Undergraduate/postgraduate loans - do you repay them back together or separately?

(9 Posts)
fearfultrill Tue 07-Aug-18 21:39:50

I have an undergraduate degree and a student debt. I am about to undertake a master's degree with the OU and am entitled to a postgraduate loan from the Student Loans Company. What I want to know is - when I come to pay back the postgraduate loan, is it simply 'on top' of the undergraduate one? So my student loan payments will continue to be be the same just with a higher total?

Or will two student loan payments be taken per month - my current undergraduate one and a separate postgraduate one?

Sorry if that's confusing!

OP’s posts: |
fearfultrill Wed 08-Aug-18 08:50:44

Anyone?

OP’s posts: |
Hizz Wed 08-Aug-18 13:17:11

DS is considering a Masters and I looked into it for him. It seems the Master's loan is repaid concurrently in his case. His is a post 2012 ug loan so may be different for older loans.

titchy Wed 08-Aug-18 15:28:51

Yep both taken together. So you could be paying 6% for your UG plus 9% for your PG, 15% altogether.

Hizz Wed 08-Aug-18 15:38:12

A good reason to do an integrated masters.
<looks at DS>

fearfultrill Wed 08-Aug-18 15:41:48

Thanks! It was started in 2012.

Lots to think about!

OP’s posts: |
titchy Wed 08-Aug-18 16:14:12

* good reason to do an integrated masters.*

And you get both fees and maintenance loan with integrated. <looks at dd>

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Hizz Wed 08-Aug-18 17:05:04

titchy Ha ha yes. DS is about to start year 3 of his course and still has time to convert it to an integrated masters. However he would prefer to go somewhere else for a change of scenery to experience a different uni.

Harken53rig Wed 08-Aug-18 17:09:38

It is on top in my case. Next year I will be still paying last year of my UG loan, paying back my PG loan and still paying tuition fees for Masters I have not finished. And my DS needs a new boat...

This was NOT good planning! 2019 is going to be frugal and involve many baked beans.

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