Student loan...

NiCkNaMe · 31 Mar 2007 at 07:07

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 · 31 Mar 2007 at 19:15

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 ?

NiCkNaMe · 31 Mar 2007 at 19:33

Think i'll take it then

Gotta apply now

NiCkNaMe · 31 Mar 2007 at 19:38

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

.. and it still hardly touches paying off your loan. Will be a PITA when I have to start paying it off

NiCkNaMe · 31 Mar 2007 at 19:48

@ Acid

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!

NiCkNaMe · 16 Apr 2007 at 22:28

BeatMaster said:
Do you still get the HE grant when on placement? Had a search but can't seem to find anything

BeatMaster

Wouldn't mind knowing this too!

NiCkNaMe · 17 Apr 2007 at 09:01

Nope, the debt doesn't count against you at all!

I've just started saving for my house deposit.. I too go on placement in a monthes time!

The interest accumulated on the loan is 2.4% a year, you can get up to 6.05% at the moment with a cash ISA. (Egg..)

Your never going to get a managed loan with such low interest rates ever again. Take it, put it in an ISA and save it for a deposit when your older!

You can also pay your loan off in a lump sum, but that's not advisable since you can make up to 4% more.