Student loan! what should i buy?

[Abraham]

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.

actually the more you earn the less you pay, as you're paying it back quicker => less interest. I still don't understand what bonuses have got to do with it, they're just another bit of your pay.
And the drawbacks compared to a normal loan if they are drawbacks are miniscule compared to the difference in interest rate. It is still the cheapest money you'll easily borrow.

 

[IceBus]

happy student loan day to all who receive it =D

now... what random crap should i buy?

Rent? Food? Unless you don't really need a Student Loan it doesn't really stretch much past that.

 

[Freefaller]

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.

Indeed. Fortunately I did put part of mine away and as such was able to pay 50% off within the 1st year of paying it back, almost come to the end of paying it back now, and that's 9 years since I finished uni. When you've got a couple hundred quid leaving your wage packet it hurts as that could go towards your holiday, savings, and general disposable income.

By all means enjoy yourself as a student, but don't let yourself get tied down by something like this either.

 

[Locke]

Depends if you need the money later, but I would maybe upgrade or buy something related to your course?

Like something for your PC? a 480 to warm your flat up next Winter?

You need it for your essays

I don't think anyone gets that much from a Student Loan! if someone did buy that though, I would probably raise my eyebrows!

 

[platypus]

Ipod, Macbook, porn.

Or rather, put it in an ISA.

 

[Dunks]

At least you actually get a student loan. £55 a month, wooo.

 

[person]

happy student loan day to all who receive it =D

now... what random crap should i buy?

Haha if only I had that luxary I know what il be buying with mine, rent/bills paying back money to people I owe then after that " if " there's anything left I might consider actually getting myself something. But hey if you can spend some of it on yourself freely then do

 

[I get around]

Rent? Food? Unless you don't really need a Student Loan it doesn't really stretch much past that.

Unless your parents are unemployed and you get a full loan, grant and usually a bursary. Puts people on more than most part time workers are on.

 

[person]

Oh and if this thread has been made because you already have your loan .. can I ask how? dont get mine for another week at least

 

[Begbie]

Do I what I done, **** it up against a wall?

 

[Glaucus]

I finished uni. When you've got a couple hundred quid leaving your wage packet it hurts as that could go towards your holiday, savings, and general disposable income.

Exactly, just when you hit the most expensive part of your life, buying house etc. you have a large chunk leaving your pay packet every month. People just don't seem to realise the impact.

 

[Chris1712]

How do people manage this. Mine just about covered my rent, and I work 18 hours part time to afford food and living.

I got the top means tested loan/grant allowance aswell.

 

[Microwave]

Ok this is a list from what I can remember from my past 2 years at uni...

(I don't blow my money on stupid amounts of alcohol and I'm sensible so I have money to spare...)


First thing I bought was a 32GB iPod touch
24" Samsung monitor
Sennheiser PC350 headset
Shure SE210 earphones
Nikon D60
Intel X25-M SSD
Creative T40 speakers
Nexus One

+ the obligatory nice clothes


if you're 'careful' with your money student loan can be awesome. And I've still got a year and a half of it to go!

(This is just with the loan, I'm not getting the grant).

 

[Razor-BladE]

now... what random crap should i buy?

http://ofcrap.com/

 

[Locke]

Well my guess would be it's people who get parental support on top of their loan/grants who can buy crazy amounts of hardware, and so forth. Loads of my flatmates are epically skint, and they haven't bought anything mental... just the normal stuff needed to live, and we've gone out a normal number of times (normal for students!).

Only getting the student loan and student grant doesn't lead to a life of absolute luxury, even though these kinds of threads will cause people to think like that...

Yeah, if it wasn't for my tax rebate at Christmas, I'd have been extra careful with my money too.

However, since you still get a large amount of the loan now when the term is almost finished then I can see why people would want to "waste" it on something.

 

[Freefaller]

I also claimed complete independence from my parents - they put me through school, so it was time for me to stand on my own 2 feet. I worked some weekends, and the occaisional evenings, sometimes less, sometimes more - it depended on my needs. I also worked during the holiday periods. I still spent loads of my student loan but not all of it as I mentioned, however I also had a car at uni, was able to live in a nice house, go on holiday, buy good food. It did require time, effort and a bit of dedication. I was still able to study, go out with friends and have a laugh - you just need to manage your time.

 

[neocon]

remember, it's actually someone elses money

 

[RandomTom]

Microwave, that's some good sensible spending! My loan goes on food, petrol, phone contract and savings, what a disappointing student I've been this year. Still, the fun is just as good after uni

 

[Microwave]

Why thank you! Very sensible if I do say myself

Having a car at uni really does cut massively into the available cash, another reason why I don't have one there.

 

[Freefaller]

You're right - but without it I wouldnt' have been able to do half the things I ended up doing - so I don't regret it.