Student Loan 2015 Discussion

PaulW1965

2sides2everystory wrote: »

Is this thread serving any useful purpose? Is it still leading sheep to an uncertain fate?

I just happened across this article which is 10 days old - its from the Daily Mail but we can't afford to be too fussy thesedays, it being just one part of the British press that is not part of the 42% readership controlled by News International

www.dailymail.co.uk/news/article-2012705/6k-charge-hidden-new-student-loans.html

From my own point off view this bit seems important

IMPACT ON HOMEBUYERS


Buying a house will be much harder for graduates saddled with huge amounts of student debt.

The average mortgage for a first-time buyer is currently £103,000 – double what many people will already owe on their student loan.

The Government says a student loan ‘is very unlikely to impact materially’ on getting a mortgage.

But mortgage brokers point out that when applying for a mortgage, all lenders will ask about your debts – including a student loan.

Because the debt is likely to last for 30 years, an even bigger problem may occur if the graduate starts a family, thereby further reducing their financial ability to raise a mortgage.

Read more: http://www.dailymail.co.uk/news/article-2012705/6k-charge-hidden-new-student-loans.html#ixzz1SeDwsuTL

PaulW1965

Lokolo wrote: »

I wouldn't even put it in my cats litter tray, let alone read it.

and yet you are prepared to read Martin Lewis who worked for the News of the World (until he was made redundant) - how strange :cool:










What's the matter is the Daily Mail too high-brow for you?

melancholly

oh blimey. can the NOTW overreaction stay on DT and not make a mess of threads on here too......

PaulW1965

melancholly wrote: »

oh blimey. can the NOTW overreaction stay on DT and not make a mess of threads on here too......

A perfectly valid point in my opinion.

Lokolo

PaulW1965 wrote: »

A perfectly valid point in my opinion.

Just because I use his forum, doesn't mean I like him, support him, or use his guides.

Taiko

The debt itself won't count on mortgage applications. The only affect it will have is the net income, after the contributions are deducted. It'll be minimal, and actually better than the present system in relation to mortgages.

JimmyTheWig

Taiko wrote: »

better than the present system in relation to mortgages.

Not necessarily. Currently it is perfectly possible to clear your student loan before wanting to get a mortgage. With the new scheme that is unlikely to be the case.

melancholly

JimmyTheWig wrote: »

Not necessarily. Currently it is perfectly possible to clear your student loan before wanting to get a mortgage. With the new scheme that is unlikely to be the case.

very few people on the £3K fees plus living expenses will have cleared the loan by 30ish (which seems a reasonable time to be wanting to put down roots)..... older loans for living expenses only could be cleared 'quickly', but current graduates still have some hefty amounts to pay back.

Lokolo

JimmyTheWig wrote: »

Not necessarily. Currently it is perfectly possible to clear your student loan before wanting to get a mortgage. With the new scheme that is unlikely to be the case.

But the new system increases the lower earnings threshold, as well as having it start higher (£21k vs. £15k). So over a 30 year period, the old system threshold would be minuscule compared to the inflation proof threshold of the new system.

Dustykitten

Does anybody know how you would pay back your loans if you became self employed and paid yourself via dividends?

Second question. If like lots of people you know you start one degree, do a year or less and then realise you should have chosen a different degree and start again would you be entitled to another set of loans and just have a bigger loan?