Student Loan

Brooker_Dave

Masomnia wrote: »

A gentleman pays his debts.

If only our elites would pay their taxes.

paulharding150

ElSte123 wrote: »

I just have a question about the student loan - When I signed for my first student loan back in 2009, I was only 17. The loan for the first year at university was around £6500. I was not an adult when I signed to take out the loan - is there any way of appealing the repayments of this loan? I can't believe a child is allowed to loan thousands of pounds.

No.

Nice try though.

Now get a job, take some responsibility and make what are very modest repayments to the best value loan you're ever likely to get. Oh and welcome to grown up land!

DCFC79

I assumed students would be happy with a loan to pay for the education they want to undertake, especially one where the repayments are manageable.

[Deleted User]

I hate it when you apply for a loan, and you end up getting one.

So unfair.

Kim_13

Deadbeat wrote: »

If the loan terms can be altered after they've been signed, who's to say that the government can't demand further payments from those who have already repaid?

We can't, but annoyingly we can't undo taking the loan. We just have to hope that if not successful in challenging the threshold freeze, Martin can help stop any more drastic changes to the terms.

If the OP was wanting to avoid paying amounts that have come from a change in terms, I think many here would be more sympathetic. The forum is as much about getting a fair deal as it is saving money.

iolanthe07

Olexadov wrote: »

You'll also be charged a one-off establishment fee of $60. This will be added to your Student Loan balance as soon as any payments are made.
You can get a Student Loan for up to 2 EFTS of study a year (this is around 240 points or credits).

We use £ in Britain, not $. Have you accidently strayed across the Atlantic?

curty510

Deleted_User wrote: »

I hate it when you apply for a loan, and you end up getting one.

So unfair.

And then to make it worse, the creditor wanting his money back on the agreed terms!

I would write a strong letter to your MP!

Ed-1

adindas wrote: »

Two-thirds of UK students ‘will never pay off debt’
https://www.ft.com/content/55f4a6f6-3eab-11e6-9f2c-36b487ebd80a

What a complete waste of taxpayers money.

What will be repaid is uncertain as it depends on future repayment policy, let alone changes in earnings and inflation (which are also uncertain) over 30 years.

Kim_13 wrote: »

Post 2012 students are being forced to pay back more because of a threshold freeze that wasn't part of their agreement. At least you still have the terms you signed up for.

It wasn't part of the agreement and even if it was it could have still been changed (see below). No-one with income-contingent student loans have fixed terms and conditions of repayment as all borrowers' signed a loan contract agreeing to repay in accordance with Regulations set by Government and as they change from time to time.

Kim_13 wrote: »

We can't, but annoyingly we can't undo taking the loan. We just have to hope that if not successful in challenging the threshold freeze, Martin can help stop any more drastic changes to the terms.

If the OP was wanting to avoid paying amounts that have come from a change in terms, I think many here would be more sympathetic. The forum is as much about getting a fair deal as it is saving money.

The terms haven't changed. That's Martin's misunderstanding. The agreement declaration ("loan contract") you signed for your 2012/13 academic year's loan is below (it's very similar for subsequent academic years' loans). You'll notice that you agreed to paragraph (c) which states:

I acknowledge and agree that any loan(s) made to me by the Secretary of State for Business, Innovation and Skills, ‘the lender’ (which includes any persons exercising functions on behalf of the Secretary of State pursuant to section 23(4) of the Teaching and Higher Education Act 1998 as amended from time to time or successor legislation, ‘the Act’) will be on the terms set out in these declarations and in Regulations which are made under section 22 of the Act as amended from time to time.

The Regulations which set the repayment threshold are available here. You'll notice that Regulation 11 of these Regulations states:

“The repayment threshold for a borrower with a post-2012 student loan is an amount of £21,000.”

Please tell me how freezing the threshold changes that term? What has changed is the Government's intention to change that term which you also agreed to under paragraph (c) as you agreed to the “...Regulations which are made under section 22 of the Act as amended from time to time.” The last bit makes the terms variable and means the Government could remove the threshold completely if they want to. Martin fails to understand that the repayment terms of these loans (which are set out in the Regulations) are not fixed at the time you sign the agreement. Only the terms on the below piece of paper (which form the contract) are fixed and they say that the Regulations (that determine the rules of repayment) may be amended from time to time. As it happens, the Government chose to leave them as they are, which leaves the threshold at £21,000 until they decide to amend them.

Kim_13

Ed-1 wrote: »

What will be repaid is uncertain as it depends on future repayment policy, let alone changes in earnings and inflation (which are also uncertain) over 30 years.



It wasn't part of the agreement and even if it was it could have still been changed (see below). No-one with income-contingent student loans have fixed terms and conditions of repayment as all borrowers' signed a loan contract agreeing to repay in accordance with Regulations set by Government and as they change from time to time.



The terms haven't changed. That's Martin's misunderstanding. The agreement declaration ("loan contract") you signed for your 2012/13 academic year's loan is below (it's very similar for subsequent academic years' loans). You'll notice that you agreed to paragraph (c) which states:

I acknowledge and agree that any loan(s) made to me by the Secretary of State for Business, Innovation and Skills, ‘the lender’ (which includes any persons exercising functions on behalf of the Secretary of State pursuant to section 23(4) of the Teaching and Higher Education Act 1998 as amended from time to time or successor legislation, ‘the Act’) will be on the terms set out in these declarations and in Regulations which are made under section 22 of the Act as amended from time to time.

The Regulations which set the repayment threshold are available here. You'll notice that Regulation 11 of these Regulations states:

“The repayment threshold for a borrower with a post-2012 student loan is an amount of £21,000.”

Please tell me how freezing the threshold changes that term? What has changed is the Government's intention to change that term which you also agreed to under paragraph (c) as you agreed to the “...Regulations which are made under section 22 of the Act as amended from time to time.” The last bit makes the terms variable and means the Government could remove the threshold completely if they want to. Martin fails to understand that the repayment terms of these loans (which are set out in the Regulations) are not fixed at the time you sign the agreement. Only the terms on the below piece of paper (which form the contract) are fixed and they say that the Regulations (that determine the rules of repayment) may be amended from time to time. As it happens, the Government chose to leave them as they are, which leaves the threshold at £21,000 until they decide to amend them.

It is still a change if someone is having to repay in a different manner to the one operating at the time of signing. The change may be legal (unless legal action eventually has the clause deemed an unfair contract term), but it doesn't alter the fact that repayment terms have changed.

Ed-1

Kim_13 wrote: »

It is still a change if someone is having to repay in a different manner to the one operating at the time of signing. The change may be legal (unless legal action eventually has the clause deemed an unfair contract term), but it doesn't alter the fact that repayment terms have changed.

As I've demonstrated, repayment terms have not changed. They would have done if the Government had decided to change the threshold but as it is they've left the terms as they are. The Government never wrote anything about what the future level of the threshold would be into the Regulations - as I've just shown you. They only gave you a threshold of £21,000 and until a Government decides to change the terms it will stay at £21,000. So anything else 'promised' wasn't in the terms and was only a verbal commitment and as it happens it wasn't delivered (as you all voted out the Lib Dems who would've implemented it!) :rotfl: