post grad student loan 29 June at 3:02PM in Student Money Saving 4 replies 62 views

micklow

If I already have a pre 2012 student loan and now need an additional amount for teacher training, will the original rate of interest apply to the additional loan?

MallyGirl

I'll move this to the student section as there might be more knowledge there

Ed-1

micklow said:

If I already have a pre 2012 student loan and now need an additional amount for teacher training, will the original rate of interest apply to the additional loan?

No. PGCE initial teacher training loans are plan 2 loans.

silvercar

@Ed-1 Does that mean his repayments would be 9% of the lower plan 1 threshold as now?
With the repayment being assigned to the PGCE loan for the amount over the plan 2 threshold and the amount between the plan 1 and plan 2 thresholds being assigned to repay the plan 1 loan? 

Ed-1

silvercar said:

@Ed-1 Does that mean his repayments would be 9% of the lower plan 1 threshold as now?
With the repayment being assigned to the PGCE loan for the amount over the plan 2 threshold and the amount between the plan 1 and plan 2 thresholds being assigned to repay the plan 1 loan? 

Exactly.