what forms parents need to complete for child going to uni

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hermanmunster
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Re: what forms parents need to complete for child going to u

Post by hermanmunster »

mike1880 wrote:Well set up to the point that when I go online to set up the payment schedule for daughter's rent, while I have to know her student number the next question is "relationship to student?" and as far as I remember "I am the student" isn't even an option...
:lol: :lol: yep - I think one or two may have given the student the "someone else is paying the bills" option and if they ticked that an e-mail was sent to the BoMaD
2childmum
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Re: what forms parents need to complete for child going to u

Post by 2childmum »

We haven't paid the rent for either of ours - instead we gave them the money we had saved up for them (and a small amount of pocket money each month to make it closer to the full maintenance loan about) and then they have had to make the decision re how expensive accommodation they want to go for - stops them choosing some posh flat somewhere and expecting us to pay for it. Both have decided to go for the cheaper end of the accommodation market so that they have money for the societies/sports clubs they want/ to join (or wanted in my son's case).
food4thought
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Re: what forms parents need to complete for child going to u

Post by food4thought »

Thank you all!

I guess it is time for me to let go of the reins! Finally! :D

My boy applied for the maximum load, which means that I have to provide all my income details.
I'm not happy about the maximum load, as they are charge about 3% interest per year! Rip off.

Does anyone know if he can pay it back immediately, if its not needed. I might help him out to avoid him paying 3% interest.

All the best!
F4T
hermanmunster
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Re: what forms parents need to complete for child going to u

Post by hermanmunster »

food4thought wrote:Thank you all!

I guess it is time for me to let go of the reins! Finally! :D

My boy applied for the maximum load, which means that I have to provide all my income details.
I'm not happy about the maximum load, as they are charge about 3% interest per year! Rip off.

Does anyone know if he can pay it back immediately, if its not needed. I might help him out to avoid him paying 3% interest.

All the best!
F4T
You need to read up on this - it is not like a straightforward loan it is more of a tax. He will pay a percentage of his earnings over a threshold - he will pay the same each month whether he has "borrowed" £10,000 or £100,000.

Martin Lewis explains all https://www.moneysavingexpert.com/stude ... s-changes/" onclick="window.open(this.href);return false;
Tinkers
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Re: what forms parents need to complete for child going to u

Post by Tinkers »

I think you need to read up about the student loan system. I’ll link the MSE article later once I’ve finished work, unless beaten to it.

Don’t see is as a loan but as a graduate tax. Certainly in most cases, don’t try and pay off early.

Most don’t even off back what they borrowed let alone the interest. So don’t worry about ‘interest rates’.

(I see it as a bit of a ponzi scheme tbh, but that’s a whole different debate).
food4thought
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Re: what forms parents need to complete for child going to u

Post by food4thought »

Thank you! Looking forward to it...

But I'm pretty sure that he boy will be earning more than the minimum threshold. So he'll be paying interest all the time
Tinkers
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Re: what forms parents need to complete for child going to u

Post by Tinkers »

food4thought wrote:Thank you! Looking forward to it...

But I'm pretty sure that he boy will be earning more than the minimum threshold. So he'll be paying interest all the time
I see HM has posted the link.

The interest rate, along with amount borrowed, is not going to affect the amount he pays back.

If he is applying for the full amount (and are likely to get it due to your household income) then, please certainly don’t try and overstretch yourselves by trying to pay off his loan early for him.

If you really want to help financially then consider helping him with a deposit for his first house instead.
hermanmunster
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Re: what forms parents need to complete for child going to u

Post by hermanmunster »

food4thought wrote:Thank you! Looking forward to it...

But I'm pretty sure that he boy will be earning more than the minimum threshold. So he'll be paying interest all the time
no they aren't paying interest all the time - please read the info about it, you are thinking of this as a loan when it is a graduate tax.
ToadMum
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Re: what forms parents need to complete for child going to u

Post by ToadMum »

Well, the loan does accrue interest all the time, but as others have pointed out, only has to be repaid once (and whilst) the graduate's earnings are above a certain threshold (which is updated periodically) and is repaid at the same rate - 9% of income above the threshold p.a. - whether s/he only took the tuition fee loan or was entitled to, and took, that plus the full maintenance loan.

And yes, it can be paid back at any time, if one has the spare cash and doesn't have a better use for it. But one thing to remember is that once a portion of / the whole loan has been paid off as a lump sum, that money cannot be re-borrowed from the same source should one fall on hard times.
Outside of a dog, a book is a man's best friend. Inside of a dog it's too dark to read.Groucho Marx
food4thought
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Re: what forms parents need to complete for child going to u

Post by food4thought »

thank you everyone,
I dont like the idea of a heavy loan on your head for the next 30 years. It's a horrid feeling. But you're probably right, not to think of it as a loan.
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