Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Former MSE Wendy
    • By Former MSE Wendy 9th Jun 11, 2:39 PM
    • 868Posts
    • 1,782Thanks
    Former MSE Wendy
    Student Loan 2015 Discussion
    • #1
    • 9th Jun 11, 2:39 PM
    Student Loan 2015 Discussion 9th Jun 11 at 2:39 PM
    This is the discussion area for the




    Please let us know what you think below.
    Last edited by Former MSE Wendy; 21-10-2015 at 10:52 AM.
Page 47
    • Ed-1
    • By Ed-1 12th Jul 19, 12:36 PM
    • 2,656 Posts
    • 1,427 Thanks
    Ed-1
    Hello
    I've searched but can't find anything on this subject.
    I've noticed that although my children are paying their student loan payments through the year via PAYE deductions from salary, these are only credited to their loan accounts in one total sum at the end of the financial year and sometimes after that (it depends when they decide to credit the account , which appears to be a manual process).
    Surely as interest is charged monthly, so payments should be credited to the account monthly. If mortgages or other loans worked this way, there would be an outcry. How can we get this changed ?
    Rgds
    Originally posted by Dr John
    In reality, interest isn't calculated until the repayment data is fed into the system after the end of the tax year. Interest is then applied and calculated automatically based on the repayments being received at the end of each calendar month during the tax year. This is a common misconception as just like everything about the student loan system, it doesn't work as it appears.
    • Dr John
    • By Dr John 13th Jul 19, 1:08 PM
    • 8 Posts
    • 1 Thanks
    Dr John
    Thanks for the quick reply and for the info.
    What is confusing is that they show it as a lump sum payment rather than a smaller payment each month, although interest is shown monthly. They have also issued the latest statements in June showing no payments received from PAYE for the previous financial year (incorrectly) and showing the interest calculation each month leading up to that. Guess theyíll now have to insert the payments, when HMRC get around to sending them details, recalculate interest and reissue the statement with a new balance. Iíll keep an eye out for that.
    Makes it very difficult to keep track and I really donít trust these people to do it right.
    Thanks again
    • Marvins_Sister
    • By Marvins_Sister 5th Sep 19, 12:50 PM
    • 2 Posts
    • 0 Thanks
    Marvins_Sister
    If you live in Scotland, and wherever you study in the UK, you start to repay your loan once you start earning £18935 not the significantly higher sum of £25725 quoted on ABSOLUTELY EVERYTHING! The information given is very misleading for Scottish students - they don't even tell you in Scotland that that's when you start to repay unless you specifically ask the question of the right person or search for it yourself! So if your Scottish child goes to university in England and ramps up the £9250 (fees only 'free' if Scottish student studies in the very limited number of Scottish universities) + maintenance loan each year they will have to start paying it when they are earning £6790 a year less than their peers outside of Scotland.
    It is REALLY annoying that none of the English universities tell you this when you visit and, it turns out, neither does the moneysavingexpert site. Yes, it's a pain that Scotland does things differently but it shouldn't mean that we are ignored. We need information too!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,265Posts Today

8,246Users online

Martin's Twitter