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    • Mrs Arcanum
    • By Mrs Arcanum 8th Feb 18, 3:20 PM
    • 16,924 Posts
    • 34,700 Thanks
    Mrs Arcanum
    Wondering why Student Finance are asking for Financial evidence for 15/16 when this was sent last year? Or have they failed to update the letter to reflect the new year?
    “We put all our politicians in prison as soon as they’re elected. Don't you?" "Why?” “It saves time.” - Terry Pratchett, The Last Continent.
    • Savvy_Sue
    • By Savvy_Sue 8th Feb 18, 6:08 PM
    • 38,390 Posts
    • 34,989 Thanks
    Savvy_Sue
    Wondering why Student Finance are asking for Financial evidence for 15/16 when this was sent last year? Or have they failed to update the letter to reflect the new year?
    Originally posted by Mrs Arcanum
    Well, anything's possible. I presume you'll contact them and let us know if / when they reply???
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats 2 balaclavas for seamen, 1 balaclava for myself ...
    Current projects: Poppies, mohair cardigan pattern on order...
    • DotCapel
    • By DotCapel 8th Feb 18, 8:42 PM
    • 1 Posts
    • 0 Thanks
    DotCapel
    Paying back Student Loans
    Hi, I'm a current student and was wondering how do I make voluntary repayments to my student loan (above what I will be doing automatically upon earning over £25,000/year)
    • liviboy
    • By liviboy 8th Feb 18, 8:53 PM
    • 402 Posts
    • 155 Thanks
    liviboy
    Hi, I'm a current student and was wondering how do I make voluntary repayments to my student loan (above what I will be doing automatically upon earning over £25,000/year)
    Originally posted by DotCapel
    Register at http://www.studentloanrepayment.co.uk

    Can setup direct debit payments and make card payments directly to your loan account.
    • Rachiedabbler70
    • By Rachiedabbler70 9th Feb 18, 11:13 PM
    • 222 Posts
    • 2,010 Thanks
    Rachiedabbler70
    Wondering why Student Finance are asking for Financial evidence for 15/16 when this was sent last year? Or have they failed to update the letter to reflect the new year?
    Originally posted by Mrs Arcanum
    I've just received a request for my proof of income as well yesterday and I sent my p60 to them last year. Find it very strange. I do wonder if they've made an error and already disposed of my p60 copy. Hope it doesn't cause problems for my 2 boys at university. Will be calling them to ask why.
    Blitz that mortgage
    Jun 2016 £152,000
    Jun 2017 £142,575 (6.2% paid)
    Apr 2018 £130,923 (13.9% paid)
    GC Apr 18 £34.17/£240
    MFW 2018 #169 £4,606.44/£12,000 (38.4%)
    • Rachiedabbler70
    • By Rachiedabbler70 10th Feb 18, 9:44 AM
    • 222 Posts
    • 2,010 Thanks
    Rachiedabbler70
    I've just received a request for my proof of income as well yesterday and I sent my p60 to them last year. Find it very strange. I do wonder if they've made an error and already disposed of my p60 copy. Hope it doesn't cause problems for my 2 boys at university. Will be calling them to ask why.
    Originally posted by Rachiedabbler70
    Phoned student finance just now and they say they haven't got my p60 on file for either son. I told them when I sent it back but they've clearly lost it. Agreed to send a duplicate early next week.
    Blitz that mortgage
    Jun 2016 £152,000
    Jun 2017 £142,575 (6.2% paid)
    Apr 2018 £130,923 (13.9% paid)
    GC Apr 18 £34.17/£240
    MFW 2018 #169 £4,606.44/£12,000 (38.4%)
    • Iainhw
    • By Iainhw 12th Feb 18, 12:56 PM
    • 1 Posts
    • 0 Thanks
    Iainhw
    Hi, I am trying to get my head round the obtuse student loan system, with regard to whether to pay it off or not. Currently my daughter owes approximately £40,000, if nothing is paid off for 29 years she will owe £230,000 with interest at (currently) 6%, I assume the government will then write of the £230,000. (defies all logic).
    Having worked hard to obtain a degree in psychology and wants to become a home owner, (a one bedroom flat in our area is £350/£400K), what incentive is there for her to earn a reasonable salary if she needs to pay off £2,000 a year just to maintain the (£40,000) status quo for 29 years.
    iainhw
    • Jat64
    • By Jat64 12th Feb 18, 9:00 PM
    • 1 Posts
    • 0 Thanks
    Jat64
    Hi my son completed 1 yr at uni, he earns 24,000 should we aim to pay off the loan to stop accruing interest or leave it for the 30 years?
    • silvercar
    • By silvercar 12th Feb 18, 10:15 PM
    • 37,125 Posts
    • 156,347 Thanks
    silvercar
    Hi, I am trying to get my head round the obtuse student loan system, with regard to whether to pay it off or not. Currently my daughter owes approximately £40,000, if nothing is paid off for 29 years she will owe £230,000 with interest at (currently) 6%, I assume the government will then write of the £230,000. (defies all logic).
    Having worked hard to obtain a degree in psychology and wants to become a home owner, (a one bedroom flat in our area is £350/£400K), what incentive is there for her to earn a reasonable salary if she needs to pay off £2,000 a year just to maintain the (£40,000) status quo for 29 years.
    iainhw
    Originally posted by Iainhw
    Maintaining the status quo doesn't matter if the loan is written off after 30 years. Think of it as a graduate tax.
    • silvercar
    • By silvercar 12th Feb 18, 10:16 PM
    • 37,125 Posts
    • 156,347 Thanks
    silvercar
    Hi my son completed 1 yr at uni, he earns 24,000 should we aim to pay off the loan to stop accruing interest or leave it for the 30 years?
    Originally posted by Jat64
    Depends whether you think he will earn sufficient to have to pay back more than the loan amount over the 30 years. If you are thinking of clearing it, think what else he could do with the money.

