To people that have finished university, and are paying off their loan...

[Randomface74]

There is no point in paying it off early. The money you used to pay it off early you could have saved and earned more in interest than you were being charged.

That is true, but the difference isn't very significant.
It also only works whilst you keep enough money in your savings account.

I was willing to sacrifice the difference to have control over my finances.
I'm not really sure why, but I'm confident that will work out better in the long term.

 

[Naffa]

Thanks guys. It does seem like people do notice it then...

Basically, my college qualifications are in music, but I want to study politics at degree level, and as such, I've only been accepted at a pretty poor uni (one of the universities that 'cleverly' renamed themselves from a polytechnic ).

I guess another question would be, if I were to get a first from a uni such as that (I wouldn't even bother going if I didn't aim to get a first), would my chances of studying a Masters at a decent uni be any good?

Also... Politics, how much does a degree in social science actually weigh?

Thank you guys, you're saving my life.

 

[[TW]Fox]

unless you need the extra money. £200 a month is 1/3rd of a mortgage. People may have savings, but not enough monthly income to cover all the bills and live comfortably.

You wont be paying £200 a month off your student loan unless you are earning a significant amount of money. It is not 9% of your total earnings - it is 9% of your earnings over the threshold.

ie if you earn £20k you'll pay back about 40 quid a month.

 

[Naffa]

University of the West of England, I have a BTEC National Diploma in Music o) and I'm 19. I didn't want to rush into uni like all of my friends have, at the risk of making a mistake. I'm still not 100% sure about what to do.

 

[Stewy]

Looking at some of the figures posted, the amount you pay back per month seems like absolute peanuts?

 

[Raymond Lin]

Student Loans makes sod all dent in the pay packet really, it's about as much as a half decent dinner on a night out.

Professional Studies Loan from the bank however.....I am paying as much back monthly on that than some of my friends' mortgage repayments !

 

[mike66uk]

Looking at some of the figures posted, the amount you pay back per month seems like absolute peanuts?

That is the nature of percentages. You earn little, you pay back little. You earn more, you pay back more. Always 9% of earnings over £15,000pa.

 

[Naffa]

So how many UCAS points is that? Did you apply to anywhere else? If you are capable of going to a good uni then there are ways... basically you can hope to get accepted as you are, or do a one year course like a foundation year or an access to HE certificate.

I have about 450 UCAS points in total, I've been accepted at UWE but nowhere else.

I basically have all of the pieces in place to go to uni if I decide to, but am as yet, still undecided.

Thank you very much for the advice and help.

 

[Nix]

If you're in no rush, I'd at least wait until the elections and see if any party has plans to remove the top-up fees personally.

That said, I'd still recommend you go - it's a very good character building experience.

 

[triggerthat]

Question, if you don't finish your repayments by the time you retire, will it be written off?

 

[MajorMaccas]

I have about £18K debt It's a bit annoying having the student loan repayments but at the end of the day I have an education and I wouldn't trade that for no loan repayments.

You say you have an education, yet you just used a double negative.

 

[Glaucus]

You wont be paying £200 a month off your student loan unless you are earning a significant amount of money. It is not 9% of your total earnings - it is 9% of your earnings over the threshold.

I know what we pay back. It is a significant amount of pay. Well worth it if you use or get a decent degree.
Not worth it imo for a degree like I got, where I didn't know what I wanted to do and just went to uni for the sake of it.

25k = £900pa / £75 pcm
30k = £1350pa / £112.50 pcm
35k = £1800pa / £150 pcm
40k = £2250pa / £187.50 pcm

 

[semi-pro waster]

I have about 450 UCAS points in total, I've been accepted at UWE but nowhere else.

450 points seems like a fairly sizeable chunk of UCAS points to 'only' get accepted for UWE? Are you just counting your college/A-level results here or are you including GCSEs to reach that total? I've just discovered on the UCAS website that qualifications below Scottish Highers/A-levels can count now, I'd always been under the assumption that they didn't. Generally I'd not be inclined to count GCSEs/Standard Grades for the purposes of applying to university so do you mind me asking what grades you have aside from those and where you applied to aside from UWE?

As for the student loan question, I barely notice it, sure it'd be nice to have the money to spend every month but it's a trivial enough sum that it doesn't significantly impact on my life.

 

[Mahnsikir]

Question, if you don't finish your repayments by the time you retire, will it be written off?

Theyre written off after 15-20years I believe (for Scotland), though I may be wrong as thats only what a friend said to me in passing, managed to avoid getting a student loan myself.

Also someone got 7k a year in student loans wtf, thats more than double of what I would have got. Or does that include tut fees?

 

[semi-pro waster]

Theyre written off after 15-20years I believe (for Scotland), though I may be wrong as thats only what a friend said to me in passing, managed to avoid getting a student loan myself.

Your friend is pulling your chain I'm afraid. SAAS information about student loans and repayments - it depends on when you take out the loan as different conditions apply but if you took yours before April 2007 you have to reach 65, die or become permanently unfit to work before it would be cancelled rather than you having to pay it off.

 

[daz]

You say you have an education, yet you just used a double negative.

There's nothing wrong with using a double negative, it's just frowned upon since it can be ambiguous to some people what you mean.

Anyway, my degree was in physics.

 

[Naffa]

450 points seems like a fairly sizeable chunk of UCAS points to 'only' get accepted for UWE? Are you just counting your college/A-level results here or are you including GCSEs to reach that total? I've just discovered on the UCAS website that qualifications below Scottish Highers/A-levels can count now, I'd always been under the assumption that they didn't. Generally I'd not be inclined to count GCSEs/Standard Grades for the purposes of applying to university so do you mind me asking what grades you have aside from those and where you applied to aside from UWE?

It wasn't counting my GCSEs, I got three distinctions for my BTEC and had a few poor AS Levels to go alongside it. I think it was more to do with the fact my qualification was in music, and I was applying for degrees in various social sciences.

 

[Hamzter]

Student loans are designed so you never have to worry about them, I'm on 25k and paying £75/month, absolute peanuts, as someone said in an earlier post, it's more like a graduate tax than a debt, and I think they're not considered as real debt with a lot of banks (anyone able to confirm that?). My workplace also offers a student loan repayment scheme which is becoming popular for big companies, they pay up to £12k over 3 years to pay off my student loan 5 years and mine will be completely gone!

 

[No1newts]

As someone pointed out above (if rather bitterly so im assuming they didnt go to uni) only go there if you are going to do a degree that is worth it. Dont **** about with media studies and leisure studies and all that jazz, they are waster degrees made by the government so they can make it look although they are getting more people into higher education.

If you are going there to do a real degree with a real career in mind then go for it, you will be financially rewarded in the long term and you get a good time out of it too.

As someon pointed out above (again sounding rather bitter) you can make cash in a job instead of studying. Yeah you could maybe make 20k max for the three years (which a friend of mine did) well all good for them people but at least myself personally have came out of my degree onto a salary of 30k plus for two years and now on 40k plus which should reach 50 in the next 3 years. You have to think long term.

Loan payments are merely an annoyance and should not dissuade you. Dont go getting max loan and being stupid (which a few of my mates at uni did) and saddle yourself with pointless booze money debts. I left uni with 8k worth of debt and I pay back around £120 a month so its going to be finished sooner rather than later.

Go for it OP and dont let student debt worry you, there are plenty of people out there with pointless credit card debts without great educations who sohuld be worrying more

 

[Nathan]

crica £150 a month for me from my main salary. Sometimes dips below. That is for a total of £10k student loan over 4 years.