I just bought a Ps3, 360, £2000 computer and a 40" plasma screen with my Uni grant!

Unlight said:
£5 a week in repayments? Sorry but you are deluded.
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It is about that if you are earning between 15-20k a year. Which lets face it, most people fresh out of Uni probably are. By the time the repayments rise to anything approaching £100, you are earning money such that £100 doesn't matter.

Last deduction out of my monthly wage was £140... look a bit more of a problem now?? Enjoy your debt while you can...?
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So you earn what, about £32k a year by my reckoning. £140 is nothing.,
 
Unlight said:
£5 a week in repayments? Sorry but you are deluded.

Last deduction out of my monthly wage was £140... look a bit more of a problem now?? Enjoy your debt while you can...?
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Erm it depends on your wages.

9% of anything earned above 15k.

So on a 21k salary that would be 9% of 6k which is £540 which is approx £9 per week.

sid
 
Grants to buy PS3's and plasma TV's what is the country coming too.

The next thing you will be doing is taking out a student loan to buy a German high performance vehicle.
 
Third Opinion said:
Grants to buy PS3's and plasma TV's what is the country coming too.

The next thing you will be doing is taking out a student loan to buy a German high performance vehicle.
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Grants arent intended for that. Its like EMA, they cant track what students spend it on.
 
Third Opinion said:
The next thing you will be doing is taking out a student loan to buy a German high performance vehicle.
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Yea, the system sucks, currently you only get enough to insure and service German high performance vehicles if it isnt means tested :(
 
I did my accounts following each of my 4 uni years. On average I spent about £8k a year:

£1k fees
£3.5/4k accomodation
£3k everthing else

Add to that: laptops worth £1k in year 1 & 4.

I have about £14K student loan I reckon but I do have £6k savings in an ISA earnt working in my year out pre uni.
 
I get about £8k loan plus grants each year. I don't rely on parental financial help. I am still practically broke by the end of the year, and I don't spend anything on stuff like PS3s, 8800 GTXs etc. My rent is £433/month... Even so, I don't understand either how people can blow money like that, I mean, I get so much and need every penny.
 
to original question.

because many students get mum and pops to loan them x amount at any given time.

some students have to sell stuff to afford rent, til their loan comes in
 
you can get a student overdraft which is £1000+ which is interest free....so you can use this an extra cash, and then in summer, pay it off by working!
 
[TW]Fox said:
How?? Even full loan living away from home in London doesnt get that.
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To be more specific I get a £6-7k something loan and then a grant, and adds up to just under £8k iirc (haven't got my piece of paper thing to hand)
 
Even a debt of £1000 is a bad way to start life after Uni. Unfortunately from what I remember from last year - the average student now leaves with £17,000.....Add this to the fact that most students fail to get a job anywhere near the wage their rose tinted career advisors expected. They struggle on for 3-5 years with no holidays, even more loans & credit.....


and then what happens ? they realise the possibility of settling down with a serious girlfriend / house /kids etc (and a mortgage of £700+ a month) - on top of all the debt they have already managed clock up (on just above the UK average wage)
 
[TW]Fox said:
Here is another question - why is the student loan reduced in your final year?
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Depends on what accomodation options you choose. A lot of students do not go back home over summer in between years, so the year counts from Sept to Aug or something. Final year usually ends in May/June, so the loan is less.
 
DB_SamX said:
Depends on what accomodation options you choose. A lot of students do not go back home over summer in between years, so the year counts from Sept to Aug or something. Final year usually ends in May/June, so the loan is less.
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Without exception everyone I know at Uni goes home every Summer. I dont know anyone who has stayed around for the summer.

The Final year lasts as long as any other, it seems odd I'll get less loan.

Wanted a new exhuast :(
 
I wish i could say i'd be able to get loads of cool things. I can't, i don't get a grant and i have a sub £600 a year student loan and that is it. My parents earn too much for me to get any more but also are not in a position to be able to hand out money to me. I live at home so I do get the bonus of that and the government paying my tution fees.
 
Pepz said:
you can get a student overdraft which is £1000+ which is interest free....so you can use this an extra cash, and then in summer, pay it off by working!
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That's pretty much what I do. I would never have the time to work in term time so I think that is the best way forward. Thing is you end up back to 0 when term starts which is a little weird :p
 
if one person can get the money then everyone should be able too , parent income should have nothing to do with it

same with EMA

why should one student with 2 brother/sister whos mam earns a penny over the magic number get nothing while the only child whos parent earn a penny under the magic number gets 40 quid a week and all sorts of silly bonuses


i never got anything while at college and had to work to go , im going to get shafted for uni this year aswell because it goes on my dads earnings from last year .

doesn't take into account the fact that he got made redundant and isnt earning anything at the moment :/
 
How do they afford it?
The answer is, they don't. With the exception of a few people with large savings or financial support from parents, most of the kids with all these gadgets spend beyond their means, meaning maxed out Student Loan, Credit Cards, Overdraft etc.

I had a friend at uni who got loads of help from his parents, all his accomodation and fees were paid for, and I remember that he still had some of the 'cash to tide you over for a month' left 6 weeks into our first semester. Yet in spite of this his spending was sensible for the most part, he didn't go crazy buying gadgets and ended up making a profit during his time at uni (savings increased).
 
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