Postgraduate Loan

I am a prospective mature student looking into starting an MA course in September. I'm also the mother of a small child therefore I don't know if I will be able to be in a position to repay for quite some time. I wanted to know if my husband's finances and any potential savings would be relied upon to make the repayments while I'm not meeting the repayment threshold. Thanks.

Reply 1

PQ

Clearing and Applications Advisor

21

Original post by GaMeu

I am a prospective mature student looking into starting an MA course in September. I'm also the mother of a small child therefore I don't know if I will be able to be in a position to repay for quite some time. I wanted to know if my husband's finances and any potential savings would be relied upon to make the repayments while I'm not meeting the repayment threshold. Thanks.

The repayments are based only on your own taxable income.

Reply 2

GaMeu

OP

Thanks a lot for this.

So I wouldn't have to give evidence of my partner's income, is that correct?

Also, how would my savings be taken into consideration for assessment? In other words, how much am I allowed to have?

Reply 3

PQ

Clearing and Applications Advisor

21

Original post by GaMeu

Thanks a lot for this.

So I wouldn't have to give evidence of my partner's income, is that correct?

Also, how would my savings be taken into consideration for assessment? In other words, how much am I allowed to have?

Repayments are taken out of your paychecks as part of the PAYE process. The only reason you would have your savings be an issue is if your income from interest exceed the minimum salary threshold (ie you're getting £19k pa in interest from your savings.....that would mean you've got a HUGE amount of savings and would be declaring the income from those savings to HMRC in a self assessed tax return).

Reply 4

BexiG

10

Original post by GaMeu

I am a prospective mature student looking into starting an MA course in September. I'm also the mother of a small child therefore I don't know if I will be able to be in a position to repay for quite some time. I wanted to know if my husband's finances and any potential savings would be relied upon to make the repayments while I'm not meeting the repayment threshold. Thanks.

I just received confirmation of my postgraduate loan. The postgraduate loan from student finanace is different to the undergradate loan int he sense that as long as you don't already hold a MA or higher qualification it is not means tested. They do not take check your household income at all and the money is paid directly to you so that you can choose whather it goes to fees or maintence. The loan is then repayed like the undergraduate loan, out of your PAYE like a tax once you are earninging over £21,000. Your husband's income is totally separate to yours and he would not pay back the loan that is under your name. As long as you are earning under the 21k per year, you won't pay it back and no one will be knocking at the door lol. It's not that kind of debt :smile:

(edited 7 years ago)

Postgraduate Loan

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