Help With Student Loans - HERE!
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I graduated from uni in 2017 so I am on the plan 2 loan system. I am only working part time earning about £6000 a year however my employer has had a letter stating that I will start to repay my loan from this month? I am nowhere near earning £25,000 so i am confussed? The only thing I can think of is that i saved all my bursery money up over the years and it is still in my bank account waiting to be used for a mortgage deposit but its not a income and i’m not gaining any interest on it or anything it is just in my only current account. Any help would be appreciated.0
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I think you'll find that's a standard letter instructing your employer to calculate loan repayments wef this April, but you won't make any unless you get a massive bonus one month taking you over the 25,000 / 12 figure. Neither HMRC nor your employer know what's in your bank account.I graduated from uni in 2017 so I am on the plan 2 loan system. I am only working part time earning about £6000 a year however my employer has had a letter stating that I will start to repay my loan from this month? I am nowhere near earning £25,000 so i am confussed? The only thing I can think of is that i saved all my bursery money up over the years and it is still in my bank account waiting to be used for a mortgage deposit but its not a income and i’m not gaining any interest on it or anything it is just in my only current account. Any help would be appreciated.Signature removed for peace of mind0 -
Hi
DD worked for a year after graduating but earned under the threshold so didn't make any repayments to her student loan. She went travelling (self funded) in October 2016 and in March 2017 we informed SLC that she was living abroad and not working. She picked up bits of casual work here and there and three months ago got some contract work through an agency.
SLC have written and said she now needs to start repaying her loan, despite her not knowing how long the contract will last. She has been advised that the threshold for repayments in Australia is £21k (equivalent) despite Sydney being recently voted the dearest city in the world to live in; they do not take living costs into consideration apparently.
She is not disputing having to pay back the loan but is feeling a little confused as none of her friends out there, all of a similar age and all working, have been asked to repay anything. I have spoken to SLC (I am authorised to on her behalf) and so has she and we seem to get conflicting information about what proof they need (I was told three months bank statements and 3 months pay slips) and how much she will need to repay. She's actually living in a hostel at the moment as they couldn't afford to continue to rent the house they were in so money is very tight.
She will be over the £21k threshold but obviously has no idea for how long the contract will last (it was originally 6 weeks but has been extended - usually told every 3-4 weeks she is still needed)
Any advice appreciated
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For an Australian limit of £21k your daughter must have a plan1 loan. The income limit in UK is £18, 330 so Australia does have a higher income limit.
You can check the repayment due here http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678668&_dad=portal&_schema=PORTAL
Student Finance require bank statements to prove that the person has been living of savings and payslips to verify wages.
If the employment ceases then she can contact them then to request a review of the payment plan.
If she does not provide the information they will expect her to pay a default amount.0 -
For an Australian limit of £21k your daughter must have a plan1 loan. The income limit in UK is £18, 330 so Australia does have a higher income limit.
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Ok my error - I read that the threshold for repayment had gone up to £25k and didn't realise there were two types of loan. Out of curiosity, why does one type have to be paid back sooner into earnings level than another?0 -
Ok my error - I read that the threshold for repayment had gone up to £25k and didn't realise there were two types of loan. Out of curiosity, why does one type have to be paid back sooner into earnings level than another?
Politics.
Income-contingent student loans started in 1998 at 9% over a threshold of £10,000.
In 2005 that threshold was raised to £15,000 with an intention made to uprate with RPI from 2010 onwards (the 2010 increase was cancelled due to negative RPI with a new intention to uprate from 2011):
https://www.whatdotheyknow.com/request/353572/response/967020/attach/3/Annex%20A%20Repayment%20Threshold%20Redacted%20FOI.pdf
In 2010, the new Coalition Government were presented with the recommendations of an independent review of student finance, which amongst other things said:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/422565/bis-10-1208-securing-sustainable-higher-education-browne-report.pdf
However the Government chose to play politics and to make "their" system look better in comparison to the existing Labour loans, and belatedly decided to uprate the £15,000 threshold from 2012, while applying the £21k level to new post-2012 loans (which has now been raised to £25k and indexed to earnings):
https://www.whatdotheyknow.com/request/353572/response/939043/attach/5/Gibney%2020936%20Annex%20B.pdf
The Government have decided to fix the terms of pre-2012 loans to sell them off while they continue to play around with the terms of post-2012 loans.0 -
I am 60 years old and have an offer of a Postgraduate Nursing course for Sept 18. I cannot get a loan, as it ends at 59. Fees are £9,000. Any help? Can I get a loan/bursary ANYPLACE, as I cannot pay fees and live.0
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No it doesn't https://www.gov.uk/student-finance/who-qualifies
Your age
There’s no upper age limit for Tuition Fee Loans or grants.
There is if the OP is looking at Master's loans:
https://www.gov.uk/masters-loan/eligibility
Your age
You must be under 60 on the first day of the first academic year of your course.0 -
Hello
I've had an ongoing issue going back to 2011. All the usual tropes of changing what evidence is required, from when, lost evidence, evidence sent and not taken into account and asked for again and again. Over the years I've managed to get the alleged total down from more than £4000 to just over £1200. My local councillor has been dealing (well relaying messages back and forth) for me. The last contact is now asking for evidence from 2010/11 only (my final year). We have a car loan for that year as my wife started her PGCE so our commute became too much for our old car.
My question then is- Is that car loan acceptable as a financial obligation?
Thanks0 -
Hi, I’m desperate and don’t know what to do. My student loan was taken in 1997 and was sold on to a company called Erudio. Between the loan issued and 2010i deferred late so made a payment while the deferment was going through. I was first contacted by Erudio and told that because I’d made payment in the past I’d set a president and had to begin to repay the loan in full. I’ve never earned over the threshold to pay. I’ve foolishly been avoiding their calls for the last 18month as I can’t aford to pay it back. Where do I stand?0
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