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Student loan! what should i buy?

Discussion in 'General Discussion' started by Elliot6267, 9 Apr 2010.

  1. Elliot6267

    Gangster

    Joined: 9 Jul 2009

    Posts: 349

    Location: Manchester

    happy student loan day to all who receive it =D

    now... what random crap should i buy?
     
  2. Glaucus

    Man of Honour

    Joined: 11 Mar 2004

    Posts: 76,645

    nothing, stick it in an ISA if you don't need it for essentials and a bit of fun, the amounts taken out your pay packet are not small, once you start earning a decent wage.
     
  3. LiE

    Capodecina

    Joined: 2 Aug 2005

    Posts: 22,258

    Location: Milton Keynes

    Don't blow it on crap...

    This. I pay £150 a month :(
     
  4. mac1st3

    Mobster

    Joined: 14 Jun 2009

    Posts: 4,170

    Location: Southampton

    course stuff? what course do you do?

    Dohn't do what a friend of mine did, blow the entire lot on a guitar, it was a ruddy nice guitar....but the rest of the term, he had pretty much nothing to eat, couldn't go out, and generally screwed himself over, but it was such a nice guitar :p
     
  5. randal

    Capodecina

    Joined: 1 Oct 2006

    Posts: 12,843

    Obligatory grumble about mooching students. :D

    Seriously though, I'd save it. Save for the expensive tomorrow you can afford today as opposed to spooging it all on guff you'll only end up selling to buy Pot Noodles with anyway.
     
  6. Elliot6267

    Gangster

    Joined: 9 Jul 2009

    Posts: 349

    Location: Manchester

    haha wow, voices of reason. i like it.
    i don't need any course materials because i finish in a month (yay!)
    i might put it towards a stint of travelling.

    i very almost blew the 1st one this year on a guitar, but a friend managed to make me see sense... i do wish i had it though hehe
     
  7. jamief

    Soldato

    Joined: 23 Sep 2005

    Posts: 5,417

    Location: Dundee

    As someone who was in the same position a few years ago - don't spend it unless you really need it. I get a pretty hefty amount taken off my wages each month because I spent nearly my entire student loan on *****!
     
  8. log1K

    Gangster

    Joined: 25 Feb 2009

    Posts: 465

    Location: Ipswich

    How much do they give out these days?
     
  9. Elliot6267

    Gangster

    Joined: 9 Jul 2009

    Posts: 349

    Location: Manchester

    i thought the idea was that they take balls all off you... =/ this makes me sad.

    geting just over a thousand bean
     
  10. LiE

    Capodecina

    Joined: 2 Aug 2005

    Posts: 22,258

    Location: Milton Keynes

    Depends how much you earn.
     
  11. Elliot6267

    Gangster

    Joined: 9 Jul 2009

    Posts: 349

    Location: Manchester

    major league disapointment
     
  12. MickeyFinns

    Man of Honour

    Joined: 17 Nov 2006

    Posts: 1,927

    Location: Tooting, London

    The take something like 9% of your earnings over 15k.

    The biggest kicker is they take it out of your bonuses as well.
     
  13. log1K

    Gangster

    Joined: 25 Feb 2009

    Posts: 465

    Location: Ipswich

    Does that seem unfair? Seems ok to me.
     
  14. I get around

    Mobster

    Joined: 14 Jan 2009

    Posts: 4,325

    How do people actually have money left from their student loans...

    Mine pays (well will when I get round to going) for the cheapest accomodation I can find (£88 a week) and nothing else :(
     
  15. Captain_Slick

    Wise Guy

    Joined: 30 Nov 2003

    Posts: 2,211

    Considering I've had to lend a sibiling money twice in the past month because they spend their student loan payments on stuff that they don't actually need, I think you should save it until you need something or are in the position to pay it off.
     
    Last edited: 9 Apr 2010
  16. Abraham

    Sgarrista

    Joined: 13 Dec 2002

    Posts: 7,646

    Location: Manchester City Centre

    because that contributes to your earnings over 15k... :confused: why wouldnt they?
     
  17. Dave M

    Soldato

    Joined: 17 Oct 2002

    Posts: 5,537

    [​IMG]

    You need it for your essays ;)
     
  18. matt_fsr

    Soldato

    Joined: 20 Jul 2005

    Posts: 5,710

    Location: Durham

    This man speaks the truth! :D

    Although wouldnt that be about 1.5 years worth of SL payment? :eek:
     
  19. MickeyFinns

    Man of Honour

    Joined: 17 Nov 2006

    Posts: 1,927

    Location: Tooting, London

    That's not the point I'm making. I'm fully aware of the terms of student loans and I'm happy with them. I'm just trying to emphasize that it's not free money you are given like the attitude of many implies (i.e. the OP), there are numerous drawbacks compared to a traditional loan (fixed repayment) in the sense that the more you earn the more you pay and thus this is reflected in bonuses.
     
  20. LEK-89

    Wise Guy

    Joined: 11 Oct 2008

    Posts: 2,209

    Location: Leicester

    As suggested, don't blow it on crap or stuff that you don't need - you will regret it later on when you really need the money for something more important.

    A friend of mine blew it all on crap and had very little money left for food and ended up in debt with his bank, this was 2 years ago and he's still paying it off now!

    Liam
     
    Last edited: 9 Apr 2010