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    First of all, I think it's fantastic that these new postgraduate loans have been brought out, and I will almost certainly be applying as there is really no better alternative to help fund my postgraduate studies.

    However, there are a lot of uncertainties around the loan still, and I'm worried about the level of debt I'll be taking on with so many terms and conditions yet to be clarified. I'm particularly worried about the interest rate (currently at 3.9%, likely to increase in September), as it's unclear if this is monthly, annual, simple or compounded. I spoke to the SLC but they were unable to give me an answer.

    I don't have an undergraduate student loan so I'm not sure how the interest rate for them is applied, and it's not clear if this would be done in the same way for the postgraduate loan. Articles like this really worry me too.

    Does anyone else have any concerns about the loan? Not sure if I'm worrying about nothing! Thanks
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    The interest rate is charge annually.

    The amount of interest charged is based on the rate of inflation (March RPI) and will be set on 1 September each year (see http://www.studentloanrepayment.co.u..._schema=PORTAL ).

    See http://www.studentloanrepayment.co.u..._schema=PORTAL for an example of an annual statement showing payments from PAYE and interest charged annually.

    Although the interest rates are above inflation - because the repayment rates are fixed and based on income (eg £45pm on a £30kpa income) then the debt you're incurring is predictable.

    There's no prospect of the repayment thresholds being altered (although they are likely to remain fixed).

    The "mis-selling" was around the move from £3k to £9k fees. At the time the publicity wasn't clear that students would be paying interest above inflation (albeit at a clear fixed rate below commercial loan rates). The focus of publicity materials was on the fixed repayment rates and brushed over interest rates.

    The interest rates for the PGL are much clearer and straight forward - they've been very clear that everyone has the same interest rate based on RPI+3% (for undergrad loans the interest rate is cut for people on low incomes).
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    Anyone else really annoyed about the 15% repayment over 21k, and the fact that the interest rate isn't really 'fixed' because it changes annually based on inflation? - which is probably more likely to happen now that we're on our own.

    I'm just annoyed at the fact that the loan was supposed to be a helping hand for those who are less fortunate to buy their way into education, yet I feel like a rope is being tied to our leg. I'm worried this will weigh us down in the future and in our prime time.

    It's very hard to decide now whether I should go to university because I need the degree, but I can't risk making the wrong decision, the same goes for many others.

    Then if the government decide to in the future put the fees back down... we will not be too happy about it.

    Trying to be optimistic here, it's great that such an opportunity has arisen, but anyone else on the fence here also?
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    I'm not sure that it's 15%! According to GOV.UK "you'll pay 6% of your income over the minimum amount (threshold)" which is £21,000. So let's say you earn £2500 per month, that's £750 over the threshold. 6% of £750 = £45 per month.
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    (Original post by SLClegg)
    I'm not sure that it's 15%! According to GOV.UK "you'll pay 6% of your income over the minimum amount (threshold)" which is £21,000. So let's say you earn £2500 per month, that's £750 over the threshold. 6% of £750 = £45 per month.
    That 6% is on top of the 9% for undergraduate loans - so 15% in total.
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    (Original post by PQ)
    That 6% is on top of the 9% for undergraduate loans - so 15% in total.
    Ah I see
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    THERE'S STUDENT LOANS FOR POSTGRADUATE STUDENTS??? Hmm there's always a catch though. 15%
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    Its the best deal you are going to get, no question about this.


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    ^ I know, true. It is also much better than taking out any other loans that could in turn affect your credit rating or where you'll find yourself in greater debt.
 
 
 
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