Running out of money

Oldernotwiser

Fire_Fox wrote: »

the NHS in a level 4 role, with a starting salary of £17000 per annum.

I am rather over-egging the pudding, as I try to live frugally and hope to be able to offset my £10k debt with savings by the end of my course. But had student funding been entirely loan-based the prospect at being saddled with a £20k debt with the big four-oh in sight .... :eek: This way I can start thinking about a pension!

Earning £17,000 you'll be paying back the princely sum of £15 per month, regardless of how much you owe. You'd've been better taking out the Maintenance Loans and using those towards funding your pension; it would probably be free money, given that anything outstanding would be wiped at 65! Paying off your Fee Loan with your savings is absolute madness!

Fire_Fox

Oldernotwiser wrote: »

Earning £17,000 you'll be paying back the princely sum of £15 per month, regardless of how much you owe. You'd've been better taking out the Maintenance Loans and using those towards funding your pension; it would probably be free money, given that anything outstanding would be wiped at 65! Paying off your Fee Loan with your savings is absolute madness!

I am not intending to actually pay off the student loans early, just hold the money in savings to offset it or possibly use as a substantial deposit on a second property. £4k of my current debt is disputed service charges so I need to have this readily available. £2k of my final debt will be a student overdraft which won't be 0% forever ...

I didn't take out a maintenance loan at all in my first or current years but, as the rate is now so low, I feel comfortable with taking Martin's advice and apply late for this year and early for next year. I have been brought up to only buy what you can afford, so I struggle with the concept of any kind of debt bar a mortgage.

Oldernotwiser

Fire_Fox wrote: »

I have been brought up to only buy what you can afford, so I struggle with the concept of any kind of debt bar a mortgage.

I was brought up in the same way (not as you'd notice now!). However, even mortgages aren't wiped out when you reach 65!

neas

Don't you new guys get student loans for accomodation and fees now? like when i went through fees were 1k for a year and 3k for accomodation for a year. I got a student loan of 3k ... and had to earn the other 1k to pay for degree... and other money was for food etc.

Im interested why as a group students believe the soceity should pay for 3-4 years of boozey nights at the SU with a bit of lectures . Ofc its a generalisation but i've been uni I know what it was like... the stacks of beer cans in the windows produly demonstrating the sheer volume of alchohol consumed in a term... the missed lectures, lazy sleep ins, chilling in mates rooms.... it was procrastination central lol. I mean looking back 10 hours a week lectures and a part time job seems like bliss compared to 40 hour working weeks combined with 30 mins travelling a day.

Why do students expect others to fund their life? Loans are fine IMO, grants and other things are fine... if the course requires it.. i.e social working courses/doctor courses maybe...

But for other courses like history, english, geography and even engineering (what I did) do you guys think society should pay for your life for 3-4 years? Or do you think uni should be something that is a challenge to obtain,that you have to work hard both outside uni and inside to obtain what you want?

An example of this is my mate, G... he did my 4 year course with max student loans and help from parents... he also worked part time too (he loved spending money on tat... xbow, games consoles etc etc)...... then he does a further 4 years as a maths degree educated teacher....

So 8 years, and int he end if he works for a few years as a teacher he gets the loan repaid for him... how mint is that? :P would that be what everyone wants to happen? I dont think that would help our economy.

oh and last thing out economy needs is more shrinks, golf course manager or media study gurus...

sbuggle

You may end up like this poor guy!
http://www.youtube.com/watch?v=cpI1y7njNAU

Lokolo

Well my grandparents give me £225 a month + accomodation paid for. I also have a parttime job, and I take out maximum loans. Am I mad? I would say so.

I am running out of money (even if you look at my signature ) at the moment, but mainly because I didn't predict that my gf would make me go shopping and spend £200 on Friday :whistle:

But I have now budgetted for the next few months with these changes and I should be ok.

Others in my house are going out tonight and I'm not because I am also going to Bath (£45 train journey urgh) to see friends from home, all meeting up at friends uni. But I budgetted for this already.

Oh and although I am studying Computer Games Programming degree I am planning to get a £27k job when I graduate

GrammarGirl

neas wrote: »

Don't you new guys get student loans for accomodation and fees now? like when i went through fees were 1k for a year and 3k for accomodation for a year. I got a student loan of 3k ... and had to earn the other 1k to pay for degree... and other money was for food etc.

Im interested why as a group students believe the soceity should pay for 3-4 years of boozey nights at the SU with a bit of lectures . Ofc its a generalisation but i've been uni I know what it was like... the stacks of beer cans in the windows produly demonstrating the sheer volume of alchohol consumed in a term... the missed lectures, lazy sleep ins, chilling in mates rooms.... it was procrastination central lol. I mean looking back 10 hours a week lectures and a part time job seems like bliss compared to 40 hour working weeks combined with 30 mins travelling a day.

Why do students expect others to fund their life? Loans are fine IMO, grants and other things are fine... if the course requires it.. i.e social working courses/doctor courses maybe...

But for other courses like history, english, geography and even engineering (what I did) do you guys think society should pay for your life for 3-4 years? Or do you think uni should be something that is a challenge to obtain,that you have to work hard both outside uni and inside to obtain what you want?

An example of this is my mate, G... he did my 4 year course with max student loans and help from parents... he also worked part time too (he loved spending money on tat... xbow, games consoles etc etc)...... then he does a further 4 years as a maths degree educated teacher....

So 8 years, and int he end if he works for a few years as a teacher he gets the loan repaid for him... how mint is that? :P would that be what everyone wants to happen? I dont think that would help our economy.

oh and last thing out economy needs is more shrinks, golf course manager or media study gurus...

Yes, what will all those useless media studies students do? Become journalists, work in advertising, TV, radio, become authors, lecturers, researchers, teachers... Pointless! :rolleyes:

Anyway. I have around £15k of student loan debt... and I pay it back. I don't expect anyone else to pay it. I want to be done with it WELL before I'm 65. I received a grant which allowed me to pay for food for a term, my loan paid for accommodation and bills and my part time job paid for the fun stuff.

The low rate on student loans allows me to save for a house deposit, run a car, pay rent, etc. And my salary from my media-based job helps too!

I did media studies at uni, by the way. Your last comment touched a nerve. :rotfl: