Second Student Loan 14 August 2017 at 5:21PM in Student MoneySaving 5 replies 1.3K views

connors07

Hi,

My friend has a query on a second student loan as a mature student. He previously attended and done year one and two but didn't complete. He now wishes to attend to complete a different course 8-10 years later after finding his 'calling'.

He has not paid off his first student loan.
He has been accepted on the course he wants to complete.
He has spoken to the student loan company who were aware he had been before and not paid it off but they didn't mention any potential speed bumps.

He is still concerned as the final piece to the jigsaw is the student loan. Does anyone have any experience of something like this? It would be much appreciated.

Ed-1

connors07 wrote: »

Hi,

My friend has a query on a second student loan as a mature student. He previously attended and done year one and two but didn't complete. He now wishes to attend to complete a different course 8-10 years later after finding his 'calling'.

He has not paid off his first student loan.
He has been accepted on the course he wants to complete.
He has spoken to the student loan company who were aware he had been before and not paid it off but they didn't mention any potential speed bumps.

He is still concerned as the final piece to the jigsaw is the student loan. Does anyone have any experience of something like this? It would be much appreciated.

Previous study can reduce the amount of years' funding you're entitled to.

The formula for how many year's tuition fee funding you have left for a first degree course is:

number of years current course lasts + 1 year - number of years spent on previous courses.

Part of a year counts as 1 year.

So if they attended 2 years of a previous degree course then the number of years funding left for a new first degree course lasting 3 years is:

3 + 1 - 2 = 2 years.

This is applied from the final year backwards so they would have to fund the tuition fee for the first year themselves.

They would still be able to get a maintenance loan for the first year as they don't hold an equivalent level qualification to the one they are taking.

connors07

Many thanks for your response - my friend has had this confirmed by student loans; surprising they didn't inform him at the time or much sooner.

Is there another way to pay for a uni course? Like a direct debit plan on a monthly basis or is it simply they want the full course fee upfront?

Once again any advice would be much appreciated.

Ed-1

connors07 wrote: »

Many thanks for your response - my friend has had this confirmed by student loans; surprising they didn't inform him at the time or much sooner.

Is there another way to pay for a uni course? Like a direct debit plan on a monthly basis or is it simply they want the full course fee upfront?

Once again any advice would be much appreciated.

That's up to the course provider.

Dr_Crypto

Many will do monthly direct debits. That's what I'm doing (mature student, going back to do another degree, self-funding).

connors07

Thank you for your help all. Much appreciate. Hopefully he'll be able to do a monthly direct debit which would mean its all feasible. Very helpful answers on a great community, cheers.