Rugbyman53
Badges: 0
Rep:
?
#1
Report Thread starter 3 years ago
#1
Hi

I've been asked to lend the fees for a postgrad course to a student pending their application being accepted.

Course starts October 17, need to have evidence of the money by June 17. If they apply for a loan, when do applications open?

how quick will it be approved?

Will it be paid as a lump sum or in instalments?

if in instalments, when are they paid?

Is the loan (or instalments) paid to the applicant or to the university?

When do loan repayments start? What's the interest rate?

How much is the standard postgrad course loan?

What are the eligibility criteria to meet?

Please don't point me to a FAQ page on a website - I just want the answers to the above questions. Hope you can help.
0
reply
PQ
Badges: 21
Rep:
?
#2
Report 3 years ago
#2
(Original post by Rugbyman53)
Hi

I've been asked to lend the fees for a postgrad course to a student pending their application being accepted.

Course starts October 17, need to have evidence of the money by June 17. If they apply for a loan, when do applications open?

how quick will it be approved?

Will it be paid as a lump sum or in instalments?

if in instalments, when are they paid?

Is the loan (or instalments) paid to the applicant or to the university?

When do loan repayments start? What's the interest rate?

How much is the standard postgrad course loan?

What are the eligibility criteria to meet?

Please don't point me to a FAQ page on a website - I just want the answers to the above questions. Hope you can help.
These questions are all answered on the PGL pages of this site: https://www.thestudentroom.co.uk/con...tgraduate-Loan

Why would you believe someone telling you the answers over information provided by SFE? Copied and pasted answers from the page linked above:

Postgraduate Loan applications for 2017/18 will open in June
The loan will be paid into your bank account in three installments each academic year. (related to the term dates of the course)
No repayments will be taken towards your Postgraduate Loan before April 2019 and only then when your income is over the current threshold of £21,000 a year.
Interest is charged at the Retail Price Index (RPI) plus 3% from the day we make your first payment to you until your Postgraduate Loan is repaid in full or written off.
You'll repay 6% of what your income over the current threshold (£404 a week, £1,750 a month or £21,000 a year) towards your Postgraduate Loan.
You can apply for a Postgraduate Loan of up to £10,000.
Eligibility isn't simple - you need to read the full rules https://www.thestudentroom.co.uk/con...-can-get-a-PGL
0
reply
Rugbyman53
Badges: 0
Rep:
?
#3
Report Thread starter 3 years ago
#3
HI PQ

Thank you for taking the time to answer the questions I asked - I understand more now.

However, can you advise when the student can apply for their loan, and how long after submission of the application will it be approved? (thank you for the pointer to the eligibility rules).

Also, is it possible to calculate the dates the loan will be paid after the course start date which is 9th October? I ask this so I can budget for the refund of the loan I will be giving to the student in advance as the university wants proof that the student has enough funds by the end of April 2017. (So I'm advancing the money contingent on the PGL loan being used as part replayment if that makes sense?)

Really appreciate someone's knowledge of the whole process around this area so many thanks in advance!

Cheers

Rugbyman53
0
reply
PQ
Badges: 21
Rep:
?
#4
Report 3 years ago
#4
(Original post by Rugbyman53)
HI PQ

Thank you for taking the time to answer the questions I asked - I understand more now.

However, can you advise when the student can apply for their loan, and how long after submission of the application will it be approved? (thank you for the pointer to the eligibility rules).

Also, is it possible to calculate the dates the loan will be paid after the course start date which is 9th October? I ask this so I can budget for the refund of the loan I will be giving to the student in advance as the university wants proof that the student has enough funds by the end of April 2017. (So I'm advancing the money contingent on the PGL loan being used as part replayment if that makes sense?)

Really appreciate someone's knowledge of the whole process around this area so many thanks in advance!

Cheers

Rugbyman53
Postgraduate Loan applications for 2017/18 will open in June

There's no way to know how long it will take - maybe 4-6 weeks depending on how simple the application is. Similarly the payment dates will be confirmed by the SLC when the application is approved - the applicant will receive a payment schedule with dates and amounts specific to the course dates.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Are you travelling in the Uni student travel window (3-9 Dec) to go home for Christmas?

Yes (137)
28.48%
No - I have already returned home (65)
13.51%
No - I plan on travelling outside these dates (93)
19.33%
No - I'm staying at my term time address over Christmas (45)
9.36%
No - I live at home during term anyway (141)
29.31%

Watched Threads

View All