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Postgraduate loans 2016/2017 starters

edited 18 March 2016 at 4:48PM in Student Money Saving
87 replies 45.4K views
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  • Hi there,
    I had to withdraw from my Masters after a month. I received the first payment of my loan. Will I have to pay this back straight away or will monthly payments be taken like my undergraduate degree?
  • TonkskiTonkski Forumite
    3 posts
    The guide says:

    "It's one reason those who are relatively near retirement, who don't have a degree and want one, will find doing one very appealing. This is because unless they've a huge pension, they know they'll never have to repay."

    and

    "...if you were aged 59 taking a course, unlikely to ever go back to full-time employment and living off pension earnings of under £21,000, you'd never need to repay this cash, so borrowing more would be a big win – at taxpayers' expense."

    My reading of the guidance is that the size of your occupational pension income makes no difference to repayments - it isn't normally considered, unless it is subject to NIC1 payments or you have to complete tax self-assessment with unearned income of more than £2000. See under the heading "Student Loan deductions and Occupational Pensions" at the student loan repayment website FAQ for Plan 1 (sorry, can't post links yet). I can’t find any information published about Plan 2 and pension income.

    Is my interpretation correct?
  • Ed-1Ed-1 Forumite
    3.1K posts
    Seventh Anniversary 1,000 Posts Name Dropper
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    Tonkski wrote: »
    The guide says:

    "It's one reason those who are relatively near retirement, who don't have a degree and want one, will find doing one very appealing. This is because unless they've a huge pension, they know they'll never have to repay."

    and

    "...if you were aged 59 taking a course, unlikely to ever go back to full-time employment and living off pension earnings of under £21,000, you'd never need to repay this cash, so borrowing more would be a big win – at taxpayers' expense."

    My reading of the guidance is that the size of your occupational pension income makes no difference to repayments - it isn't normally considered, unless it is subject to NIC1 payments or you have to complete tax self-assessment with unearned income of more than £2000. See under the heading "Student Loan deductions and Occupational Pensions" at the student loan repayment website FAQ for Plan 1 (sorry, can't post links yet). I can’t find any information published about Plan 2 and pension income.

    Is my interpretation correct?

    Yes you're right. For some reason MSE think pension income counts.
  • TonkskiTonkski Forumite
    3 posts
    Can anyone from MSE comment please?
  • agrinnallagrinnall
    23.3K posts
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    Tonkski wrote: »
    Can anyone from MSE comment please?

    Have you informed them of the error? It's very unlikely that they will see it here.
  • TonkskiTonkski Forumite
    3 posts
    Ah, sorry I'm new here. I thought the forum was the way to contact them - I was directed here by a link in the original guide. What's the right way please?
  • agrinnallagrinnall
    23.3K posts
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    I was going to say click on the Contact us link at the bottom of the page but it doesn't seem to be working at the moment. Hopefully that's a temporary glitch and it will eventually work again.
  • Musto_manMusto_man Forumite
    1 posts
    My physiotheraphy postgraduate Masters will cost 12K per year and there are 2 years. I am only 21. The student finance England company only offer around 5K per year. How best should I make up my funding loss or should I just approach a bank for all the money. The 12K doesn't include any living allowance. Any thoughts please?
  • silvercarsilvercar Forumite, Board Guide
    41.2K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Tonkski wrote: »
    Ah, sorry I'm new here. I thought the forum was the way to contact them - I was directed here by a link in the original guide. What's the right way please?

    Contact the forum team using [email protected]
    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.
  • CakeCrusaderCakeCrusader Forumite
    1.1K posts
    Musto_man wrote: »
    My physiotheraphy postgraduate Masters will cost 12K per year and there are 2 years. I am only 21. The student finance England company only offer around 5K per year. How best should I make up my funding loss or should I just approach a bank for all the money. The 12K doesn't include any living allowance. Any thoughts please?


    Have you applied to your Uni for a Scholarship? A Masters is usually one year, not two, so if this part time? You should be able to work as well as study if this is the case.
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