Cyclone Posted May 23, 2011 Share Posted May 23, 2011 Anyway, the loan repayment schemes are fair and I am doing OK in my second year. As it is based on a % of salary and you don't pay it back if you can't afford to, it's a pretty damn good interest free loan, to be fair. Except that it's not interest free... Link to comment Share on other sites More sharing options...
stourboy Posted May 23, 2011 Share Posted May 23, 2011 Except that it's not interest free... Whilst you're at university I meant; i.e. no interest repayments. Link to comment Share on other sites More sharing options...
Cyclone Posted May 23, 2011 Share Posted May 23, 2011 Not a wind up, just telling what I was told. Must admit though, I did repeatedly ask more than twice if I was correct. 22-and £24,000 in debt-really? What happens to the debt if you can't afford to pay it back? BTW-good luck with your studies. 22 isn't a normal 2nd year student though. They could have failed the year twice, or more normally they'd be in their final year having started at 18. In which case, 24k over 4 years is 6k/year, which sounds about right. Link to comment Share on other sites More sharing options...
Cyclone Posted May 23, 2011 Share Posted May 23, 2011 The problem is, University has been used as a means of fiddleling the unemployment stats since John Major's years as PM, Tony Blair carried this on, as did Gordon Brown. This argument makes no sense. It would alter the stats by a small amount for 3/4 years, people don't stay in uni for 20 years, so how could it have been used since the Conservative government of John Major until today to keep numbers down? Link to comment Share on other sites More sharing options...
andikay Posted May 23, 2011 Share Posted May 23, 2011 My son studied for his degree at home, he worked whilst doing his studies and now as a degree in accountancy, as well as money in the bank. If students choose to leave home and study at university that’s their choice and they shouldn’t complain when they end up in debt as especially when there is an option that wouldn’t leave them in debt in many cases. Most degrees can be studied for at home. They will have to give up their social life and they will have to work much harder but it can be done. Employers seem to be very impressed when they interview someone that is studying in this way, and in some cases are happy to help with study costs. Link to comment Share on other sites More sharing options...
stourboy Posted May 23, 2011 Share Posted May 23, 2011 Not a wind up, just telling what I was told. Must admit though, I did repeatedly ask more than twice if I was correct. 22-and £24,000 in debt-really? What happens to the debt if you can't afford to pay it back? BTW-good luck with your studies. You don't make any repayments unless you are earning >£15k under the current system. Repayments are 9% of monthly salary. Think the debt gets written off after 25-30 years or something like that, I worked out I will be making repayments until my late 20's I think And thank you Link to comment Share on other sites More sharing options...
sumayyah Posted May 23, 2011 Share Posted May 23, 2011 Second year student in £24k of debt? Definitely a wind-up! Tuition fees £3k accommodation fees say £4k living expenses £2-3k so where has £14k come from?! Anyway, the loan repayment schemes are fair and I am doing OK in my second year. As it is based on a % of salary and you don't pay it back if you can't afford to, it's a pretty damn good interest free loan, to be fair. bit puzzled by your maths if hes just finishing his second year then 3k a year x2 = 6k 4k accomodation = 8k so were already up to 12k so the 14k gone walkies already seems out and lets say he spends 3k a year on food, clothes, books etc thats another 6k so 20k for 2 years, other 4k for incidentals, living a higher life than most students i could quite believe it, the guy might want to consider taking a part time job thou actually, have just texted a friend of mine who's in uni in london and his loan for living expenses is 6k a year, he gets seperate ones for tuition and housing costs Link to comment Share on other sites More sharing options...
ECCOnoob Posted May 23, 2011 Share Posted May 23, 2011 My son studied for his degree at home, he worked whilst doing his studies and now as a degree in accountancy, as well as money in the bank. If students choose to leave home and study at university that’s their choice and they shouldn’t complain when they end up in debt as especially when there is an option that wouldn’t leave them in debt in many cases. Most degrees can be studied for at home. They will have to give up their social life and they will have to work much harder but it can be done. Employers seem to be very impressed when they interview someone that is studying in this way, and in some cases are happy to help with study costs. Good on your son. Im glad another student has seen sense and found out how to get a degree without debt. Link to comment Share on other sites More sharing options...
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