Main site > MoneySavingExpert.com Forums > Who & Where are You? > Student Money Saving > New! Student Finance Calculator 2012 (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
New! Student Finance Calculator 2012
Reply
Views: 18,141
Thread Tools Search this Thread Display Modes
# 1
Former MSE Dan
Old 23-08-2011, 6:56 PM
Former Web Editor
Serious MoneySaving Fan
 
Join Date: Dec 2004
Posts: 1,582
Default New! Student Finance Calculator 2012

Hi folks,

After a lot of work, we've built and now launched a calculator to help prospective new students in September 2012 work out the true cost of the borrowing they'll take out to go to uni.

We'd love your feedback on this - we are looking at adding a few more features once it has bedded in and more info is available from the Govt. Click this to give it a try...


Then click reply below to join the discussion.

Dan
Former MSE Dan is offline
Reply With Quote Report Post
The Following 6 Users Say Thank You to Former MSE Dan For This Useful Post: Show me >>
# 2
GeneHunt
Old 23-08-2011, 7:09 PM
MoneySaving Stalwart
 
Join Date: May 2009
Posts: 282
Default

Imho that's Brilliant (at first glance anyway) I'm off to play with it.
GeneHunt is offline
Reply With Quote Report Post
The Following User Says Thank You to GeneHunt For This Useful Post: Show me >>
# 3
GeneHunt
Old 23-08-2011, 7:17 PM
MoneySaving Stalwart
 
Join Date: May 2009
Posts: 282
Default

Had a "play" - yup that's brilliant
GeneHunt is offline
Reply With Quote Report Post
The Following User Says Thank You to GeneHunt For This Useful Post: Show me >>
# 4
setmefree2
Old 23-08-2011, 7:33 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Sep 2007
Location: London
Posts: 6,147
Default

Fantastic Loan Calculator. A great tool for any student (and their parents ).

A Big Thank You MSE!




Last edited by setmefree2; 23-08-2011 at 7:37 PM.
setmefree2 is offline
Reply With Quote Report Post
# 5
Former MSE Dan
Old 23-08-2011, 10:03 PM
Former Web Editor
Serious MoneySaving Fan
 
Join Date: Dec 2004
Posts: 1,582
Default

Hi all,

If you are testing the tool, could you help us with a little bug test please. Do any users of Internet Explorer not see the black speedometer that appears at the top of the results column, once you have slid a few inputs?

If yes, if you can let us know the version of internet explorer that you are in, and any details, that would be brilliant

Thanks

Dan
Former MSE Dan is offline
Reply With Quote Report Post
The Following User Says Thank You to Former MSE Dan For This Useful Post: Show me >>
# 6
west_end_girl
Old 23-08-2011, 11:49 PM
MoneySaving Convert
 
Join Date: Aug 2010
Location: London
Posts: 44
Default

Hi - Yes it is fab!

I can see the speedometer fine - I'm on IE 7 (I know you asked if we cannot see!)

I like the added touch of the "after 30 yrs debt wipes" reminder.
west_end_girl is offline
Reply With Quote Report Post
The Following User Says Thank You to west_end_girl For This Useful Post: Show me >>
# 7
mummyplus3
Old 24-08-2011, 12:22 AM
Serious MoneySaving Fan
 
Join Date: Mar 2011
Posts: 837
Default

I can see the speedo on FF,

Great tool, I've just deferred my course untill next year to go onto the 4 degree progamme and am off to college in sept for the first time instead of doing a 5 year foundation degree as the new structure will work out better for me! Especially with the kids, as I am likely to continue with my setting up my own company I am able to set my own wages in the future

mummyplus3 is offline
Reply With Quote Report Post
The Following User Says Thank You to mummyplus3 For This Useful Post: Show me >>
# 8
luciandan
Old 24-08-2011, 8:03 AM
MoneySaving Convert
 
