Soldato
- Joined
- 8 Mar 2006
- Posts
- 13,300
- Location
- Near Winchester
I'm looking at bit over £12,000
Student Loan - How much debt after uni?
- Thread starter AmDaMan
- Start date
Just done my first year of uni, owe near enough £6.5k. However I have been working for the last 7 months in 2 part time jobs (and a lot over the summer), already have more than what is owed to the SLC in an ISA and savings. Gonna open another ISA I think soon through a family member. I should be able to pay off everything once I'm finished, I'll just pay it off once the interest from savings < than interest from SLC is charging. Should make a tidy sum at the end.
If I'd have been living at home I'd have been ok, pretty much all the loan money went on accomodation fees with all my other spending money being made from working. As well as working everyday in holidays also had a job whilst at uni. It wasn't much but the money from it paid for all my food for the week with a little left over.
Although the job did me and my wife good, we now never have to pay to go to any gigs at the uni (and we left over 5 years ago now) which saves a few quidGot Razorlight and Feeder this week, that's almost 50 quid each we'll not be spending.
Yeah. She was the opposite. She spent most of the summers in Indonesia doing field research and whatnot. She worked like 3 weekday evenings and sat/sun. Got hard towards exams, especially in the 3rd year, but she still managed a 2:1 in Marine Biology which is a damn good achievement with a schedule like that.
She's doing her masters now. Stress = Bad
Because it's not any less relevant now as it was then?
I came out of my early 20s with about +£15,000 spare, as I didn't go to university. Instead I went into an apprenticeship at 18 and worked for 5 years doing 1 day college, 4 days work (work paid for it). At the end I was fully qualified and certified as a CAD draughtsman and an electrical services engineer.
Frankly, people like myself who cannot study and cannot memorise random facts without being interested in them shouldn't be at university. The apprenticeship was the best thing for me as although I was offered university placements, I knew I wouldn't be able to stick it out.
Although we all have the right to go to university, I don't think it's suitable for everyone and a complete waste of time and resources for some school leavers. There's far too much emphasis put on university degrees by parents, schools and some employers. The result being folks in their early 20s coming out with second rate degrees, no clue what they want to do with the rest of their lives and a ton of debt they need never have racked up.
I'm not attacking all degrees obviously, but they're common as muck these days and completely devalued with the exception of the top 5-8 universities.
Frankly, people like myself who cannot study and cannot memorise random facts without being interested in them shouldn't be at university. The apprenticeship was the best thing for me as although I was offered university placements, I knew I wouldn't be able to stick it out.
Although we all have the right to go to university, I don't think it's suitable for everyone and a complete waste of time and resources for some school leavers. There's far too much emphasis put on university degrees by parents, schools and some employers. The result being folks in their early 20s coming out with second rate degrees, no clue what they want to do with the rest of their lives and a ton of debt they need never have racked up.
I'm not attacking all degrees obviously, but they're common as muck these days and completely devalued with the exception of the top 5-8 universities.
why?
should have took it out and stuck it in savings for a house deposit.
More than likely and 15k+ is extremely hard to save.
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.
Make a runner to another country
Make a runner to another country
Will only work if you move to somewhere without a postal system. We got told by one of the LEA people that THEY WILL FIND YOU! but there was one girl who's last known residence was the boneo jungle so they had written it off.
Current loans (since 2006 iirc) are payed back at 9% of everything you earn over £15k pre-tax
so <£15k a year = £0 in annual payments
and it is £90 pa for every £1k you earn on top of £15k
£16k = £90
£20k = £450
£25k = £900
£50k = £3150
£100k = £7650
Anything not payed off 25yrs after you graduate is supposedly written off, although in the small print it does say they can demand the full payment on the 25th year. But i guess we will see how this plays out in 2031.
The thinking is that for those with a BA or similar total loans at graduation will be ~£21k (3 lots of £3xxx in tuition fees + three lots of £3xxx in living loan totals to about £6.5-7k a year) plus interest which now tracks the RPI inflation rate.
25 years of payments assuming you are at work at an average of 25k would result in over £33k available to pay the debt off. so most people will succeed before it is written off.
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Well the interest rates have changed and the amount everyone owes has, so the thread is full of outdated and irrelevant information, which is why I personally would have simply made a new thead.
My student loan is about 9k IIRC.
I've been working over the threshold for 4 years now and they havent taken a penny. Who knows why, I've tried to phone them to ask on several occasions but I get fed up of waiting on hold for so long. From what I understand they cant backdate payments so they can start taking payments whenever they like...
Dont know if its because I didn't graduate (dropped out) or something else (when I moved I forgot to tell them so they wrote to my nominated contact, but I since corrected the address)
I've been working over the threshold for 4 years now and they havent taken a penny. Who knows why, I've tried to phone them to ask on several occasions but I get fed up of waiting on hold for so long. From what I understand they cant backdate payments so they can start taking payments whenever they like...
Dont know if its because I didn't graduate (dropped out) or something else (when I moved I forgot to tell them so they wrote to my nominated contact, but I since corrected the address)
With the current loan structure (which may not apply for you) AFAIK it is your responsibility to instruct your employer that you have a loan to payback. As it is actually your employer who pays the SLC directly and it shows up on your payslip as a pretax deduction.