Student loan descisions
- Thread starter Rain Man
- Start date
Always take the loan - as others have said its the cheapest loan you're ever going to get, so if you don't need the money then take it and put it in a high interest bank account.
The repayments are 9% when you're earning over 15,000/yr (1250/mo). So if you get an average paying graduate job (19k) you can expect to repay £360/yr
The repayments are 9% when you're earning over 15,000/yr (1250/mo). So if you get an average paying graduate job (19k) you can expect to repay £360/yr
Soldato
At least you'll get it paid off quickly.
I think I'll have to pay about £130 per month on mine, and it estimates it'll take 10 years to pay off.
To be honest though I'd rather pay £50 a month and it take 25 years to pay.... that extra £70 or 80 per month would be much more useful and make more sense financially to pay off my higher interest debt (credit cards) sooner.
A point for those that don't know... you only start paying from the start of the next tax year after you start work...
So if you start work now, you won't start paying bhack your loan until April 2007.
edit: This very handy calculator includes student loan repayments as well as TAX and NI deductions: http://www.listentotaxman.com/
I think I'll have to pay about £130 per month on mine, and it estimates it'll take 10 years to pay off.
To be honest though I'd rather pay £50 a month and it take 25 years to pay.... that extra £70 or 80 per month would be much more useful and make more sense financially to pay off my higher interest debt (credit cards) sooner.
A point for those that don't know... you only start paying from the start of the next tax year after you start work...
So if you start work now, you won't start paying bhack your loan until April 2007.
edit: This very handy calculator includes student loan repayments as well as TAX and NI deductions: http://www.listentotaxman.com/
Soldato
in manchester you can definitely get halls accomm for about 50 a week, which is inclusive of bills, i'd definitely advise it over living at home, especially if you're going to be being charged £40 to do that
although i suppose that would be inclusive of bills AND food
although i suppose that would be inclusive of bills AND food
You won't ever get a better deal on a loan than through your LEA/SLC, the interest is roughly equal to inflation, so if you think about it your not really paying back more than you originally borrowed - its just inflation adjusted.
If you don't take the loan you may have to do more hours at work to get enough money together, this is bad - it means less study/social time.
You might want to look at leaving home - maybe with people you meet in your first year you can live with them in the second year or something.
If you don't take the loan you may have to do more hours at work to get enough money together, this is bad - it means less study/social time.
You might want to look at leaving home - maybe with people you meet in your first year you can live with them in the second year or something.
Soldato
DO NOT STAY AT HOME! Get some uni accomodation!
I personally that everything else you learn through living with other people your age is worth more than the degree itself.
BTW - it does depend where you go. Edinburgh halls of residence are now £149 per week to live in Chancellor's Court and the cheapest is still £124 per week. I mean the accomodation is nice but I think that much is slightly taking the pish.
I personally that everything else you learn through living with other people your age is worth more than the degree itself.
BTW - it does depend where you go. Edinburgh halls of residence are now £149 per week to live in Chancellor's Court and the cheapest is still £124 per week. I mean the accomodation is nice but I think that much is slightly taking the pish.
Soldato
£150 a week and you only get to live in edinburgh!? May aswell move to London for that and get the full experience.
Soldato
gurdas said:
It is just the UNI being dumb. However for the rest of the time for £85 per week you can live in the centre with an amazing modern flat with underground parking etc.
Chancellor's court is probably the best student accom in the country though, massive en-suite rooms and very hi-tech.
Soldato
Rain Man said:
Thats one of the courses I quit. Bored the balls off me at the time, but then again, I'm also now considering going back next year.
Manchester is a very cheap place on general living costs by the way, and the nights out are decent.
Soldato
laissez-faire said:
Do you have any pics of it? Would be interesting to see what it's like. One of my mates was paying £300 a week to live in Kensington last year
Soldato
Rotty said:
Each to their own way of doing things I guess, but I've been told there will always be a room for me here if I need it (I'm moving out in 8 weeks, and they're currently redecorating, but rather than convert the room to a guest room they've said I can have it done however I want).
My parents are totally against the idea of charging their offspring rent, and I agree with them, but I guess I would. Conversely, my gran also lives with us, and again doesnt get charged a penny... it works both ways, parents look after their kids, and later in life the kids look after their parents.
I don't see why money should have to enter into it, especially not in the case of the opening poster where he isn't financially independant.
If he worked full time and had a reasonable income and lived at home, then that might be another thing, but the idea of him having to take a loan and then having to pay his parents just seems wrong imho.
Associate
His mum only wants rent if he takes the student loan. I think he is saying he could live at home, not take the loan and not pay rent which seems a bit odd really. Seeing as although its a pain to pay back via PAYE it could be a really useful amount of money to have 3-4 years down the line if you can save some of it
Seriously, don't live at home for uni, it's rubbish, you miss out on all the good bits.
In my first two years of uni I had a 1:30 commute each way (assuming trains were running ok) and was still working 4 nights a week in my job at the time which mean't I couldn't stay over and go out anyway.
I really did miss out on most of the social side of uni and totally regret listening to people telling me to save the money, especially as I ended up spending just as much on train fare/snacks/something to read etc... as I would have on renting a place.
Mick.
In my first two years of uni I had a 1:30 commute each way (assuming trains were running ok) and was still working 4 nights a week in my job at the time which mean't I couldn't stay over and go out anyway.
I really did miss out on most of the social side of uni and totally regret listening to people telling me to save the money, especially as I ended up spending just as much on train fare/snacks/something to read etc... as I would have on renting a place.
Mick.
Associate
Rotty said:
Theres grown up and then theres being about 10-12 years younger than an average first time house buyer, 18-20 is nothing like grown up.
Associate
DONT live at home, you'd be throwing away the whole uni experience. Plus taking a girl back to you mums isn't exactly fun.
You learn a lot living on your own.
You learn a lot living on your own.
Caporegime
Serj said:Do that. Having your own place rocks, and if your mum wants £40 a week if you stay at home, you may aswell pay a bit more and leave
Depends... his mum's £40 a week might include food, bills, washing... In which case it would be quite good value.
