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Please help us test our new 'Post-1998 Student Loans' Repayment Ready Reckoner
Former_MSE_Natasha
Posts: 672 Forumite
Update 28 August 2009: The tool's been updated with some new functions, so now you can get a rough idea on how long it'll take to repay your loan if your salary doesn't increase in line with inflation.
Please have a play!http://www.moneysavingexpert.com/studentloanscalc
Please have a play!http://www.moneysavingexpert.com/studentloanscalc
Hiya everyone,
I know it's a Friday night/weekend and you all probably want to get your dancing shoes on/kick back after a hard week's graft, but I'd really appreciate it if you could spare a few minutes playing with the new 'Post-98 Student Loans' Repayment Ready Reckoner and leaving your feedback below.
If you spot any glitches, please let us know those too and what browser (Internet Explorer, Fire Fox, Chrome, Safari etc) you're using.
There's still a few geeky functions to add so there'll be more to fiddle with next week, but for now have a play with this: http://www.moneysavingexpert.com/studentloanscalc
A few points to note:
- Reset buttons are missing. These will be added next week so for now please refresh the page if you want to redo calculations.
- Pre-98 loans aren't included. We'll look into extending the calculator or building another one to cater for pre-98 student loans - time was against us to do all loan types simultaneously.
- Student loans first taken out in 2006/07, 2007/08 and 2008/09 aren't included - yet. There's a tiny difference regarding the lifespan of these loans compared to ones first taken out between Sept 98 and Aug 06. But they will be added next week.
- Various different inflation rates and salary increases will be taken into consideration. After the weekend we'll add these functions in too.
Natasha
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Comments
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I can't test it until you have 07/08 done. Boo.
:rotfl:0 -
tried it & didn't like it.
Why? Well it just sounded too cheery about the fact I will be paying my student loan back for the next 37 years.
btw using chrome, no glitches0 -
I won't be able to test until 06/07 is up. One thing I will point out in case it has been over looked is that there is a difference in the life span of loans between Scotland and the rest of the UK. In Scotland the loan will be erased after 35 years, but in the rest of the UK it is after 25 years.0
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Seems a good idea. One glitch is that if you put your salary as £15,000 (or around there) and press calculate it doesn't give any answer. Put in £14,000 and it tells you that you're under the threshold.
For £16,000 salary with £20k debt with first loan taken out in 05/06 it tells you it will take you over 222 years to pay the loan back. It should also say that your loan will be wiped off in 25 years or at 65 depending on which year the user selects as their starting year.
edit: Reagarding the glitch, in Opera it gives no answer but in Firefox it gives this error as well as causing a CPU spike:
"A script on this page may be busy, or it may have stopped responding. You can stop the script now, or you can continue to see if the script will complete.
Script: http://images2.moneysavingexpert.com/js/studentcalc/loanCalc.js:185"
If you continue it crashes Firefox. That's with a salary of ~£15,000 and £20k debt.0 -
So many people won't ever pay off their loans that I don't see how this is helpful really.0
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Seems a good idea. One glitch is that if you put your salary as £15,000 (or around there) and press calculate it doesn't give any answer. Put in £14,000 and it tells you that you're under the threshold.
For £16,000 salary with £20k debt with first loan taken out in 05/06 it tells you it will take you over 222 years to pay the loan back. It should also say that your loan will be wiped off in 25 years or at 65 depending on which year the user selects as their starting year.
edit: Reagarding the glitch, in Opera it gives no answer but in Firefox it gives this error as well as causing a CPU spike:
"A script on this page may be busy, or it may have stopped responding. You can stop the script now, or you can continue to see if the script will complete.
Script: http://images2.moneysavingexpert.com/js/studentcalc/loanCalc.js:185"
If you continue it crashes Firefox. That's with a salary of ~£15,000 and £20k debt.
Mods/Natasha. I am sorry in advance, you can remove this if you feel as though it is too rude to be on here. I thought I would add some humour.
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Seems a good idea. One glitch is that if you put your salary as £15,000 (or around there) and press calculate it doesn't give any answer. Put in £14,000 and it tells you that you're under the threshold.
For £16,000 salary with £20k debt with first loan taken out in 05/06 it tells you it will take you over 222 years to pay the loan back. It should also say that your loan will be wiped off in 25 years or at 65 depending on which year the user selects as their starting year.
edit: Reagarding the glitch, in Opera it gives no answer but in Firefox it gives this error as well as causing a CPU spike:
"A script on this page may be busy, or it may have stopped responding. You can stop the script now, or you can continue to see if the script will complete.
Script: http://images2.moneysavingexpert.com/js/studentcalc/loanCalc.js:185"
If you continue it crashes Firefox. That's with a salary of ~£15,000 and £20k debt.
Ditto I get the same error.:kisses2: Got married September 2011:smileyhea
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It looks like any figures you put in for 2005/06 do not take into account that you won't be paying it back after 25 years or age 65. It just give examples such as £19000 salary and £19000 loan 52 years and 10 months (or over 421 years on £15500 salary!)
I am using firefox, latest version.
I'm complicated too I did 2 years 02/03 and 03/04, now I am doing 08/09 and 09/10. So I have two different sets of circumstances.
:kisses2: Got married September 2011:smileyhea
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If I put in my correct details it says I'll be paying my debt off until 2055, I'll 75 then! But if I add £10,000 to my debt it congratulates me that I'll be over 65 before it's paid off and it'll be written off, yippee!
It could probably do with asking your age to calculate write-off debts correctly.July £5 a Day challenge - £66.01/£1550 -
My feedback is:
-Interesting to see that in the best case scenario ie interest rates stay at 0% mine will be paid off in less than 10 years.
-I'd be interested to see how you will take into account various rate changes, how can you predict what
-Also states it will take into account salary increases. However what about drops in pay - we plan to have our first baby in the next couple of years. A drop in pay due to maternity leave and then going part time will affect how much I'm going to be paying back due to my salary decreasing.0
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