Student Loan 2015 Discussion
Comments
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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 they’ll now have to insert the payments, when HMRC get around to sending them details, recalculate interest and reissue the statement with a new balance. I’ll keep an eye out for that.
Makes it very difficult to keep track and I really don’t trust these people to do it right.
Thanks again0 -
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!0 -
I'm British and I live in Egypt. I am sure they are miscalculating our threshold as 2 years ago it halved to less than 4k per yer and then this year it has not budged baring in mind Egypt has gone through massive economic reforms removing subsidies etc but there is no way on earth a normal person can survive on less than 4K paying bills, rent, transport, food, clothing and medical care unless they are poor and receiving government subsidized goods.
I tried to contact the British Embassy to ask the Ambassador to look at it, but my email went no further than London and the first response was totally unrelated and when questioned I was told the Embassy is only for dealing with emergencies!!! I guess garden parties at the consulate are for this.
I made a comment on the SLC FB and the response was the government decides, yet the info on the government website says they use World Bank Data, but I cant find any data which would be in line with either halving or staying the same over the past 3-410+ Years on MSE -
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Thank You MSE!!0 -
Hi Martin. I am an older student, I am 62. I have been offered a place at college to study for a degree in music, but I am unable to accept the offer as I do not qualify for a maintenance loan as I am over 60. I have spoken to many organisations such as Citizens Advice Bureau, Equality and Human Rights Commission, Equality Advisory Support Service and Liberty to name just a few. They have all said that I am being discriminated against because of my age, but the government have written caveats into the Eqaulity Act 2010 which means they can get round this. I have taken legal advice on this matter and have been advised to seek a judicial review, which will cost tens of thousands of pounds, which obviously I cannot afford. There must be other people that find themselves in the same position. Can you help us in any way? KInd regards Phil.0
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OlderStudent62 said:Hi Martin. I am an older student, I am 62. I have been offered a place at college to study for a degree in music, but I am unable to accept the offer as I do not qualify for a maintenance loan as I am over 60. I have spoken to many organisations such as Citizens Advice Bureau, Equality and Human Rights Commission, Equality Advisory Support Service and Liberty to name just a few. They have all said that I am being discriminated against because of my age, but the government have written caveats into the Eqaulity Act 2010 which means they can get round this. I have taken legal advice on this matter and have been advised to seek a judicial review, which will cost tens of thousands of pounds, which obviously I cannot afford. There must be other people that find themselves in the same position. Can you help us in any way? KInd regards Phil.
Martin doesn't post on the forums. You'll also be much better off starting your own thread, rather than asking your question on a thread that was started 9 years ago and is 93 pages long.
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repayment threshold quite clear hereMarvins_Sister said: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!
https://www.saas.gov.uk/need-to-know/payments/repaying-the-student-loan
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Since I filled in my earnings for my sons student loan, I have now been made redundant. Is there any way to update my earnings? Even though it’s also based on last years earnings?0
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It's one argument of Martin's that I just don't agree with. 3% +RPI is a healthy whack of interest - on £50,000 of debt that's say £2500 a year (and could be more if RPI increases). You'd need to be earning around £55k/yr just to pay the interest!! Unless you can make some serious inroads into the capital you're going to be humping that debt around for a long, long time.
Here's an alternative take on the subject: https://theescapeartist.me/2020/11/15/university-challenged/0 -
Your myth busting site is very comprehensive but doesn’t include those students studying medicine or dentistry.
The last two years of a 5/6 year course is funded by the NHS and the maintenance allowance is means tested. For those families who either earn over over a certain amount or choose not to declare their earnings the maintenance loan is £1000 per year. This loan will not pay for more than 2 and a half months rent and leave nothing for living expenses.Whilst the NHS will pay for accommodation if the students work at hospital far from their term time accommodation this will not lessen their rental as most students have annual accommodation contracts which means that they will have to pay for accommodation twice. The threshold for accommodation whilst on placement is £55 per night so they must pay the difference.
In a society that is in desperate need of medical staff these paltry amounts of support would not encourage people to study medicine.
in the long run the students will be better off but in the short term they will struggle.0 -
There has been a major news update this week, with @MSE_Martin highlighting that students on the new fee regime will likely pay DOUBLE compared to those studying on the previous fee regime that ended with September 2022 start (https://www.moneysavingexpert.com/news/2023/05/martin-lewis-good-morning-britain-student-loans/). This discussion topic isn't linked from it though.Does this change the rationale/guidance about whether it is worth considering paying up front or not taking out the loans? While it would not make sense taking out loans at a higher rate to pay for fees/living expenses, with the payback starting earlier and for an additional ten years, if graduates are even on a moderate income going forward, they are going to be paying back much more. With interest rates below the rate of inflation (and below the interest being added to the loan), if you could pay direct rather than keeping money in savings would that make more sense?The thought of graduates paying back for up to 40 years must be concerning for students and parents alike.0
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