The 'I want it NOW!!' debt/savings thread - Part 3

jenjade

well i have looked into it a bit and the interest is hardly anything. when you pay it back they recon if you earn 21k you pay about £10 a week so it would be better than having more on the morgage?

i am bored to i have been comping all morning

jenjade

oh just won a dvd with my m and m's i was eating! i eat them for the comp not the chocolate!!!

Shoe_Gal

jenjade wrote: »

oh just won a dvd with my m and m's i was eating! i eat them for the comp not the chocolate!!!

:j:j:j well done you

and love the justification for eating sweets :rolleyes:

moneymabel

lol-well done Jen!! would you be able to afford your house if you went for that loan?

jenjade

depends on how much i could get i might have to wait till next year (after sept) before i could afford it

moneymabel

Still-at least its better than 5/10 years!! sounds promising anyway :-)

jenjade

yes i will wait and see what happens at the pannel meeting about me doing the course then look into it

Nichelette

Afternoon everyone, I hope you all had a nice weekend. I'm glad you've managed to find a cheaper panel mm. I've just got back from having lunch at a nice country pub with OH, it's lovely to be able to sit outside for once .

I've decided to follow in mm's footsteps after doing a bit of research on wedding jewellery on etsy. The really basic low cost sets for bridesmaids especially seem to sell well so I'm makimg a few of those in silver plate and swarovski, and giving people the chance to upgrade to sterling if they want to. Will see how it goes but my mum has already run off with my first slightly more elaborate necklace lol. To make a 16" one in silver plate with swarovski crystals & pearls it has only worked out to be about £3.50 so I figure it was worth a go.

Jen, as far as student loans go, you only pay back 10% of everything you earn over £15k BUT (and I think this is a bit sneaky), there are two indexes which are used to measure inflation, the RPI and another one which I forget the name of, and they always use the higher one to calculate interest. A few years ago it was 4.8% if I remember correctly, because they always set it in September, but that month was a strange month and about 2% higher than the rest of the year, so everyone was lumbered with the higher interest than really should have been the case. Also, the interest starts accumulating from the day you receive the first loan, not when you graduate, and because it's compound interest regardless of what they say, when you're paying interest on the interest you are paying back slightly more than you borrow in the long run.

That said, if you are able to save it and put it towards a house it isn't a bad idea as compared to a normal loan obviously the interest is (usually) a lot lower. Oh, and student loans don't show up on credit reports.

jenjade

oh thanks nikki i thought you might know more about it!

Nichelette

You're welcome Jen