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post grad student loan

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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?

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  • MallyGirl
    MallyGirl Posts: 7,201 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I'll move this to the student section as there might be more knowledge there
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards 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.
  • Ed-1
    Ed-1 Posts: 3,958 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    silvercar Posts: 49,556 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    @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? 
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Ed-1
    Ed-1 Posts: 3,958 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
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