Join Date: Mar 2009
Posts: 16
Default

It's a fun tool, and maybe good for mature students, but the idea that you can have the faintest notion what your salary growth will be when you're 18 and haven't even started in the graduate job market is a bit far fetched.
luciandan is offline
Reply With Quote Report Post
The Following User Says Thank You to luciandan For This Useful Post: Show me >>
# 9
GeneHunt
Old 24-08-2011, 8:03 AM
MoneySaving Stalwart
 
Join Date: May 2009
Posts: 282
Default

Sorry Dan I use FF too so can't help you with the IE thingy.
GeneHunt is offline
Reply With Quote Report Post
The Following User Says Thank You to GeneHunt For This Useful Post: Show me >>
# 10
GeneHunt
Old 24-08-2011, 8:08 AM
MoneySaving Stalwart
 
Join Date: May 2009
Posts: 282
Default

Quote:
Originally Posted by luciandan View Post
It's a fun tool, and maybe good for mature students, but the idea that you can have the faintest notion what your salary growth will be when you're 18 and haven't even started in the graduate job market is a bit far fetched.
Do you think? Some students know they want to be Doctors, Dentists, Lawyers, accountants, bankers, engineers, etc?

Anyway, even if they don't, at least the calculator helps fully inform them of the effect of higher earnings on student loan repayments, don't you think?
GeneHunt is offline
Reply With Quote Report Post
The Following User Says Thank You to GeneHunt For This Useful Post: Show me >>
# 11
Ex Connexions Adviser
Old 24-08-2011, 8:49 AM
MoneySaving Newbie
 
Join Date: Aug 2011
Posts: 1
Default

At last...a calculator giving students and their parents a realistic idea of the amount of debt they will have to take on.
While the government do not want anyone to be put off applying to university,they have effectively decimated the careers profession,so there are few or no impartial advisers to give this kind of vitally important advice and guidance in schools or colleges.
I would feel ethically challenged in this financial climate to be advising anyone about student loans and am glad I no longer work in this area ( having been unfairly dismissed...that's without redundancy pay from the contract provder).
Well done Martin's team for making this clear...of course this does not apply to the increasing number of overseas students who are able to pay the top rate of fee and are competing with our own, home grown talent,for a limited number of places.
Ex Connexions Adviser is offline
Reply With Quote Report Post
The Following User Says Thank You to Ex Connexions Adviser For This Useful Post: Show me >>
# 12
MSE Martin
Old 24-08-2011, 9:30 AM
Money Saving Expert
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Jan 2001
Location: MSE Towers, London
Posts: 8,053
Default

Quote:
Originally Posted by luciandan View Post
It's a fun tool, and maybe good for mature students, but the idea that you can have the faintest notion what your salary growth will be when you're 18 and haven't even started in the graduate job market is a bit far fetched.
We're aware of that - which is why we include average data for different professions in the ?

Plus thats why we went for a 'slider' not a calculator - so even if you dont know it shows the impact of higher salaries of lower salaries to give an understanding of the true cost.
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
MSE Martin is offline
Reply With Quote Report Post
The Following User Says Thank You to MSE Martin For This Useful Post: Show me >>
# 13
guidance
Old 24-08-2011, 9:34 AM
MoneySaving Newbie
 
Join Date: Aug 2011
Posts: 1
Default Student Loan Calculator

As a careers advisor with a FE college, the calculator is excellent in showing how much will actually be paid over the 30 yr period, however students do not think about 30 years ahead, they consider the moment, so they would like to see what their monthly payments will be over average types of salary, using the sliding scale.
guidance is offline
Reply With Quote Report Post
The Following User Says Thank You to guidance For This Useful Post: Show me >>
# 14
Former MSE Dan
Old 24-08-2011, 10:15 AM
Former Web Editor
Serious MoneySaving Fan
 
Join Date: Dec 2004
Posts: 1,582
Default

Hi guidance,

That info is here in our '20 things to know about student loans' guide - hopefully people will use these in conjunction

http://www.moneysavingexpert.com/fam...hanges?purge#7

Dan
Former MSE Dan is offline
Reply With Quote Report Post
The Following User Says Thank You to Former MSE Dan For This Useful Post: Show me >>
# 15
scammeister
Old 24-08-2011, 11:33 AM
MoneySaving Newbie
 
Join Date: Jul 2006
Posts: 3
Default Nice Tool - potential bug?

