Tuition fee loan question
Hi! I'm studying a 2 year foundation degree course. I applied for student finance for the 2nd and final year of the course, and have today had the paperwork through.
On the FAQ on the back sheet though, it says "You will be liable for your Tuition Fee Loan from the first day of each term not the date when the instalment is paid to your university or college".
It says the first tuition fee loan payment will be paid to the University on the 17th October. The course starts the 26th September.
What is all of that meant to mean? It doesn't mean i'll need to pay anything will it?
Also it says the loan is paid back the April after you graduate. If it comes to that month, and i'm not earning enough, what happens then?
Also, what is loan interest? It says "Interest is added to your loan balance from the day the first loan payment is made" - does that mean you get interested added onto the loan you need to pay back? Over the two years, the loan i'd need to pay back for the tuition is £6,840. Will it be more than that then?
I wish businesses would just write things out in English and not all big headed serious language that gets you worried, and language you can't understand!
Please help!
On the FAQ on the back sheet though, it says "You will be liable for your Tuition Fee Loan from the first day of each term not the date when the instalment is paid to your university or college".
It says the first tuition fee loan payment will be paid to the University on the 17th October. The course starts the 26th September.
What is all of that meant to mean? It doesn't mean i'll need to pay anything will it?
Also it says the loan is paid back the April after you graduate. If it comes to that month, and i'm not earning enough, what happens then?
Also, what is loan interest? It says "Interest is added to your loan balance from the day the first loan payment is made" - does that mean you get interested added onto the loan you need to pay back? Over the two years, the loan i'd need to pay back for the tuition is £6,840. Will it be more than that then?
I wish businesses would just write things out in English and not all big headed serious language that gets you worried, and language you can't understand!
Please help!
Hey,
No you won't need to pay anything out regarding tuition fees - perhaps someone can explain it better than me but I just know you don't need to worry about it.
If you're not earning enough, you won't start paying it back
Yes it will be more than the £6,840 although the interest rate is significantly lower than what banks would charge.
No you won't need to pay anything out regarding tuition fees - perhaps someone can explain it better than me but I just know you don't need to worry about it.
If you're not earning enough, you won't start paying it back
Yes it will be more than the £6,840 although the interest rate is significantly lower than what banks would charge.Original post by ScottS_bristol
Hi! I'm studying a 2 year foundation degree course. I applied for student finance for the 2nd and final year of the course, and have today had the paperwork through.
On the FAQ on the back sheet though, it says "You will be liable for your Tuition Fee Loan from the first day of each term not the date when the instalment is paid to your university or college".
It says the first tuition fee loan payment will be paid to the University on the 17th October. The course starts the 26th September.
What is all of that meant to mean? It doesn't mean i'll need to pay anything will it?
Also it says the loan is paid back the April after you graduate. If it comes to that month, and i'm not earning enough, what happens then?
Also, what is loan interest? It says "Interest is added to your loan balance from the day the first loan payment is made" - does that mean you get interested added onto the loan you need to pay back? Over the two years, the loan i'd need to pay back for the tuition is £6,840. Will it be more than that then?
I wish businesses would just write things out in English and not all big headed serious language that gets you worried, and language you can't understand!
Please help!
On the FAQ on the back sheet though, it says "You will be liable for your Tuition Fee Loan from the first day of each term not the date when the instalment is paid to your university or college".
It says the first tuition fee loan payment will be paid to the University on the 17th October. The course starts the 26th September.
What is all of that meant to mean? It doesn't mean i'll need to pay anything will it?
Also it says the loan is paid back the April after you graduate. If it comes to that month, and i'm not earning enough, what happens then?
Also, what is loan interest? It says "Interest is added to your loan balance from the day the first loan payment is made" - does that mean you get interested added onto the loan you need to pay back? Over the two years, the loan i'd need to pay back for the tuition is £6,840. Will it be more than that then?
I wish businesses would just write things out in English and not all big headed serious language that gets you worried, and language you can't understand!
Please help!
When they say you are liable on that date, it means you have accrued that debt, even if the University/College hasn't recieved the money. You'll only need to pay the debt back if your earning enough, and it's automatically taken out of your wages, you don't need to do anything. The interest is added to it, and you'll need to pay that back as well. However, I think the interest is only the same as inflation. In other words, you pay back the same value of money, even if it is actually more than what you were given.
Just relax and don't worry. Businesses don't write these things, solicitors do, and they need to write it accurately enough to be able to rely on it in court.
Ah, thank you!
If they charge interest, do you know how much more would it be? Tens, hundreds? Not thousands would it? Sorry, i'm worrying now! the back of the loans letter has changed since last year.
If they charge interest, do you know how much more would it be? Tens, hundreds? Not thousands would it? Sorry, i'm worrying now!
the back of the loans letter has changed since last year.Hi Scott,
Honestly don't worry about the interest. Student loans will never make you pay back more than you can afford - it's a ridiculously small amount they take out of your income. You don't actually have to pay it back physically as they just take it out of your wages. Don't know the exact amount but definitely not in the thousands.
Honestly don't worry about the interest. Student loans will never make you pay back more than you can afford - it's a ridiculously small amount they take out of your income. You don't actually have to pay it back physically as they just take it out of your wages. Don't know the exact amount but definitely not in the thousands.
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