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Withdrawing - When do I pay and where do I get £6000? Watch

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    This seems a little too crazy for my liking especially considering my financial background but where exactly am I meant to scrap £6000?
    And do they expect the installments in the next year?

    Can a part time job really cover that?
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    (Original post by Tombola)
    This seems a little too crazy for my liking especially considering my financial background but where exactly am I meant to scrap £6000?
    And do they expect the installments in the next year?

    Can a part time job really cover that?
    You've asked a question without background.

    It gets deducted from pay as usual.
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    your post is about as good as me asking tsr where i left my car keys last night.

    please, in what context are you talking about
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    :laugh:
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    I'm pretty sure they mean they are leaving uni after year one with 6k of debt so when do they pay it off - hence my answer.

    But yes, its a crap question.
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    Presumably OP is withdrawing from uni and needs to pay back the loan money/grant money/whatevs that student finance gave him.

    OP, you should have really looked this up BEFORE you got a loan. Did you not think at the time how you would be paying it back?

    You pay it back the normal way as if you were graduating uni, comes off your wages once you earn a minimum amount.

    If the OP is talking about something different then consider everything I said to be null and void.
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    (Original post by smellslikemarmite)
    Presumably OP is withdrawing from uni and needs to pay back the loan money/grant money/whatevs that student finance gave him.

    OP, you should have really looked this up BEFORE you got a loan. Did you not think at the time how you would be paying it back?

    You pay it back the normal way as if you were graduating uni, comes off your wages once you earn a minimum amount.

    If the OP is talking about something different then consider everything I said to be null and void.
    I already said this...

    I don't think the OP expected/intended to withdraw. Have you looked up what happens if you give them the wrong bank details for example?
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    (Original post by Quady)
    I already said this...

    I don't think the OP expected/intended to withdraw. Have you looked up what happens if you give them the wrong bank details for example?
    Didn't notice, my bad.

    Nope, why, what happens?
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    (Original post by smellslikemarmite)
    Didn't notice, my bad.

    Nope, why, what happens?
    I've no idea, just pointing out that you haven't read all the T&Cs and made all the background enquires either.
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    (Original post by Quady)
    I've no idea, just pointing out that you haven't read all the T&Cs and made all the background enquires either.
    It doesn't actually say anywhere on SAAS' website (or at least it didn't 2 years ago), because I had the problem where my payments were due to go into another bank account. I had to contact them by phone.

    I read up on the T&Cs and such before I make a massive financial committment such as a £6000 loan every year for 3-4 years. OP clearly hasn't. It's quite simple to look it up to find out, oh, look at that, I don't have to pay it all in one go, what a relief.
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    (Original post by smellslikemarmite)
    It doesn't actually say anywhere on SAAS' website (or at least it didn't 2 years ago), because I had the problem where my payments were due to go into another bank account. I had to contact them by phone.

    I read up on the T&Cs and such before I make a massive financial committment such as a £6000 loan every year for 3-4 years. OP clearly hasn't. It's quite simple to look it up to find out, oh, look at that, I don't have to pay it all in one go, what a relief.
    I said make all the background enquires


    Whats the point in reading the T&Cs they cover barely anything. It doesn't say how the interest rate is set and they don't say on the phone so I had to email DCSF lol. How comes you made a commitment so large without understanding how interest is arrived at.

    Personally I still don't really know the answer to that.
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    (Original post by Quady)
    I said make all the background enquires


    Whats the point in reading the T&Cs they cover barely anything. It doesn't say how the interest rate is set and they don't say on the phone so I had to email DCSF lol. How comes you made a commitment so large without understanding how interest is arrived at.

    Personally I still don't really know the answer to that.
    You pay interest at the current rate of inflation, no? All this was explained to me when I got my end of year statement from SAAS.

    EDIT: I make all the relevant background enquiries. The case of a wrong bank account payment is a cross-that-bridge-when-we-come-to-it scenario.
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    (Original post by smellslikemarmite)
    You pay interest at the current rate of inflation, no? All this was explained to me when I got my end of year statement from SAAS.
    Which rate of inflation? RPI? CPI? RPIX...?

    How often is it updated? Monthly when the figure comes out? quaterly? yearly? If its not monthly is it averaged for the period or a random month used? If its monthly is the rate applied for the previous month to which the inflation figure refers?

    Leaving that aside why is the rate 1.5% now? Why has it been announced to be 0% from September?
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    (Original post by Quady)
    Which rate of inflation? RPI? CPI? RPIX...?

    How often is it updated? Monthly when the figure comes out? quaterly? yearly? If its not monthly is it averaged for the period or a random month used? If its monthly is the rate applied for the previous month to which the inflation figure refers?

    Leaving that aside why is the rate 1.5% now? Why has it been announced to be 0% from September?
    RPI rate of inflation.

    The interest on student loans is determined by March's RPI inflation rate. So if you get a loan in September 2009, the interest rate on it is determined by the March 2009 rate. The March 2009 rate did drop into minus percentage, but the government decided that they weren't going to charge interest, meaning that they set the rate to 0% in order to avoid setting it to minus whatever so that people's loans wouldn't shrink.

    Do you actually want to know this information or are you just trying to prove me wrong/irritate me/alleviate boredom?
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    (Original post by smellslikemarmite)
    RPI rate of inflation.

    The interest on student loans is determined by March's RPI inflation rate. So if you get a loan in September 2009, the interest rate on it is determined by the March 2009 rate. The March 2009 rate did drop into minus percentage, but the government decided that they weren't going to charge interest, meaning that they set the rate to 0% in order to avoid setting it to minus whatever so that people's loans wouldn't shrink.

    Do you actually want to know this information or are you just trying to prove me wrong/irritate me/alleviate boredom?
    None of which is in the T&Cs.

    You missed out why its 1.5% now.

    Many irriate you
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    Well... I haven't read the conditions to returning back the loans if a person withdraws from a university. However it's not been made clear whether I will pay it back off immediantly within the 1st year of leaving, or whether I only start paying it off when I graduate.

    I know that university students that drop out within the first semester are required to hand back over their loans straight away, so I'm curious whether it would be any different for me who has just completed the 1st year.
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    (Original post by Quady)
    None of which is in the T&Cs.

    You missed out why its 1.5% now.

    Many irriate you
    No, but it's a relevant background enquiry.

    It's 1.5% now because if the base rate percentage plus one percent point is lower than March's RPI then it drops to that.

    Satisfied?
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    (Original post by Tombola)
    Well... I haven't read the conditions to returning back the loans if a person withdraws from a university. However it's not been made clear whether I will pay it back off immediantly within the 1st year of leaving, or whether I only start paying it off when I graduate.

    I know that university students that drop out within the first semester are required to hand back over their loans straight away, so I'm curious whether it would be any different for me who has just completed the 1st year.
    I believe you will have to pay it back as soon as you start earning the minimum amount. My boyfriend dropped out of college towards the end of his first year, and SAAS treated it as if he'd finished his course, so were just going to start taking repayments once he'd started earning the minimum amount. However they overpaid him on his bursary by about £700, and he is expected to pay that straight back.
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    Alright that's good to hear. Means I'll be paying back everything after I finish university in that case.
 
 
 
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