student loan question

[Elmo]

Woot! another glaswegian! i'm no longer alone!

As for student lones, yeah, they charge interest, and it really does add up really quickly, and you *will* get a surprise when you get your final balance through from the loans agency. But as has been said, it doesnt get put on ur credit score, and you can take as long as you like to pay it off.

I'm more interested in paying off my overdraft than anything else right now tho :S

[phunkygal]

surely they have to tell you this when your getting a loan? we were always told there was no interest, but the inflation was not mentioned. doent seem ethically right.luckily i dont need a loan as my grant and a few grand my nan left when she died twenty years ago has covered everything so far. is this the same with my interest free overdraft? (not touched that yet either)

[5lab]

lol

if you read the paperwork the interest will be mentioned somewhere.. its set just around the inflation rate, and changes occasionally. its 2.6% at the moment


you start paying it off when you earn more than £15000 pa (pre tax). it gets taken at 9% of everything you earn above that amount. the interest may sound low, but if you've got a 14k loan, you're still dropping a quid down the drain every day.. thats £30 per month.. in fact with a loan of that size you have to be earning ~£19k just to pay off the interest every month..

[Elmo]

surely they have to tell you this when your getting a loan? we were always told there was no interest, but the inflation was not mentioned. doent seem ethically right.luckily i dont need a loan as my grant and a few grand my nan left when she died twenty years ago has covered everything so far. is this the same with my interest free overdraft? (not touched that yet either)

If the loan was interest free there wouldnt be any money made and the companies who lend the money wouldnt make any profit, so it's common sense that SOME sort of interest is applied.

As for a student overdraft, as long as you stay withon your agreed overdraft limit it will be entirely interest free.

[Dougal]

We were specifically told by our school that it was interest free.

I don't mind paying 2.8% but it ****s me off that we weren't told about it.

[Elmo]

we got told that "it's as good as interest free" at school. I guess the moral of the story is READ THE SMALL PRINT!

[Ruggerbugger]

5lab, the terms of repayment depend on when you took out the loans. I took mine in '97, '98 and '99, before they were even administered by the SLC! I start paying mine back when I'm earning above 80% of the national average wage, which basically means once I get to about 18k. I've been deferring for 5 years now, so it is building up.

On the plus (!?) side, I'm starting a PGCE in September, which means I drop to less than half my current wage, and get another loan! As long as the golden hello for Science lasts long enough, I should be able to pay most of it off in 2007. In the meantime, I still have another year on my car loan

I'm waiting for that annoying bint and her unicorn off the telly to bail me out!

[Kezzer]

I hardly drink at all and i don't smoke and i don't do drugs. I went into £0 debt in my first year. In fact, i finished with £400 more than what i started with. I have no loans and not even an overdraft

[Ruggerbugger]

Nice one Kez! I didn't do too badly since I'd had a job at Sainsbury's since I was 16. The third year was tough, and the second year loan went on a supercharged Presario 1234 (266MHz K6-2 folks ). Coinicidentally, the PGCE loan is going on a laptop as well - good job I've got Hexus for buying advice

I hardly drink at all and i don't smoke and i don't do drugs.

So... what do you do?

Anyway, call yourself a student? You'll be saying you don't live on beans next

[Dougal]

You're only a proper student if you use Kwiksave.

And if you know how to make a '**** mix' that tastes gorgeous

[Ruggerbugger]

**** mix ?

[Dougal]

Basicly the swear filter took it out

You get everything thats at the back of the cupboard mix it together and eat it.

Made a chilli somehow without using chilli powder.

Took 5 of us to eat it all, but tasted brill.

[Ruggerbugger]

aah yes, half a tuna and pasta bake with an M & S tomato and pepperoni sauce with melted cheese was one of mine. Luvverly

[Dougal]

We found it a laff going to the Indian shops round the corner from us and getting stuff which had the funniest names and trying them

[poindextermatic]

uni debt sucks - I'm still paying for them bloody degrees...

[imroberts]

If you weren't still paying for your own, you'd be paying for the 400,000 people to start uni this month or they could pay it themselves... What you reckon?