Help With Student Loans - HERE!

Breynia · 28 April 2017 at 9:59PM

Hello, does anyone have any knowledge of how getting married just before starting teacher training affects the student loan? My daughter is so stressed over this. She is 23, lives with me with her partner. Her partner is on esa due to ill health. Any help would be appreciated.
Thank

silvercar · 28 April 2017 at 11:03PM

Breynia wrote: »

Hello, does anyone have any knowledge of how getting married just before starting teacher training affects the student loan? My daughter is so stressed over this. She is 23, lives with me with her partner. Her partner is on esa due to ill health. Any help would be appreciated.
Thank

Get married before September 1 and the means tested part of the loan/ grant will be assessed on spouse income rather than parents.

However, to be in the system, it may be necessary to apply for everything based on parental income and then be re-assessed after the marriage.

RVH_2 · 1 May 2017 at 7:19PM

Thanks for the advice - can't get means tested part. Wales Student Finance don't think pays any maintenance loan as already had one for first degree. will look into career development laon.

vinmin · 3 May 2017 at 11:25AM

Hi
My son hopes to go to University in Sep 2017. After reading Martin's guide i understand its better to take the loan.
What i would like to find out is can you get a loan to complete an undergraduate degree and then if he wanted to do another undergraduate course can he still get loan for that as well?
Thanks
Vin

agrinnall · 3 May 2017 at 1:42PM

vinmin wrote: »

Hi
My son hopes to go to University in Sep 2017. After reading Martin's guide i understand its better to take the loan.
What i would like to find out is can you get a loan to complete an undergraduate degree and then if he wanted to do another undergraduate course can he still get loan for that as well?
Thanks
Vin

Basically no. You get funding for one degree, then you pay your own way if you want to continue studying at the same level. Why would he want to do two undergraduate degrees? If he wants to study after completing his first degree it's likely to be better to do postgraduate study, for which loans are now available.

Penguin90 · 16 May 2017 at 12:38AM

vinmin wrote: »

Hi
My son hopes to go to University in Sep 2017. After reading Martin's guide i understand its better to take the loan.
What i would like to find out is can you get a loan to complete an undergraduate degree and then if he wanted to do another undergraduate course can he still get loan for that as well?
Thanks
Vin

You can get a loan for a second undergraduate degree if it's in a STEM subject, and studied part-time.

HFTIG · 16 May 2017 at 10:05AM

I started my course in Sept 2014 and I have one year of study left. I would like to know if the amount provided will be as it has been before in a maintenance grant and loan format. I am aware that the current system provides a £8200 loan for an income below £25,000. But what is the format for myself? I have seen that if the income is below £18,360 then you get £3110 grant and £3552 loan (SFE 2015/16 guide booklet), but then I see elsewhere that below £25,000 provides £3387 grant and £4047 Loan (savethestudent.org website). So there is conflicting information and the SFE website only provides information for those who started the course in 2016 and 2017.

Therefore could you please advise me on what you know, this would be very much appreciated.

Ed-1 · 16 May 2017 at 3:37PM

HFTIG wrote: »

I started my course in Sept 2014 and I have one year of study left. I would like to know if the amount provided will be as it has been before in a maintenance grant and loan format. I am aware that the current system provides a £8200 loan for an income below £25,000. But what is the format for myself? I have seen that if the income is below £18,360 then you get £3110 grant and £3552 loan (SFE 2015/16 guide booklet), but then I see elsewhere that below £25,000 provides £3387 grant and £4047 Loan (savethestudent.org website). So there is conflicting information and the SFE website only provides information for those who started the course in 2016 and 2017.

Therefore could you please advise me on what you know, this would be very much appreciated.

There's various rates of loan/grant combination depending on when you started.

Your's is section B of the following:

http://www.practitioners.slc.co.uk/media/8963/financial-memorandum-for-201718-111016-final-v11.pdf

Table B5 on page 22 but if it's your final year of the course then there is reduced rate maintenance loan which is shown in Table B1.

tihomirbz · 20 May 2017 at 12:24PM

Hi everyone
Read quite a few of the articles, but still quite confused on what the best course of action would be for my particular situation. In summary:

£37,000 of student loans total. Graduated last summer, started employment in September with base salary of £39,000, expected to rise to around £45,000 next year. Around £12,000 in savings.

Based on what I've seen through the calculations, it seems that if I keep paying just the minimum payments every month, I'll end up repaying almost DOUBLE in today's money what I currently owe, which is ridiculous. So my question is - does it make sense to try and pay it back in full as quickly as possible? What I was thinking was use most of my savings + potentially a personal loan (of around 3-4% rate) to pay it back in full. I know that it's not advised to take other loans to pay back student loans, but based on the current RPI+3% rate that ends up at 5.3% for this year and potentially 5.7% for next year, which is much much higher any personal loan rate at most high street banks.

Any suggestions and comments are welcome

Thanks

agrinnall · 20 May 2017 at 2:11PM

Your situation seems to be unusual, as very few graduates will start on such a high salary, so the general comments on how to handle student loan repayment may well not apply to you. In your case you need to balance the lower total repayment you'd make by using your savings or taking out a personal loan against your future need for loans (mortgage in particular) which are not impacted by student loans but would be impacted by a personal loan and by the lack of funds for a deposit. If that balance falls on the side of repaying now then go for it.

Help With Student Loans - HERE!

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