt re-payed: 15.75 %)0 -
Hi,
I'm on a DMP with Stepchange however I have just signed up to start a university course next month.
The student finance is not repayable until I earn £21,000 a year, I currently earn £10,000 per year and the repayments won't start until I finish the course in 4 years time by which point my DMP will be finished.
Do I have to tell my DMP provider about this?
Thanks.
The Student finance is there to pay for your education and associated costs, it is not for repaying your debts.
Therefore it is irrelevant to your current situation, stepchange do not need to know, as it cant alter your situation any.
There is no need to say anything to anyone, just let your DMP conclude quietly.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thank you everyone for your replies
I'll happily keep it quiet. 0
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