    If you don't think he will be a (very) high earner, then paying it back now doesn't make financial sense.
    • Susancat
    • By Susancat 18th Feb 18, 12:20 PM
    • 1 Posts
    • 0 Thanks
    Susancat
    Hello I have been accepted for a masters course and cannot fund myself. I want to apply for a government postgraduate loan. Problem is I took out a student loan in 1994 which I never paid back due to not earning enough. I probably do earn enough now but I had no contact with SLC since around 1999 I think. Would this prevent me from getting a postgraduate loan? I am 51.
    • silvercar
    • By silvercar 18th Feb 18, 3:07 PM
    • 37,125 Posts
    • 156,347 Thanks
    silvercar
    Hello I have been accepted for a masters course and cannot fund myself. I want to apply for a government postgraduate loan. Problem is I took out a student loan in 1994 which I never paid back due to not earning enough. I probably do earn enough now but I had no contact with SLC since around 1999 I think. Would this prevent me from getting a postgraduate loan? I am 51.
    Originally posted by Susancat
    At some point you are going to stop ducking and diving and make contact.

    See comment by Ed-1 below. If the loan has been sold on then the slc would process your application without any knowledge of previous arrangements.

    Nothing stopping you apply for a post grad loan now.
    Last edited by silvercar; 18-02-2018 at 10:27 PM.
    • Ed-1
    • By Ed-1 18th Feb 18, 7:43 PM
    • 2,178 Posts
    • 1,164 Thanks
    Ed-1
    At some point you are going to stop ducking and diving and make contact.

    How much should you have paid back? The table to calculate this is here.

    Any income above the levels in that table has a 9% "tax" for the repayments.

    When you have worked out how much you owe, you can make a plan to pay this back.

    Nothing stopping you apply for a post grad loan now.
    Originally posted by silvercar
    They went to uni in 1994 and so had mortgage-style loans, not income contingent ones. Those loans are now owned by the likes of Honours, Thesis and Erudio.
    • KittyPop
    • By KittyPop 19th Feb 18, 4:49 PM
    • 1 Posts
    • 0 Thanks
    KittyPop
    Please can you clarify "taxable income" as I have been given numerous contradictory versions. My understanding of taxable income is gross minus pension minus personal allowance. Many thanks
    • silvercar
    • By silvercar 19th Feb 18, 5:16 PM
    • 37,125 Posts
    • 156,347 Thanks
    silvercar
    Please can you clarify "taxable income" as I have been given numerous contradictory versions. My understanding of taxable income is gross minus pension minus personal allowance. Many thanks
    Originally posted by KittyPop
    From the gov website, source

