Soldato
Actually going to bang it in an ISA myself and live off my overdraft.
Student loan! what should i buy?
- Thread starter Elliot6267
- Start date
Soldato
- Joined
- 14 Jan 2009
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- 4,325
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).
I take it you live with your parents then?
Soldato
When I got my student loan last year, I did kind of splash out. But this year I've been very careful and have hardly touched it. I live at home so bills and such I don't need to pay. Not even board.
I give nearly all of it to my parents anyway.
I give nearly all of it to my parents anyway.
Caporegime
Seems like some people are getting student loans even though they don't need them.
Man of Honour
Yup, and since it's the first time they've had disposable income they go mad - I don't blame them at all, it's hard to resist, but it's daft. Then again hindsight is 20/20 after all. 
Soldato
First year i had £2k left over for summer, this year im -£1000 into the overdraft and its not even finished yet >_<
It's highly ironic that going to Uni used to mean a first taste of living on your own, budgeting on your own, etc.
And now it seems that it's merely encouraging the "spend now, pay later" approach to life which has got so many people into financial difficulties in recent times.
Here's a tip: if you don't NEED a loan, don't GET a loan.
If you're going to blow your loan on stuff you don't need, go right ahead, but don't come snivelling back here when you're complaining that you can't get a job because your 2:2 in basket-weaving from the University of nowhere isn't worth squat, and you've got £20k of debt that eats up most of your income from your telesales job which you took without bothering to look up what OTE means.
And now it seems that it's merely encouraging the "spend now, pay later" approach to life which has got so many people into financial difficulties in recent times.
Here's a tip: if you don't NEED a loan, don't GET a loan.
If you're going to blow your loan on stuff you don't need, go right ahead, but don't come snivelling back here when you're complaining that you can't get a job because your 2:2 in basket-weaving from the University of nowhere isn't worth squat, and you've got £20k of debt that eats up most of your income from your telesales job which you took without bothering to look up what OTE means.
Associate
Out of curiosity those who have gone through uni, if you don't mind me asking how much debt did you come out with and how much do you have to pay back out of your wage? As i have still my third year to go (i'm on placement now) i am looking to come out with about 12/13k debt and was wondering how this will compare and how much i might be looking at coughing up each month when i finally am working. Obviously that last question depends on wage but the first year is looking like anything between 20k and 28k
You think wrong. I'm currently living in a cheap student house with a couple of mates. You'd be surprised how much a lot of students spend on alcohol; £25+ a night, ~3 times a week. That adds up. Money I can spend on more material things.
Re: it not being my money and it being daft...I know BUT when I graduate and am in a full time job they take out something like £20 a month if you're earning over £16k which won't really be noticable (the same as my phone bill). I figured I might aswell enjoy the money whilst I'm in this 'compulsory' loan.
If I didn't spend the money I would end up saving it and when I got a proper job the few thousand I saved would become less significant if I'm earning £16k+, therefore I'd be getting less enjoyment for my money...if that makes sense.
I'm coping living without my parents fine, I don't see how what I spend my money on effects that. And with regard to 'budgeting'.... that it the COMPLETE reason why I have the money to spend - careful budgeting. If I choose to spend my left over money from my loan on tech opposed to alcohol and fast food that's my prerogative.
Thanks for the tip, but I do need the loan for food and essentials etc I just have left over money.
Sorry you seem to have a bit of a chip on your shoulder and are a bit cynical but I'm sure my degree will be worth something. I'm working at IBM on my placement next year and will hopefully come out with a graduate job offer...thanks.
£20 a month will not eat up any £16k+ a year earnings!!
Some people run into difficulties managing their money/debt, some don't, lets leave it at that.
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Soldato
I think it's how you've been brought up. My rents have always taught (well forced) me to be money conscious, and i've lived pretty independently money wise (other than bills food, etc). Got my first job when i was 14, got another job 2 years later, stop the 1st one half a year later from then. Since beginning of this year, got another 2 jobs on top of working already. Mind, they aren't 'proper' jobs. The odd job here and there, but it gets me money. For >2 years, i've paid for all luxuries myself. I'll be starting uni this september but i've got 3k in the bank.
Man of Honour
I paid 50% of it straight up when I left uni (I had around 11k off the top of my head). My work uselessly didn't fill in the forms correctly so there was a delay of a year before it came out of my wage. Now I forecast I'll be done within about a year but my wage is significantly higher than it was when I left uni, but I can't wait to get rid of it, I could do with that £200+ a month.
Associate
I get £90 a month - it goes towards petrol and thats about it! However, I am the same and I started uni with about the same in the bank, £750 went on PC parts though.
Not really.
Out of interest, why did you decide to pay the 50% off. Wouldn't that lump sum have been better off in an ISA with a higher rate of interest than that of the loan?
Associate
Thanks for taking the time to reply, i wont be so lucky in that i will be able to pay half off immediately like you but i'm lucky as such in the fact i receive the grant and my dad covered my rent last year and will do so this year. Uni is expensive nowadays but i think it's worth it for the experience and the career prospects you get at the end of it.
....When you're a student not earning you value money a lot more than say, you're in a £20k full time job. If you spend money as a student you can buy exciting things that interest you and that you'd like (albeit a bit extravagant - but that's what hobbies and interests are). If you saved that money then when you were older it would just be another few thousand in a savings account for 'later' or being spent on something boring like a mortgage which you would get no enjoyment out of.
Soldato
I get £90 a month - it goes towards petrol and thats about it! However, I am the same and I started uni with about the same in the bank, £750 went on PC parts though.
That's why a car at uni's a badd idea
And you might be one everyone goes to for lifts 
Lol.. i'm actually debating whether for uni to build a gaming desktop and maybe getting a netbook aswell, depending on how much the total will be. Or just going with a high spec laptop?
My brother and sister at uni says they hardly need to take it out of the room.. so i think i might go with a desktop pc?
Associate
- Joined
- 28 Feb 2009
- Posts
- 589
Pimp your rig. ISA the rest.