Student loan re-payment

:p
Dunks said:
So the amount of lending is not dependant on how much you can afford to pay per month?
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The maximum loan amount and the amount you can afford to pay each month are not the same and often not directly interlinked. For example, you can affect the second by taking the loan over a shorter or longer period for example, but the maximum loan amount will not change.

darkgen said:
What's not to stop retirees clogging up academia supported by the public purse?
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Nothing :p

However, you have to be under the age of sixty on the first day of your course to be eligible for a student loan.
 
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amigafan2003 said:
You have to be under the age of sixty on the first day of your course to be eligible for a student loan.
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It would seem a perfect opportunity to study for a qualification purely for interest and leisure as opposed for any actual vocational reasoning, all supported by a loan which is likely never to be repaid!

I fancy some of that in all fairness! I always wanted to study in a field outside of computing. I mean I've paid enough in to the pot haven't I? :)
 
Dunks said:
So the amount of lending is not dependant on how much you can afford to pay per month?
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Not really, no. The monthly payments are affected more by interest rate and duration, which are driven by the LTV of the product you get. I.e, a £200,000 mortgage at 95% LTV at something like 4.5% over 25 years is going to produce a wildly different monthly payment than getting that same £200,000 mortgage at 60% LTV at more like 2% over maybe 35 years.
 
amigafan2003 said:
Yeah, it's not like it's a "proper" loan - doesn't even show up on credit reports.

Think mine will be around £75k when I've finished - doesn't borther me in the slightest.
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Yeah but the difference between skeeter and you is that he is paying his back.

You took your load out with the idea of never paying it back. If everyone done that the education system would be in some shape.
 
teaboy5 said:
You took your load out with the idea of never paying it back.
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I decided to pay chunks of mine off with overtime money i had spare. I was only spending it instead on things i didnt need. Also, my overtime is coming to an end soon so not paying SLC £15-£200 a month will lessen the blow of no OT.
 
I just can't bring myself to make any payments towards this, I can pay it all off now but why should I if it's going to be written off later?

I think I'd rather stick the money into a savings account to be honest.
 
Skeeter said:
So in this plan, how would education be funded? You've made it quite clear you don't think it should be funded by those who receive the service.
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How is any state-provided service funded? I think you'd struggle to make the same case for another large public service like the NHS...

Drastically reduce the number of academically unsound courses/places at Uni and continue to charge or make it free for all at the point of delivery just like the rest of the education system (and the NHS) and let everyone use it, regardless of the dilution/loss of quality.
 
amigafan2003 said:
I just find it amusing when people get all butt hurt over it. It's not like I've broken any rules.
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I'd love to see your reaction next time an MP says that for expenses or a company legitimately reducing its tax bill, you'd be foaming at the mouth at them for 'milking the system' haha :D
 
The 'academically unsound' courses are self filtering, fortunately. Any employer with half a brain cell will recognize a 2 year course of Media Studies as being worthless.

As you say the way to make it "free" is to publicly fund it, but that's never ever going to happen. Especially if everyone is getting Undergraduate, Postgraduate and Doctorate degrees for nothing.

Personally I see no issue with charging for Higher Education, and I think the Student Loans process is a pretty good way of funding it too. The baseline for education was 16/Secondary. Its now been moved up to 18/Further, but anything beyond that is up to the individual to pursue. You don't really have means to generate personal income up to 16, so providing 'free' education up to there is great. But from then on, make your own way.

If you can't see the justification in the debt then your probably chosing the wrong course, or Uni simply isn't for you. Or perhaps your just like me and see it as a way to fund 4 years of fun and frolicking while you decide what to do with your life, which if so, great, you just then can't complain about the debt.
 
4 years of fun, got a degree, got into 20k of dept, now almost paid it off. I actually think its a good system - without it I wouldnt have been able to go.

On another note did anyone see the news this morning that blackburn was a low-wage high welfare town whilst Cambridge was a high-wage low welfare town? They then show a toilet roll factory in Blackburn - not exactly a highly skilled job paying 60k. Media must be stupid sometimes, the reason Cambridge is like it is, is because people are skilled and dont work in toilet roll factories!
 
Geo-Gamer said:
Reading this is very interesting. People mentioning to ask for full amount and save it and that's exactly what I am doing now. I have managed to save all the years into my isa account and currently am working in order to pay for my study abroad next year in order to survive and not touch my loans and grants. I should graduate with 20k+ and hopefully add that to a deposit to a house or something !
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I did similar to you :-) My uni course was 4 years, of which 1 year was a paid sandwich placement. I was still getting the student loan, so I was able to save that entirely while being salaried. After uni and a few extra years working, I had £17k saved and managed to slap £15k of it down as deposit on a £70 bachelor pad. Used the remaining £2k to furnish it.
 
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