Hi.
I work in HE and am really impressed by your site and the calculator looks great.

I have, however done a couple of little tests and have come up with some strange outcomes:

For simplicity:

3 x year course. Student does not take out a tuition fee loan but takes out 1000 Maintenance Loan.
Put in starting salary of 60k – keep everything at default.

Student debt will be 3k + interest, but repayment calculator says 1200

Any idea why this is? Looks on the surface that the Maintenance Loan isn’t being multiplied by 3. If the same is done on the tuition fee loan the calculator displays 3300 – which is what I’d expect.

Guy

Last edited by scammeister; 24-08-2011 at 11:39 AM.
scammeister is offline
Reply With Quote Report Post
The Following 2 Users Say Thank You to scammeister For This Useful Post: Show me >>
# 16
Former MSE Dan
Old 24-08-2011, 11:36 AM
Former Web Editor
Serious MoneySaving Fan
 
Join Date: Dec 2004
Posts: 1,582
Default

Thanks scammeister - i'm looking into this now
Former MSE Dan is offline
Reply With Quote Report Post
The Following User Says Thank You to Former MSE Dan For This Useful Post: Show me >>
# 17
Former MSE Dan
Old 24-08-2011, 12:33 PM
Former Web Editor
Serious MoneySaving Fan
 
Join Date: Dec 2004
Posts: 1,582
Default

That's now fixed Guy - great spot, was a dodgy multiplier on some of the lower numbers - but larger results (ie, those on standard inputs) were unaffected

Can try it again now at: http://www.moneysavingexpert.com/fam...lculator?purge
Former MSE Dan is offline
Reply With Quote Report Post
The Following User Says Thank You to Former MSE Dan For This Useful Post: Show me >>
# 18
scammeister
Old 24-08-2011, 1:22 PM
MoneySaving Newbie
 
Join Date: Jul 2006
Posts: 3
Default Calculator

No problem Dan.

Can see that is now fixed, although the figure is different to the figure generated if you have 1000 of tuition fee debt.

1k - over 3 years: 3300 (tuition fee - everything else at default or 0)

1k - over 3 years: 3120 (Maintence Loan - everything else at default or 0)

As the debt isn't treated any differently the figure should obviously be the same.

Guy
scammeister is offline
Reply With Quote Report Post
The Following User Says Thank You to scammeister For This Useful Post: Show me >>
# 19
Former MSE Dan
Old 24-08-2011, 1:55 PM
Former Web Editor
Serious MoneySaving Fan
 
Join Date: Dec 2004
Posts: 1,582
Default

Actually, thats because of when the loans become part of your balance:

-Tuition fee is one lump, each september.
- Maintenance loan is 3 instalments

So it makes sense you pay more interest on tuition fees, as you are borrowing the cash for longer

Dan
Former MSE Dan is offline
Reply With Quote Report Post
The Following User Says Thank You to Former MSE Dan For This Useful Post: Show me >>
# 20
Lokolo
Old 24-08-2011, 1:59 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Apr 2007
Posts: 19,231
Default

Quote:
Originally Posted by MSE Dan View Post
Actually, thats because of when the loans become part of your balance:

-Tuition fee is one lump, each september.
- Maintenance loan is 3 instalments

So it makes sense you pay more interest on tuition fees, as you are borrowing the cash for longer

Dan
No idea if this has changed, but at the moment the tuition fee is paid in 2 sums.



This was mine last year.
You only live once so make the most of it!

Last edited by Lokolo; 24-08-2011 at 2:05 PM.
Lokolo is offline
Reply With Quote Report Post
The Following User Says Thank You to Lokolo For This Useful Post: Show me >>
Reply

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 9:05 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 20 August 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • ED SHEERANX (DELUXE EDITION)
  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 88
  • COLLABROSTARS

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.