pre-reg healthcare masters loan repayment

Hi all, I'm looking to start a pre-reg OT masters in January and am confused by how the loan will be repaid in relation to my undergrad loan. My undergrad loan is paid back at 9% over approx £27000 and this new pre-reg loan will essentially be another undergrad loan. Course loans after 2023 are paid back at 9% over £25000. Will these two loans be paid back separately or will they be combined into one large sum of money to be repaid?
Thanks!

Reply 1

Ccreds

6

At 9% your biggest question to ask yourself is how you can get the highest paying job as quickly as possible whilst this interest accrues. Insane amount to demand of anyone. Only when you’re pulling in £4-5k a month can you see real impact on the loan amount and start counting down the years.

Reply 2

normaw

Volunteer Team, Clearing and Applications Advisor

19

Original post by liebschnerg

Hi all, I'm looking to start a pre-reg OT masters in January and am confused by how the loan will be repaid in relation to my undergrad loan. My undergrad loan is paid back at 9% over approx £27000 and this new pre-reg loan will essentially be another undergrad loan. Course loans after 2023 are paid back at 9% over £25000. Will these two loans be paid back separately or will they be combined into one large sum of money to be repaid?
Thanks!

You will need to call student loan repayments on 0300 100 0611 to ask how it works. It would be useful if you could report back on this as I suspect this will become a common question on TSR, particularly for those taking nursing, midwifery and AHP courses as a second degree. :smile:

Reply 3

JuneBee

2

Original post by liebschnerg

Hi all, I'm looking to start a pre-reg OT masters in January and am confused by how the loan will be repaid in relation to my undergrad loan. My undergrad loan is paid back at 9% over approx £27000 and this new pre-reg loan will essentially be another undergrad loan. Course loans after 2023 are paid back at 9% over £25000. Will these two loans be paid back separately or will they be combined into one large sum of money to be repaid?
Thanks!

Hi, im in the same situation. From what ive been told, you will be on two plans. So plan 2 and plan 5, but you will only get one deduction from your paycheck. They will switch from using the 27k threshold to the lower threshold which is 25k, so you would pay a little bit more each month and for 40 years instead of 30. They will just use this new threshold and calculate how much you owe and then split it towards both loans. Im assuming the loan amount for plan 2 is wiped after 30 years, leaving you with less to pay back in total but im not sure! So its not particularly a larger sum because you have 2 loans, its larger bcos the threshold that is used will be 25k for the total - some people got lucky and applied before the plan switch so they're entire loan for undergrad and postgrad pre-reg would all be on plan 2 :')

pre-reg healthcare masters loan repayment

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