Student loan...

Soldato
Joined
17 Jul 2005
Posts
3,192
Hi all,

Going into my 3rd year at uni which will be my placement year. Have had the full load and grant for the previous 2 years from the SLC, but have decided against having it this year because i'll be earning a decent wage.

Will this have any repurcussions for the 4th and final year at uni? Because i'l be wanting full loan again that year.

I presume I can just leave the application and then when it comes to it against next year, just apply as normal?

Cheers!
 
NiCkNaMe said:
Hi all,Going into my 3rd year at uni which will be my placement year. Have had the full load and grant for the previous 2 years from the SLC, but have decided against having it this year because i'll be earning a decent wage.

Don't - take it anyway. If you dont need it, whack it into an ISA. Seriously, do the repayment calculations on the Studentfinance website and you'll realise that it makes no odds how much you borrow, you still end up paying it back at the same ridiculously low rate per month for 25 years after which they write it off anyway.
 
[TW]Fox said:
Don't - take it anyway. If you dont need it, whack it into an ISA. Seriously, do the repayment calculations on the Studentfinance website and you'll realise that it makes no odds how much you borrow, you still end up paying it back at the same ridiculously low rate per month for 25 years after which they write it off anyway.

Seconded, take it, you can even make money if you put it in an ISA.
 
trojan698 said:
Seconded, take it, you can even make money if you put it in an ISA.

That's what I'd do too. It's the cheapest 'loan' you'll ever get, in that you can easilly make a proftit by doing very little :).

It gets next paid the day you come back from Easter break.
 
hmm, tricky situation lol!

I was thinking i'd only have around 13k of "debt" if I took it for 3 years... and surely i'd pay that off in less time than say... 17k?

Can anyone run me through the repayments? going to have a look around now at the SLC websites, etc... but if anyone can give me an overview.

Can you pay more off if you wish ?
 
Yes but if you take out a loan and put it in the ISA - you will get money from it - a gain. I believe the repayments are something silly like £5 a week once your earning over £14k.
 
take it and stick it isa or even better something more risky with an even high intreast.

even in an isa you'll receive more than the intreast being earned. When you leave you'll have 3k+ towards a deposit for a house at a fraction of the intreast rate of a mortgage.
 
AcidHell2 said:
also at

£16,400 its £2 a week repayment
£24,596 its £18 a week repyament

Bloody hell, it is kinda crazy isn't it... it's just kind of an ongoing payback that will end with you still owing money :s

Saying that though i'l be expecting 24k + pretty early on... £18 is £60 a month.

Money that could be better spent on something else :p.. and it still hardly touches paying off your loan. Will be a PITA when I have to start paying it off :(
 
NiCkNaMe said:
Bloody hell, it is kinda crazy isn't it... it's just kind of an ongoing payback that will end with you still owing money :s

Saying that though i'l be expecting 24k + pretty early on... £18 is £60 a month.

Money that could be better spent on something else :p.. and it still hardly touches paying off your loan. Will be a PITA when I have to start paying it off :(


Obviously not doing maths :p

there's just over 4 weeks in a month it's more like £75
 
:p @ Acid :p

Taking this, I reckon I could have around 6.5k saved up by the time I finish uni.... + any interest acrrued.

Know it's not much, but at least it's on its way there to being a house deposit!
 
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