Help With Student Loans - HERE!
Comments
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Hi,
I am looking at applying for postgraduate loan. The course and I are eligible. However, on the gov.uk/studentloans it says the loan may affect any benefits received. I work full-time and will continue to do so during study (it's criteria of the course to be in my working environment). My partner and I rent private and have 2 children. We get child tax credit. We don't claim housing benefit or anything else.
As the loan is considered an income, does anyone know how will this affect our claim for child tax credits? Would it also affect working tax?
Any help would be great as i cannot find any forums with people similar to myself.
Thanks
For anyone that's interested, a postgraduate loan is NOT taken in to account when applying for calculating child tax/ working tax. They only take in to account Adult Dependant Grant for those that are eligible. This was confirmed by DPW.0 -
I recently graduated in July and am not yet earning enough to pay back my student loan. I'm a bit confused about paying the interest. Do I have to pay the interest percentage on top of the 9% each year, or is the interest amount just added on to the overall total I have to pay?
Thanks0 -
I recently graduated in July and am not yet earning enough to pay back my student loan. I'm a bit confused about paying the interest. Do I have to pay the interest percentage on top of the 9% each year, or is the interest amount just added on to the overall total I have to pay?
Thanks
The latter.0 -
Hi
Can someone please clarify when you have overpaid on your student loan repayments? My understanding is that we pay back 9% of anything earned over the yearly threshold. I am sometimes paid weekly/monthly and am a mixture of under or over the weekly/monthly threshold amounts - however I thought you were entitled to a refund at the end of the year and upon request of anything overpaid. No I know you are entitled to an automatic refund if you earn under the threshold but I thought they could only take 9% of the difference. I hope this is making sense. But SLC are saying yes they agree I have paid over 9% but because I earned over the threshold not entitled to a refund. They have refunded a year when I earned under the threshold.
eg 13/14 tax year. Threshold was £16,365 earnings were £18,130. SO I should only pay 9% on the difference which would be £1765 which would be £158.85...SLC took in total £772.
SLC are saying because I get paid weekly/monthly and don't have an annual salary and also because I earned over the threshold no refund is due.
I have read all the articles and even their website which states....
"If your income is equal to or below £17,495 in any one tax year, you will be entitled to apply to us at the end of that tax year for a refund of your student loan repayments if you wish."
I understand that on some months I earned over the threshold and in others earned nothing at all but surely it has to be taken over your annual salary? Or do they have a get out clause tut.
Thanks for any input or advice.0 -
My son is looking at leaving university having only started in Sep 16, getting differing information from SFE but how will he be asked to pay his fees and maintenance loan back?0
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My son is looking at leaving university having only started in Sep 16, getting differing information from SFE but how will he be asked to pay his fees and maintenance loan back?
From what I remember (I am sure someone will come along and clarify), but if you leave the course early any grants will need to be repaid immediately and any loans will go through the normal process of paying back when earning over X etc.0 -
Guidelines on students withdrawing from their course here.
Basically you should still get the loan and tuition fees for the terms that you were registered. Repayment will be under the general rules, so from the April after you finish studying.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and 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.0 -
I could be wrong here, and you're the one with the motivation to read the small print, but I thought that your repayments were based on your total salary, not just your salary above the repayment minimum.eg 13/14 tax year. Threshold was £16,365 earnings were £18,130. SO I should only pay 9% on the difference which would be £1765 which would be £158.85...SLC took in total £772.
SLC are saying because I get paid weekly/monthly and don't have an annual salary and also because I earned over the threshold no refund is due.
I have read all the articles and even their website which states....
"If your income is equal to or below £17,495 in any one tax year, you will be entitled to apply to us at the end of that tax year for a refund of your student loan repayments if you wish."Signature removed for peace of mind0 -
I'm studying for MSc whilst also working full time, the course us paid for by my employer but it has been discussed by my fellow students that we are entitled to tax rebate? I have looked for information on this but have drawn a blank. Does anybody know if this is the case and if so how we go about claiming? Thanks in advance0
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Who is your employer? I believe there are (or were) some NHS concessions, but don't know if it's a universal thing.Signature removed for peace of mind0
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