Mis-sold my student loan!

Rikki

They offer you the loans and grants. You have to sign a form to accept them. This is your agreement to the terms and conditions.

dmg24

PasturesNew wrote: »

All of them. It is done in school, a couple of times, between ages 12 and 14.

So for somebody 18, bright enough for Uni, it should be a doddle.

Edit: Just looked it up. It's all new-fangled now. Whatever Key Stage 4 is, it's here: http://www.edplace.co.uk/worksheets/school/maths/key_stage4/intermediate/calculations/written_methods?worksheet_id=1168

Ofsted rules, under Key Stage 4, item 4a: http://www.alltheschools.com/curriculum/mathematics.htm

Key Stage 4 is ages 14-16.

"Back in my day" we did this a lot earlier! I do remember it from age 12ish.

Not all students will learn about compound interest. I tutor those at foundation level (those aiming for D - G at GCSE) and they don't, and would struggle to grasp the concept.

I'm the same as you though, I can remember being taught it (can even picture the room, C4, I loved the desks in there), and it would have been U3 or L4 (Year 7 or 8 in todays language!). Memories!

Nonetheless, nobody checks if you have GCSE Maths when you take out a credit card or a mortgage, so I don't see why the SLC should do so! x

Titch89

To me it sounds as though OP hasn't done enough research on how student loans are repaid and inflation. Unis give out millions of leaflets on students loans.

abbeylover

Well well someone else complaining about life in the real world!!!! Stop going out so much, eat less takeaway and pay more off each month and in no time that your debt will be gone. Do what many other many others do get a second job to meet YOUR responsibilities. TAKE RESPONSIBILITY for your own actions, your fault, your mess so GET ON WITH IT!!!

Clive_Woody

When I went to Uni I took out a student loan, to be honest I didn't look into it in that great detail, but I understood the basics, I would have to pay it back when my earnings reached a certain level and I would be charged interest (inflation linked) for borrowing this money.

My student years were fantastic, I won't claim for one minute I spent my entire student loan on books and study materials, far from it. A signifcant percentage went straight behind the bar at the student union and the local curry houses and nightclubs of Cardiff.

I worked hard and got a good degree, I then went on to do a PhD and I now have a great job. I enoyed my student days but I did think about the future, I picked a degree that offered me a good chance of employment, but was also something I enjoyed.

I have no regrets about borrowing money to offer me the opportunity to go to university, given the choice I would do exactly the same again.

Those who wish to bleat about student loans should stop for a minute and realise how lucky they have been. If these loans were not available then many of them would not have had the chance to experience student life and further their education to a level where their employment opportunities are signifcantly advanced.

There are many more significant financial lessons to be learnt in life after Uni, learning from this one will hopefully start them off on the right track.

xcat_girlx

abbeylover wrote: »

Well well someone else complaining about life in the real world!!!! Stop going out so much, eat less takeaway and pay more off each month and in no time that your debt will be gone. Do what many other many others do get a second job to meet YOUR responsibilities. TAKE RESPONSIBILITY for your own actions, your fault, your mess so GET ON WITH IT!!!

there is no incentive whatsoever to pay extra off your student loan. i only pay back £11 a month on mine - if i had say an extra £11 one month and wanted to pay it back on top, the SLC would charge me £50 for it!

Oldernotwiser

mizzbiz wrote: »

I don't think you can sue for misselling but I think you should be able to.

How many 18yr old school leavers supposed to be able to understand compound interest. I'm furious that i'm paying interest on the interest on my student loan, I certainly didn't undertsand this and the 'salesperson' never pointed it out to me.

When I was at school we "did" compound interest at the age of 13/14. How someone who's supposed to be intelligent can boast about their ignorance amazes me.

abbeylover

Oldernotwiser wrote: »

When I was at school we "did" compound interest at the age of 13/14. How someone who's supposed to be intelligent can boast about their ignorance amazes me.

Well said!!! Ignorance is no excuse if you speed in a car and you get caught you can't tell the nice police officer that you did'nt know what the speed limit was. As i have said in previous posts take responsibilty, get a grip of yourself and grow up. The sooner you do, the sooner you will join the real world.

Scousebird_2

tinkerbell84 wrote: »

At 18 you could have saddled yourself with loans and credit cards and been in a far worse position.

GCSE maths covers compound interest, so even 16 year olds should understand it :rolleyes:

Lol-GCSE Maths covers compound interest....great point LMAO

Scousebird_2

tinkerbell84 wrote: »

At 18 you could have saddled yourself with loans and credit cards and been in a far worse position.

GCSE maths covers compound interest, so even 16 year olds should understand it :rolleyes:

Lol-GCSE Maths covers compound interest....great point LOL :rotfl: