Student Loan Plan 1 pre 2006

Hi All,

This is a quick one and i think i am just unfortunate, but from the student loans company FAQs on getting it written off is says for Plan 1 loans in England
took out your first student loan in or before academic year 2005/06, then it will be cancelled when you turn 65; or
took out your first student loan in or after academic year 2006/07, then it will be cancelled 25 years after you became eligible to repay

Now i graduated in 2001 so it's right that i will be paying off till 65 so for 43 years!!
Seems a bit lopsided that someone graduated in 2007 gets wiped off in 25 years so a whole 18 years different!!!
Is this right!!!
GRRRR!!!!!!

Comments

  • DrEskimo
    DrEskimo Posts: 2,333
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    Tuition fees before 2006 were only £1,000 a year. 2006/07 was when they increased the yearly fee amount up to £3,000 a year.

    That's why there is the distinction, as the loan amount was much lower pre 2006/07. So to the contrary, as someone who got their first student loan in 2006/07, I would say you are much more fortunate than me..!

    Remember we both will pay the same amount out of our salary. The amount you pay and the amount you owe are two different things.
  • TrustyOven
    TrustyOven Posts: 746
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    DrEskimo wrote: »
    Tuition fees before 2006 were only £1,000 a year. 2006/07 was when they increased the yearly fee amount up to £3,000 a year.


    Are you sure that's right?
    Mine was ~£1300 per semester from 2002 to 2005.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • DrEskimo
    DrEskimo Posts: 2,333
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    TrustyOven wrote: »
    Are you sure that's right?
    Mine was ~£1300 per semester from 2002 to 2005.

    Yup pretty sure. I remember feeling aggrieved that I fell on the first year that the fee was increased.

    "In England, tuition fee caps rose with the Higher Education Act 2004. Under the Act, universities in England could begin to charge variable fees of up to £3,000 a year for students enrolling on courses as from the academic year of 2006-07 or later. This was also introduced in Northern Ireland in 2006-07 and introduced in Wales in 2007-08. In 2009-10 the cap rose to £3,225 a year to take account of inflation.[11]"

    https://en.wikipedia.org/wiki/Tuition_fees_in_the_United_Kingdom
  • Ed-1
    Ed-1 Posts: 3,847
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    TrustyOven wrote: »
    Are you sure that's right?
    Mine was ~£1300 per semester from 2002 to 2005.
    DrEskimo wrote: »
    Yup pretty sure. I remember feeling aggrieved that I fell on the first year that the fee was increased.

    "In England, tuition fee caps rose with the Higher Education Act 2004. Under the Act, universities in England could begin to charge variable fees of up to £3,000 a year for students enrolling on courses as from the academic year of 2006-07 or later. This was also introduced in Northern Ireland in 2006-07 and introduced in Wales in 2007-08. In 2009-10 the cap rose to £3,225 a year to take account of inflation.[11]"

    https://en.wikipedia.org/wiki/Tuition_fees_in_the_United_Kingdom

    The £1k fee applied to 1998/99. Each year after that it increased by £25 as an inflationary uplift.
  • TrustyOven
    TrustyOven Posts: 746
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    Strange then that they increased mine more than that.
    £1311.42 was the first payment on 3rd Oct 2002
    £1311.42 was the 2nd payment on 10th Jan 2003
    £1351.16 was the final payment on 25th Apr 2003


    Then for 2nd year:
    £1320.00 on 3rd Oct 2003
    £1320.00 on 9th Jan 2004
    £1360.00 on 16th Apr 2004


    And similar figures for the final year.
    Maybe there was also some maintenance fees involved. I've got the letters and forms somewhere.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • Ed-1
    Ed-1 Posts: 3,847
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    TrustyOven wrote: »
    Strange then that they increased mine more than that.
    £1311.42 was the first payment on 3rd Oct 2002
    £1311.42 was the 2nd payment on 10th Jan 2003
    £1351.16 was the final payment on 25th Apr 2003


    Then for 2nd year:
    £1320.00 on 3rd Oct 2003
    £1320.00 on 9th Jan 2004
    £1360.00 on 16th Apr 2004


    And similar figures for the final year.
    Maybe there was also some maintenance fees involved. I've got the letters and forms somewhere.

    You couldn't take student loans to cover the tuition fee then. The fee was means-tested and payable upfront. The only loans were for maintenance.
  • TrustyOven
    TrustyOven Posts: 746
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    Ed-1 wrote: »
    You couldn't take student loans to cover the tuition fee then. The fee was means-tested and payable upfront. The only loans were for maintenance.




    Hmm!


    Well I just found a letter for my final year.


    Said:


    Tuition fees


    Maximum possible support towards fees: £1150.00
    Less:
    Assessed contribution to tuition fees: £395.50
    This is how much you must pay towards your fees.


    Fees paid on your behalf to your University or College: £790.50


    Then overleaf:

    Basic loan (not subject to income assessment): £2665.00
    Loan subject to financial circumstances: £890.00


    Less:
    Assessed contribution towards living costs: £0.00


    Loan available to you £3555.00
    This is the amount of the student loan you can borrow.


    So are these figures in line with your assertion?
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • Ed-1
    Ed-1 Posts: 3,847
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    TrustyOven wrote: »
    Hmm!


    Well I just found a letter for my final year.


    Said:





    Then overleaf:





    So are these figures in line with your assertion?

    Yes. You had to pay that 'assessed contribution' to your fee up front. Loans for tuition fees didn't come in until September 2006 (and were also available for those already on courses that started before then from that date).

    The loans were maintenance loans.
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