Student Loan Interest Rate 10/11

greenbee

sKiTz-0 wrote: »

I'm not denying that. It's just annoying how layabouts my age who seem to choose 'having babies' as a career option are better off than me, people my age who chose to work hard in jobs straight from school and work up the ladder are better off than me, and me getting into debt and working hard towards an education, where am I now? I'm at the bottom of the ladder, where my vocationally inclined school friends were some 10 years ago. Although I now have a shedload of debt.

I suppose I just feel a little sold out at the promise of a better, brighter future, studying hard and paying money to get there, only to find that once I reach my destination all I've been doing is holding myself back and everyone else has taken off into the distance leaving me behind. It's cold and lonely back here.

I felt like that for a while after leaving uni, scraping by at the threshold for loan repayments and seeing friends who'd left school and gone straight to work earning more than me.

However, 14 years later I have definitely made it to a place I couldn't have achieved without my degree and the subsequent career path. It's not the best paid job in the world, but it is incredibly satisfying.

Lokolo

kazmeister wrote: »

I have a son in year 13 hoping to go to uni in September and really have no idea how we can fund it. yes he can get a student loan to cover his fees and yes he can get a maintenance loan but the maximum would leave him short before he even thinks about food, clothing or books etc. He has tried to get a job but so far failed miserably despite being a well mannered, sensible and smart young man (what other people say about him not just my opinion) with good references.

So far over the 3 years he is expected to pay out £9870 for tuition and £12480 for accomm TOTAL £22350

The maximum student loans he can get are £9870 for fees and £10692 for maintenance. TOTAL £20562

This already leaves him with a shortfall of £1788 without the fees increasing next year which I'm sure they will or buying anything else. Unfortunately as a dual income family he cannot get any additional grants to help him through this mess so what option does he have but to borrow more cash at more expensive rates.

If we were lazy shirkers we would get all the help we needed to fund his place and as for some people stating that if you are on benefits you are on the breadline then its a load of codswallop. My last job took me into peoples homes and trust me when you see the poor pensioner sat watching the black and white portable in the telly and compare it to the person living of the states 50" flat screen with surround sound, blue ray player and all the other mod cons, plus the fag packets and beer cans littered about the houses, then its no wonder the country is in a mess. People arent working because the government (whichever party it may be) has allowed it to happen.

Ok off my soap box now in attempt to find ways of helping my dear son in his quest to better himself.

That's a feeble excuse. I had a job whilst at uni, and then worked 4 nights a week in the summer. During the summer I earnt just over £1700. My best friend earnt over £2k.

I am also doing a sandwich course which is bringing me a lot of money. My co-workers have bought cars, Xbox's, games, you name it. I, instead, have saved just over £3k from this year so far. I still have til August 5th to save some more before going back to uni (which is my summer filled up + 2 months pay). I expect to save another £1k.

I will be going back getting my old job back and earning some more monies.

I will say I am a little lucky getting all these jobs but I can't believe it is all luck :cool:

Oldernotwiser

kazmeister wrote: »

I have a son in year 13 hoping to go to uni in September and really have no idea how we can fund it. yes he can get a student loan to cover his fees and yes he can get a maintenance loan but the maximum would leave him short before he even thinks about food, clothing or books etc. He has tried to get a job but so far failed miserably despite being a well mannered, sensible and smart young man (what other people say about him not just my opinion) with good references.

So far over the 3 years he is expected to pay out £9870 for tuition and £12480 for accomm TOTAL £22350

The maximum student loans he can get are £9870 for fees and £10692 for maintenance. TOTAL £20562

This already leaves him with a shortfall of £1788 without the fees increasing next year which I'm sure they will or buying anything else. Unfortunately as a dual income family he cannot get any additional grants to help him through this mess so what option does he have but to borrow more cash at more expensive rates.

.

It really isn't anybody's fault that you can't help your son financially because you're in debt despite having a household income of over 50.000 pa.

There's really no reason why your son should have to be in the most expensive accommodation for all 3 years as he can save a lot of money by living in house shares which are likely to be cheaper. Many people get no financial help from their parents (for whatever reason) and manage perfectly well by working part time in term and full time in the holidays.

atypical

The government accepts that the students loans alone are not sufficient to live on as the grants are meant to cover the shortfall that parents on low incomes can't provide. In this case the parents can't cover the shortfall.

Money can be saved on accommodation and by living frugally but it will still be a significant shortfall. He has to find work and work continually for the 3 years. It would be a scary thing if after a year he lost his job and found it difficult replacing it. He's being penalised for the action of his parents.

kazmeister

Lokolo wrote: »

That's a feeble excuse. I had a job whilst at uni, and then worked 4 nights a week in the summer. During the summer I earnt just over £1700. My best friend earnt over £2k.

I will say I am a little lucky getting all these jobs but I can't believe it is all luck :cool:

We are all aware that he needs a job to survive and trust me he has tried, he is also aware that when he goes to uni that the people who will get jobs first will be those that have experience. He is still looking and applying for jobs. I hope that he will be able to get one and save for his future after uni.

Oldernotwiser wrote: »

It really isn't anybody's fault that you can't help your son financially because you're in debt despite having a household income of over 50.000 pa.

There's really no reason why your son should have to be in the most expensive accommodation for all 3 years as he can save a lot of money by living in house shares which are likely to be cheaper. Many people get no financial help from their parents (for whatever reason) and manage perfectly well by working part time in term and full time in the holidays.

We havent always had that level of income, only in the last couple of years has my husband made the decision to work 80 - 100 hours overtime per month in order to pay off our debts despite being only 3 years from retirement. Obviously my son will look for cheaper accommodation in his 2nd and 3rd years but there will inevitably be price increases too.

atypical wrote: »

The government accepts that the students loans alone are not sufficient to live on as the grants are meant to cover the shortfall that parents on low incomes can't provide. In this case the parents can't cover the shortfall.

Money can be saved on accommodation and by living frugally but it will still be a significant shortfall. He has to find work and work continually for the 3 years. It would be a scary thing if after a year he lost his job and found it difficult replacing it. He's being penalised for the action of his parents.

As if I dont know that our actions (in an attempt to keep our own roof over our heads) are penalising him, but I can hold my head high in that we have always paid our way (apart from 4 weeks in my whole working life when I claimed dole after being made redundant) and any debts we have incurred we have settled or are settling ourselves, and our home will someday hopefully be completely ours - unfortunately not to pass on to our children but more than likely to pay for a stinking nursing home that we will probably end up in like my poor Nan did!

My apologies to Lokolo - I have diversified from the thread title about the student loan rates (which do obviously concern us). Board Guides please feel free to move or delete as necessary