Student loan! what should i buy?

[Infam0us]

A few things im sure he's going to be impressed with x

Porn?

 

[neoboy]

Having gone to Uni a few years later than everyone else (first year at 22) and seen my friends blow their loans on useless ****, mine is only going on essential purchases and rest going straight into savings account so at least when I finish the degree I've got a tidy sum to get myself started. Mind you applied to study abroad next year so if get the place then it's all going towards supporting myself down there heh.

 

[makamiso]

When ever i get money, my brain says "save it" but i can never succeed at doing it...

 

[James J]

How are you planning to fund your MA?

intergrated with my final year so a simple course change for me

 

[Sukh]

MSCi?

 

[cbarker118]

Computer parts and paintball. Sometimes I can actually smell the irresponsibility of it all. Dont worry though job next year and this new rig should last SOME time

 

[Gangster]

Just dont spend it all then borrow money from your friends for lunch etc . Oh and then complain you've got no money.

Then it turns out you not only wasted your money, but you haven't got a job either and you dont intend to get one... yet still state you are poor.

Shoulda thought of that before! - not aiming personally ofc, just saying!

 

[dowie]

Wasn't there a thing where because of the way student loans were structured they were actually getting negative interest rates? I'm still trying to understand a lot of this stuff, some of the criteria seems to be very open to interpretation.

I don't think they got applied but yeah they should have done IMO - ditto to the tracker mortgages that briefly went negative during their special offer period... tis supposed to be a special rate and they'll be making money on the rest of the mortgage period so why not let the bank pay people interest if the base rate - whatever % they agreed is less than zero for a period of time

also whole point of the student loan being tied to RPI is you effectively only pay back what you borrowed - thus if money briefly becomes more valuable then it stands to reason that

unfortunately the govt didn't see it that way AFAIK and couldn't quite handle the idea of paying people interest on a loan

people can't really handle the idea of -ve interest rates but if we ever got rid of paper money (thus remove the ability to hoard cash if current account and/or saving rates went -ve) then it is actually a feasible concept

 

[HangTime]

All the people with only 10k debt I'm guessing went through the system before tuition fees?

Nope, my year (1998) was the first to start having to pay tuition fees.

i came out of uni with a £9k loan back in 2001, i'm still paying th edamm thing every month, don't get a loan if you dont need it, not worth the it!

Same here roughly speaking but I disagree with the idea of not getting a loan unless you need it. Get it and invest it, free money to be had (assuming you invest it wisely/safely).

I don't begrudge repaying my loan 9 years after graduating, all this talk about "you miss the money coming out of your pay every month"... well all you have to do is subsidise your income by taking out of your savings. I took a loan and now I'm paying it back, much the same as every other loan - except it is much cheaper and much less risky.

 

[fizzle-187]

Nope, my year (1998) was the first to start having to pay tuition fees.



Same here roughly speaking but I disagree with the idea of not getting a loan unless you need it. Get it and invest it, free money to be had (assuming you invest it wisely/safely).

I don't begrudge repaying my loan 9 years after graduating, all this talk about "you miss the money coming out of your pay every month"... well all you have to do is subsidise your income by taking out of your savings. I took a loan and now I'm paying it back, much the same as every other loan - except it is much cheaper and much less risky.

Invest it in what though?

 

[Narj]

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 *****!

***** = Drugs?

Thought that was par for the course for quite a lot of people these days...

 

[Josh107]

If your living at home I've found mine really handy for learning to drive and getting me on the road. Even at 19 with a 1.1 I am still getting raped on insurance and a decent car + lessons + tests must have took the total to well over 5 grand just to get on the road.
I figure it's better to be using that money to get me a skill, and take the sting out of the first year or two's insurance.

 

[loltim]

How much does uni cost at 28? I want to go back (nearly 27) but I don't want to be paying 3k a year.

 

[HangTime]

Invest it in what though?

That's down to the individual concerned (I'm not a financial advisor) but usually a top ISA account will beat student loan which is quite a simple/safe option. Alternatively something like an indexed tracker from NS&I should do the trick, pays RPI+1% tax free, obviously there's a slim chance that RPI could plummet after getting locked in to a high loan rate but rather unlikely, it would take some pretty freaky sudden changes for you not to make money off of that. As of right now it's very attractive as it pays 5.4% net compared to a SLC rate of 0% until September. Depends on whether people think they may need to get their hands on the cash within the first year or not, if so then an ISA may work out a better option.

Obviously there are investment options with better returns but I don't know enough about them myself to make them a viable suggestion for students.

 

[VeNT]

Seems ok to me.

this?

 

[cubepusher]

f

 

["andy"]

How much does uni cost at 28? I want to go back (nearly 27) but I don't want to be paying 3k a year.

3100 a year and rising

student loan will cover that. then you can also take a loan for living costs of about the same amount. or if you live alone or in a low income household you will get a grant instead of a loan. maybe a bursary depending on what course you do.

 

[Laney88]

Elliot save it and get the beers in when ur back in Manchester cant wait haha.