Help With Student Loans - HERE!

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  • [Deleted User]
    [Deleted User] Posts: 4,176 Forumite
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    JohnMl88 wrote: »
    Hi, I have started to pay my postgraduate loan, my first payment was £50 but I don’t know how to calculate the repayments.
    Gross salary: £2,319.65
    Threshold: £1,750
    Repayment: (2,319.65-1,750) *6% = £34.18
    Why have I paid 50?

    It's based on yearly not monthly
  • JohnMl88
    JohnMl88 Posts: 72 Forumite
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    _shel wrote: »
    It's based on yearly not monthly
    The website says weekly or monthly, anyway I’m paying more than 6% above threshold
  • Helenkitamu
    Helenkitamu Posts: 9 Forumite
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    Hello
    I took out 3 student loans during 1995-1999 to cover my cost of living. I have never earned enough to pay it back. I have just been asked to fill in the deferment form again for next year. I thought the loans got written off after 20 years. Has that changed?
  • Ed-1
    Ed-1 Posts: 3,896 Forumite
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    Helenkitamu wrote: »
    Hello
    I took out 3 student loans during 1995-1999 to cover my cost of living. I have never earned enough to pay it back. I have just been asked to fill in the deferment form again for next year. I thought the loans got written off after 20 years. Has that changed?

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  • Helenkitamu
    Helenkitamu Posts: 9 Forumite
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    Thanks that’s really helpful
  • sheramber
    sheramber Posts: 19,278 Forumite
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    JohnMl88 wrote: »
    The website says weekly or monthly, anyway I’m paying more than 6% above threshold

    Are you in England?
  • UsualSuspect
    UsualSuspect Posts: 5 Forumite
    Debt-free and Proud!
    edited 26 June 2019 at 3:37PM
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    I’ve been reading the MSE guides on student finance all week but have a question which (as far as I can tell) hasn’t been covered.

    I studied for a degree in Graphic Design but did not finish this course, leaving part way through my second year in 2004. I took out a loan from the Student Loans Company and am still paying it back.

    I would now like to return to university and obtain a degree. Please can someone tell me if I would be entitled to any access to loans or other financial help? The course fees alone would be £27,750 and I would not be able to fund this through savings.

    I will be 35 years old when the course starts and I live in England.

    Many thanks in advance!
  • silvercar
    silvercar Posts: 47,017 Ambassador
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    UsualSuspect wrote: »
    I’ve been reading the MSE guides on student finance all week but have a question which (as far as I can tell) hasn’t been covered.

    I studied for a degree in Graphic Design but did not finish this course, leaving part way through my second year in 2004. I took out a loan from the Student Loans Company and am still paying it back.

    I would now like to return to university and obtain a degree. Please can someone tell me if I would be entitled to any access to loans or other financial help? The course fees alone would be £27,750 and I would not be able to fund this through savings.

    I will be 35 years old when the course starts and I live in England.

    Many thanks in advance!

    My understanding is that you can study for a degree and will be funded for the length of the course + 1 year - the number of years study you have already taken.

    As you say you left during the second year, I would think you would need to fund yourself for the first year of your new course and would then be entitled to funding for the remaining years of the new course.
    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.
  • ktrobinson
    ktrobinson Posts: 2 Newbie
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    I received a settlement letter yesterday from Erudio student loans, offering that I settle the loan by paying half of what is owed. Initially it looked like an attractive option but I'm now not so sure. My loan will be wiped in November 2024, and I have successfully deferred every year so far.

    My worry is that, my current salary doesn't meet the threshold because I work part time hours (24) - if I was to increase my hours to full time or near to full time, then I would probably hit the threshold and will need to start paying it back. That won't be happening any time soon but possibly next year or 2021 I might go full time.

    My question is - if I hit the threshold by 2021 and have to start paying off my loan, would any balance remaining get wiped in November 2024 or do I have to continue paying until the balance is settled?
  • [Deleted User]
    [Deleted User] Posts: 4,176 Forumite
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    ktrobinson wrote: »
    I received a settlement letter yesterday from Erudio student loans, offering that I settle the loan by paying half of what is owed. Initially it looked like an attractive option but I'm now not so sure. My loan will be wiped in November 2024, and I have successfully deferred every year so far.

    My worry is that, my current salary doesn't meet the threshold because I work part time hours (24) - if I was to increase my hours to full time or near to full time, then I would probably hit the threshold and will need to start paying it back. That won't be happening any time soon but possibly next year or 2021 I might go full time.

    My question is - if I hit the threshold by 2021 and have to start paying off my loan, would any balance remaining get wiped in November 2024 or do I have to continue paying until the balance is settled?

    Your loan will be wiped on one these circumstances

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