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post grad student loan

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micklowmicklow Forumite
1 posts
MoneySaving Newbie
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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  • MallyGirlMallyGirl Forumite, Board Guide
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    I'll move this to the student section as there might be more knowledge there
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
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  • Ed-1Ed-1 Forumite
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    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.
  • silvercarsilvercar Forumite, Board Guide
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    @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 Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
    I volunteer to help get your forum questions answered and keep the forum running smoothly.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to [email protected]. Any views are mine and not the official line of moneysavingexpert.com.
  • Ed-1Ed-1 Forumite
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    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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