Student Loans

Sonea Fifer · 12 Oct 2007 at 11:42

Hi there

I know there's quite a few students on here and was looking for some advice on the way the loan situation works. I've recently gone back to full time education and at the start of my course filled out all the neccesary paperwork. Got a letter this morning stating they'll pay for my course fee's (which is all I was after) also that am entitled to some 4.5K if I need it :eek:

Obviously it's got to be paid back (if i do decide to take it) - but I was under the impression that you couldn't get a student loan if your earning over X amount or in full time employment?

Also whats to stop me taking this money, putting it in an ISA for the next two years and repaying back the full outstanding amount at the end of my course, hopefully leaving me with few quid interest?

ErNciLator · 12 Oct 2007 at 11:45

iv got a placement this year, im doing the exact thing you said at the end, putting into a maxi isa!

MoodyMan · 12 Oct 2007 at 11:45

Sonea Fifer said:
Also whats to stop me taking this money, putting it in an ISA for the next two years and repaying back the full outstanding amount at the end of my course, hopefully leaving me with few quid interest?

Nothing. My uncle did this years ago when student loans first started.

Zefan · 12 Oct 2007 at 11:46

Nothing to stop you doing that, the system sucks.

fini · 12 Oct 2007 at 11:47

Zefan said:
Nothing to stop you doing that, the system sucks.

Why does the system suck? It's not like the student loans company is losing money doing this..

Sonea Fifer · 12 Oct 2007 at 11:49

Zefan said:
the system sucks.

Can you be more specific?

I did think it rather unprofessional it's taken them some 12 weeks from the start of my course to get back in touch with me !

Zefan · 12 Oct 2007 at 11:49

fini said:
Why does the system suck? It's not like the student loans company is losing money doing this..

They don't no.. that's not what I was referring to. I mean the means tested system of working out how to give loans/grants.

Sonea Fifer · 12 Oct 2007 at 11:54

Zefan said:
They don't no.. that's not what I was referring to. I mean the means tested system of working out how to give loans/grants.

Ahh right I see what you mean now, tbh I dont really have that much experience of this (hence my posting here) - the letter also stated they'll be back in touch with me at some point during my course to update me of the situation - this all seems rather counter productive to me.

fini · 12 Oct 2007 at 12:03

Means tests are always a little stupid though - because they never take into account how much money your parents are actually willing to give you. Your parents could be millionaires, but happy to see you starve to death, whereas someone else's parents on minimum wage might be willing to give their kid every penny they earn.

Sonea Fifer · 12 Oct 2007 at 12:06

fini said:
Means tests are always a little stupid though - because they never take into account how much money your parents are actually willing to give you. Your parents could be millionaires, but happy to see you starve to death, whereas someone else's parents on minimum wage might be willing to give their kid every penny they earn.

Appreciate your sentiments there Fini however my circumstances are slightly different in that I'm a mature student (old sod

)

I was basically posting looking for advice on how these things work