Student loan! what should i buy?

HangTime said:
Ah that explains it, I was surprised that 9 years after graduating you'd still be paying it back considering you had paid off 50% early doors, as I had you down as a big earner. They mucked up my initial repayments as well, and back then it was a £10k threshold not £15k.

I've still got a few years left to go, funny thing is that I'll probably only finish repaying my student loan a couple of years before my mortgage! Also ironically one guy who works in my team actually takes home more money than I do after deductions because I have student loan and pension.

As an aside guys I'd recommend keeping an eye out for the March RPI figure when it's announced, as that will dictate how much interest we'll be paying from september. Could be in a situation where we start getting rooked for 3%+ again in which case if interest rates remain low paying off lump sums may become a viable option.
Click to expand...

Good point on the RPI figure. By sept I should be able to pay it off should I need to. My aim was the end of the year - but we shall see!

Seems we weren't alone with work mistakes! :D My salary initially was paying off small bits of it, but forecast it would have taken me a fair while to pay it off despite my 50% deposit.

Student loan and pension doesn't half rape your take home pay! But both necessary, the former not being indefinite obviously.

I wouldn't call me a big earner, but my salary over the last 2.5yrs has significantly accelerated. Working on yachts wasn't brilliantly paid, but it was bloody good fun, and meant very little overheads when away on projects. Despite living in London, I'm paying a good rent, and with my soon to be cleared student loan I'll have a significant amount more disposable income to play with.

rpg said:
Exactly. Buy something if you need it, don't waste it on unnecessary purchases. If you do, you'll end up regretting it.
Click to expand...

Indeed - all I'm trying to do is to help and offer experience/advice. :)
 
Like many have said before. dip into it but dont blow it. Unless you have a job lined up for the summer, you may need to use whatever money you have left from the first year to tide you over.

For me as I've already stated, I've worked out that I need to pay Aprils and May's rent so £750 gone out of the £2100+ loan and grant payment. That leaves me with about £1100+ to play with over 9 weeks. Out of that, I need to save for a despoit for my house next year, I need to keep myself feed, I need to put some aside just incase I need to get home for some reason (my mum might have MS).

Now thats all stuff I NEED to do. What I want to do with the money is replace this broken PS3 I've been given by a friend. Thats £130. I want to buy a HDTV, I'm looking at £300+. I would like to buy XBL Gold again. I would like to buy some more games etc. I would also like to go out on occasion.


I see a lot of people getting mad at students for wasting tax payers money but uni is more than just learning in a classroom. For lots of people including myself, this is the first time we've had such a huge amount of cash to play with. And for most its the first time they have to budget for things. A lot of people fail at that, I ended up last term with over £100 left in my account because I budgeted for what I needed to spend. Most of my friends were eating Asda Smart Price food because they had no money due to overspending on things like going out.

I spent much of the first term living on £10 a week thanks to Student Finances mess up. I cant borrow money from my mum or dad like some of my friends did so budgeting is the only way I can survive down here. I came to uni with no savings as it was a very last minute decision and I wasnt a very good saver a year ago. Money went through my hands like water, I had it then I spent it the next day.

We arent all bad people us students:p
 
I paid £972 student loan in last months pay (bonus time) :(

I had a loan of £12k after 4 years of uni so it will be paid off soon. I wasted a bit on computer bits in my first year and ran a car but did have a part time job to help.

Thing is I enjoyed Uni and the degree got me a decent job, so I don't begrude the payments, you don't even notice you are paying it off each month after a while. I certainly wouldn't have wanted to try and live like a ***** at uni to try and reduce my student loan.
 
Shove it in a high interest account that's what my bros doing. Let the money work for you. I here they won't start taking it back off you until you earn a certain amount a year.
 
I'm gonna be poor at Uni and come out with verging on 30k of debt. Yay me :(

Literally the cheapest I can get in Bristol is gonna be a shade under 4k I think for accomedation for a year :(
 
Last edited:
msm722 said:
Depends how much you earn.
Click to expand...

Well you must be on circa £35,000 a year to be paying that back, £1800 for a few years isn't too bad really. If you were earning £20,000 you would only pay £37.50 a month.

Gackt said:
Move out of the mansion and into a student house? Geez. 4.8k on rent? I was paying max of 3.5k a year on rent with all bills.
Click to expand...

Halls here would cost between £4100-6550 a year, for a single room.
 
Last edited:
The loan is pretty useless, after I paid rent etc I've got barely £100 left over. I'll use it wisely.
 
I think all students now will have circa £27k after a 3 year degree?

3 X 3100 for fees
3 X 4XXX maintenance?

A lot of money if you get a job you could have got without a degree at the end.
Not a lot of money if you get a high paying job at the end.

I would say, take the money, halve it, and put one half aside, and then blow the other on what you like :)
 
Sukh said:
I think all students now will have circa £27k after a 3 year degree?

3 X 3100 for fees
3 X 4XXX maintenance?

A lot of money if you get a job you could have got without a degree at the end.
Not a lot of money if you get a high paying job at the end.

I would say, take the money, halve it, and put one half aside, and then blow the other on what you like :)
Click to expand...

Is that how much the loan is these days?! :eek:

Don't your LEA pay tuition fees now?
 
Freefaller said:
Does this make you Robin?

Do you look good in tights? :D
Click to expand...

haha, i look good in ANYTHING

Freefaller said:
Is that how much the loan is these days?! :eek:

Don't your LEA pay tuition fees now?
Click to expand...

nah its 7k a year and ive failed a year, so + 7k as well, im not going to think about it for a while, but im doing a decent degree so going to have to take it on the chin, and get some work done!
 
Freefaller said:
Is that how much the loan is these days?! :eek:

Don't your LEA pay tuition fees now?
Click to expand...

Well for London it is, I got my first statement saying I owed £27k :)

LEA don't pay for anything as far as I am aware? But we don't get anything above the basic. A few people were getting silly money because they were poor, but quite a few had family businesses and due to the way their parents paid themselves (i.e. not in wages) they were rich, but got massive grants.

Also my rent was £120 a week including all summer, so the loan didn't stretch that far.
 
Last edited:
After I pay my rent and bills I have just enough to buy food for a month or two and thats Asda Smartprice! How do all these people splash out their loans on big screen TVs ???
 
You must log in or register to reply here.
Back
Top Bottom