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Student loan n00b question watch

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    If I start my course in Sept 2012 and take out my loans to cover my fees based on the repayment scheme of anything over 21,000 at 12%, does that rate apply to me for my entire payback period?

    Or if for example 10 years down the line the government change it to anything over 25,000 at 15%, would that apply to me?

    I'm assuming it's the first one but I just want to check. TIA.
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    Probably not. I think the policies of student finance in the year which you applied remain with you for the rest of your life!.

    But I think the goverment can change it for everyone, if they wanted.
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    (Original post by Dessie)
    If I start my course in Sept 2012 and take out my loans to cover my fees based on the repayment scheme of anything over 21,000 at 12%, does that rate apply to me for my entire payback period?

    Or if for example 10 years down the line the government change it to anything over 25,000 at 15%, would that apply to me?

    I'm assuming it's the first one but I just want to check. TIA.
    You aren't quoting the new scheme correctly. The % you pay back will be constant but the interest rate will vary on income.
    Historically the old systems have continued and not been meddled with.
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    They have changed the current £15,000 repayment threshold for existing students. Between 2012 and 2016 it will rise by the March RPI each year.

    So it is possible they will change things, but most of the time changes are only made for new students.
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    (Original post by flipshot)
    They have changed the current £15,000 repayment threshold for existing students. Between 2012 and 2016 it will rise by the March RPI each year.

    So it is possible they will change things, but most of the time changes are only made for new students.
    The original intention was always to raise repayment threshold with inflation it's just that they forgot or couldn't be bothered or something before :p:
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    I'm even more confused now.

    Although by the gist of the replies if the threshold changes then it changes for everyone, even those that have already left but are still paying back.

    I think.
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    (Original post by Dessie)
    If I start my course in Sept 2012 and take out my loans to cover my fees based on the repayment scheme of anything over 21,000 at 12%, does that rate apply to me for my entire payback period?

    Or if for example 10 years down the line the government change it to anything over 25,000 at 15%, would that apply to me?

    I'm assuming it's the first one but I just want to check. TIA.
    is it not 9% ??
    but any way hope this helps

    http://www.bis.gov.uk/studentfinance



    And im kinda sure all rates will stick so what ever it is on the year you start it will stay the only thing that will change is interest rates not 100% though
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    Yeah it is 9%, don't know where I got 12 from!
 
 
 
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