Student Loan - How much debt after uni?

Ok I see what you have unclearly written now.

Paying your loan off early is a pretty silly idea generally as you can put the overpayment money in an account that attracts more interest than then loan, but it will be interesting to see how much of a different there will be between the 3.8% and the rate saving accounts will offer whiles the BOE rate is low.
 
daz said:
To be paying £100 a month you would have to be earning at least £30k per year - do you think there are many jobs out there that pay that without a degree, and if so, what proportion of people in jobs paying more than £30k a year don't have a degree... ;)
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A lot of jobs
daz said:
How else would you prefer we balance the books if not for student loans on an already heavily subsidised higher education system?
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Nothing wrong with the system, but everyone keeps saying they are cheap and you wont notice the payments, you certainly do.
 
my daughter gets around 6.5k(to pay fees and maintainance) but the non repayable grant takes away 2.8k(cant remember the exact figures) then the bursary takes of 1k more me and my parents also give her a small monthly amount.
shes now got a pt time job in Bangor (plenty of spare time must only have about 4hrs lectures a week what a life) so her debt will be small or none at all
 
Wow a 4 hr a week degree. So rather than a student shes a Tony Blair keep employment figures low mule. Although ironically she has so much spare time that she has a job anyway :p
 
The view people seem to have of 'The student loan doesn't count as debt' seems a bit stupid to me. I mean in people in general.

The whole point of going to uni is to get yourself a better job. It is completely possible that some graduates in maths/engineering/banking/medicine/architecture(sp) or whatever are earning 30-40k by the time they are late twenties.

Most people in their thirties have families, mortgages to suck their money away, the last thing you want is another £100+ lost a month to loans!

EDIT: spelling:p
 
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Don't pay this student loan off too quickly. This is the only time in your life you will get to take a loan out without much interest and this will never affect your credit rating.

The best thing to do is open up an ISA. The rate you get in there will mostly likely exceed the rate that you are getting charged. Let them take it out of your wages but don't be silly and pay them back with large amounts via cheques/credit/debit card.
 
Jonnycoupe said:
Wow a 4 hr a week degree. So rather than a student shes a Tony Blair keep employment figures low mule. Although ironically she has so much spare time that she has a job anyway :p
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4hrs is the impression i get when i talk to her:)(history archeology heratige), shes playing pool or trecking around the Bangor pubs with here mates or dancing ,anyway shes loving it wish id gone myself now sounds like an exellent life , lives about 10ft away from a pub as well
 
mglover070588 said:
The view people seem to have of 'The student loan doesn't count as debt' seems a bit stupid to me. I mean in people in general.:p
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Its more of an investment. SLC becomes a shareholder in you, and then gets dividends based on profit you make. However you only need to pay there initial investment off then your back to 100% ownership of your skillset.
 
just got my statement a few weeks back and im on about 11.7k with £46 a month in interest although im lucky since im able to live at home so no living costs effectively and my parents agreed to pay the tuition fee part.
I simply put it in ISA's and have let it gain some interest so im covered for when i leave in terms of paying it off over time without really feeling it (i hope)
 
Now that BoE rates have dropped and I may be getting less on my savings very soon, I'm considering paying a chunk off my student loan...

EDIT: mine stands at about £15k though.
 
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AcidHell2 said:
A lot of jobs
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My point is, going to university gives a lot of people access to jobs and opportunities they wouldn't otherwise have. On average (caveat: mileage may vary) a graduate earns a significant amount more than a non-graduate. Paying for your education, after you graduate and only if you earn above a certain amount seems to be the fairest way to do so.
 
None, i'm only into my second year but i still will never have any debt. Now i can totally understand people who need to take out a student loan and thus getting themselves into debt but what i can't understand is the number of people i know who take them out just for extra cash and don't realise how much debt it's really going to put them in. (bear in mind in scotland we don't have tuition fees so uni could pretty much all round be free for my friends).
 
AcidHell2 said:
Yet I'm only paying £14 a month on a 8k bank loan and will be paid of much faster. where the 10k student loan is £25 a month interest.
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But finding a (fixed rate?) bank loan at 2.1% interest is hardly representative.

For this year student loans are 3.8%. You'd be lucky to find any bank loans for under 8%.
 
daz said:
You'll never pay it off unless you earn a serious amount of money... don't think of it as a debt, think of it as an extra 1-2% on your income tax for the next 20 years+... i.e. a graduate tax. :)
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I'll still be paying mine for 35+years if it doesnt get paid in full :(
 
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