dd starting university next month. I am paying her tuition fees and living expenses definitely for year one.
But she may need a loan in years 2 and 3.
She needs to register in 22 as apparently in 23 they are changing the rules and then you have to wait 35 years before the loan is written off at the moment it’s written off after 30 yrs.
so she is applying and customer services said to put nil in the amount borrowed. Has anyone done this? We cannot get past a certain field in the application portal. Maybe the only way is to apply for a loan of £1? Any one have experience of asking to borrow a nominal or zero amount just to get into the system.?
thanks
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Higher education
Apply student finance England for £1 or nil?
Lasvegas · 29/08/2022 20:27
HippeePrincess · 29/08/2022 22:07
It doesn’t make financial sense to pay these fees outright as the repayments will be the same percentage regardless of the amount borrowed.
pinklavenders · 30/08/2022 17:56
But I also don't understand why an additional 5 years for the loan to be 'written off' makes any difference..? Is she not aiming to earn a high enough salary to repay the loan well before then?
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J0yride · 30/08/2022 20:22
You are crazy to pay upfront. Much better for her to take the loan and use your capital for a house deposit.
HewasH2O · 29/08/2022 21:32
Student finance interest rates = sky high
Return on savings = piddling.
Compound interest would still be accruing and perhaps this family has enough spare cash not to need to pay this.
I would try £1, but I've not been lucky enough to be in this position myself.
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