Postgraduate loans 2016/2017 starters

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  • PixPop
    PixPop Posts: 3 Newbie
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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?
  • Tonkski
    Tonkski Posts: 3 Newbie
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    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-1
    Ed-1 Posts: 3,892 Forumite
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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.
  • Tonkski
    Tonkski Posts: 3 Newbie
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    Can anyone from MSE comment please?
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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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.
  • Tonkski
    Tonkski Posts: 3 Newbie
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    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?
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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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_man
    Musto_man Posts: 1 Newbie
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    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?
  • silvercar
    silvercar Posts: 46,965 Ambassador
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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 forumteam@moneysavingexpert.com
    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.
  • CakeCrusader
    CakeCrusader Posts: 1,118 Forumite
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    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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