    If you're an employee, your income is your taxable pay:

    plus any pension contributions
    minus any benefits you get from your employer that are taxed through payroll (ask your employer if you're not sure)
    • Ed-1
    • By Ed-1 19th Feb 18, 6:26 PM
    • 2,178 Posts
    • 1,164 Thanks
    Ed-1
    Please can you clarify "taxable income" as I have been given numerous contradictory versions. My understanding of taxable income is gross minus pension minus personal allowance. Many thanks
    Originally posted by KittyPop
    Student loan repayments for ICR loans are taken on NICable income not taxable income.

    This means, among other things, that you get the full benefit of the threshold per job unless you have to fill in a tax return.

    E.g. earn £15,000 in job 1 and £15,000 in job 2. Student loan repayments due = £0.
    • Mrs Arcanum
    • By Mrs Arcanum 19th Feb 18, 7:55 PM
    • 16,924 Posts
    • 34,700 Thanks
    Mrs Arcanum
    Our income has dropped dramatically this year due to my husband taking early retirement.

    When I sent off the P60 copies for 15/16 I attached a letter advising our income has dropped. Mr A got an odd phone call from Student finance that claimed they will still look at past income when assessing student loans. This seems to be somewhat bizarre, as you support your children to cover the shortfall from current income, not that from a couple of years ago. Yet I know you can apply for a redetermination of income if it drops more than 15%. Now we are left somewhat panicked that our sons maintenance loan will not even cover his rent, let alone leave him something to live on and we will be expected to make up the difference from income we no longer have.
    “We put all our politicians in prison as soon as they’re elected. Don't you?" "Why?” “It saves time.” - Terry Pratchett, The Last Continent.
    • silvercar
    • By silvercar 19th Feb 18, 8:30 PM
    • 37,125 Posts
    • 156,347 Thanks
    silvercar
    Student loan repayments for ICR loans are taken on NICable income not taxable income.

    This means, among other things, that you get the full benefit of the threshold per job unless you have to fill in a tax return.

    E.g. earn £15,000 in job 1 and £15,000 in job 2. Student loan repayments due = £0.
    Originally posted by Ed-1
    That isn't true. You won't be taxed at source, but you will have to make up the payment. See here from the same source I quoted above):

    "If you have 2 or more jobs
    Your employers will deduct repayments from your salary - but only for the jobs where you earn over the minimum amount.

    HMRC may send you a tax return to make a self assessment of the repayments you owe for the whole year. You’ll need to pay 9% of all your income over the threshold - but any repayments you’ve already made from your salary will be deducted from this.

    Keep all your payslips and P60 - you’ll need them if you claim a refund."
    • silvercar
    • By silvercar 19th Feb 18, 8:32 PM
    • 37,125 Posts
    • 156,347 Thanks
    silvercar
    Our income has dropped dramatically this year due to my husband taking early retirement.

    When I sent off the P60 copies for 15/16 I attached a letter advising our income has dropped. Mr A got an odd phone call from Student finance that claimed they will still look at past income when assessing student loans. This seems to be somewhat bizarre, as you support your children to cover the shortfall from current income, not that from a couple of years ago. Yet I know you can apply for a redetermination of income if it drops more than 15%. Now we are left somewhat panicked that our sons maintenance loan will not even cover his rent, let alone leave him something to live on and we will be expected to make up the difference from income we no longer have.
    Originally posted by Mrs Arcanum
    You will need to apply for a redetermination of income.
    • Feelea28
    • By Feelea28 19th Feb 18, 8:33 PM
    • 1 Posts
    • 0 Thanks
    Feelea28
    Hi, my son started uni 4 years ago but dropped out towards the end of his first year.
    The September of that year he started a degree at another university- the student loan company have been hounding him to pay his student loan for that first unfinished year even though he’s still a student ( he works weekends and earns around £400 a month) we’ve had letters and calls from debt collectors, we offered to pay monthly and at first they refused but we pay so much off a month. Can they do this even though he’s still a student? They say it’s perfectly acceptable but we don’t think it’s right.
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