'Pulling out of Govt’s Student finance day...' blog discussion

edited 14 May 2009 at 5:01PM in Martin's Blogs & Appearances & MoneySavingExpert in the News
22 replies 4.2K views
This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.
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  • GemmzieGemmzie Forumite
    14.9K Posts
    Thanks for the support for students Martin.

    If the tables were turned they'd be rubbing their hands together, I bet!
    No longer using this account for new posts from 2013
  • littlemissmoneylittlemissmoney Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    This makes me so angry :mad:

    Is MSE going to start a campaign about this? I really think you should. :T
    :p Proud to be a MoneySaver! :p
  • nzseries1nzseries1 Forumite
    2.2K Posts
    Well done Martin, I'm very impressed and agree with you 100%.
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • ZCC72ZCC72 Forumite
    338 Posts
    As someone trying desperately to embark on full time studying, with incredibly limited finance due to redundancy as a result of the govt-driven recession, I agree with you whole-heartedly, and thank you for the support.
    :A FLY FIRST, KNIT LATER :A
  • DebtoxingDebtoxing Forumite
    67 Posts
    You let them off too easily. Never mind 'doing it on the government's time' - it's taxpayers who are really paying for that studio, so it's their interests that should be represented - not the government's!
    Total debts at LBM (04/11/08): £39,000 approx.
    Total debts now: £17,377.76 all at 0% interest
    Debt-free date: June 2010
  • adambroadambro Forumite
    243 Posts
    I would note that pensioners on April 6 received a 5% increase in their state pension because it is based upon the value of the Retail Prices Index as of September 2008 which was 5% at that time. Since then of course it has fallen below zero percent but pensioners are guaranteed that regardless of the value of inflation as measured by RPI, they will get a 2.5% increase each year.

    For those with student loans though, things work very differently. When it benefits the government, our loans will rise in-line with inflation but as we are now, with deflation, the government is allowing the value of our loans to rise in real terms.

    So, in our current recession, whilst pensioners are guaranteed a rise regardless, graduates are guaranteed a debt that is increasing in real terms despite the general understanding that this wouldn't be the case.

    It isn't my intention to be attacking pensioners, many of whom might well have an actual personal inflation rate much higher than RPI due to not benefiting from the decreased mortgage costs, but to highlight an apparent lack of fairness here. I can accept that many pensioners will be struggling but the government should treat graduates better. Many of whom will be desperately trying to buy their first home and finding their finances stretched to the limit. It is important to recognise that first time buyers are essential to the housing market which needs to start working again.

    The government should keep its side of the bargain on student loans and maintain the link with RPI in these times of recession and I would encourage MSE to campaign to get this sorted.
  • MSE_MartinMSE_Martin MoneySaving Expert
    8.3K Posts
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    adambro wrote: »
    I would encourage MSE to campaign to get this sorted.

    I have to say I was rather surprised by the lack of pick up of this by the papers/TV. We press released it - spoke to many, but with the expenses scandal it just didnt have the legs.

    It's also worth noting the NUS has said its a pretty good deal, which certainly makes campaigning on an issue like this much more difficult.

    Our own peittion to number 10 was rejected as it was said to be duplicating one already there which ive linked to in my email. So the campaiinign button is quite difficult ot push here.

    Martin
    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
  • RabbitMadRabbitMad Forumite
    2.1K Posts
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    I could understand if new loans had a 0% interest rate, but ones that have already been taken out?

    I had the old style loan paid off a while ago but could somebody with a new style one challange this in court? I'm thinking if somebosy owed £10,000 they could bring a small claims case for £40?
  • mykittenmykitten Forumite
    77 Posts
    Sorry Martin I don't agree with you. The Govt dept know you are an impartial person, respected etc and you said you have an agreement to "speak your mind" on topics so you should have. Who pays the piper does not call the tune!

    Who would know the reasons why you pulled out (except on here?) Do you tailor all of your money advice to whoever is paying you for the day?
  • Until it was explained I thought the 0% interest was a good deal - it definitely has a good spin to it, as many of my graduate friends think the same. Surprisingly it makes the government look good for a change because they are "doing graduates a favour."

    I wonder if NUS feel the same? Or that they are a bunch of Labour suck up wannabes and will follow them regardless?

    I also wonder if students have given up fighting the inevitible and accept that uncapped fees are just a matter of time and we should be thankful we havent had it that bad. The apathy is horrendous, you can rest assured that if inflation was super high the government wouldn't think twice about following the rules then!
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