Student Loan 2015 Discussion

GeneHunt_2

Indeed. In the style of Mock the Week - Something you would never here Martin Lewis say:-

"If you have credit cards, cut them up and don't even sign up for new ones again. Open credit is the number one cause of poverty because of the outrageous interest rates on the balance dues. Cash is always easy to control because its palpable"

trojan1

MY son is hopefully going to University in September. We have saved about £20000 to help. Is it better for him to take the student loan or should we use the money to support him? I have heard that the loan book is ti be sold to another provider and so interest rates and repayment terms may change - can anyone advise?

setmefree2

trojan1 wrote: »

MY son is hopefully going to University in September. We have saved about £20000 to help. Is it better for him to take the student loan or should we use the money to support him? I have heard that the loan book is ti be sold to another provider and so interest rates and repayment terms may change - can anyone advise?

Imho he should take the maximum student loans and you should use the money to support him in whatever way you think best.

tyllwyd

trojan1 wrote: »

MY son is hopefully going to University in September. We have saved about £20000 to help. Is it better for him to take the student loan or should we use the money to support him? I have heard that the loan book is ti be sold to another provider and so interest rates and repayment terms may change - can anyone advise?

I would say (as a mum not a financial expert) - £20K is a lot of money, but it isn't going to be enough to cover anything. If it was me I'd say that he should take the loans, and then you can keep the money and use it as you feel it is needed. If you don't need to spend the money while he is at uni, he could use it to repay some of the loan as a lump sum when he graduates, or you could keep it to be put towards a mortgage deposit - it leaves your options more open.

setmefree2

Poor to face bigger student loan bill than rich, says study

http://www.timeshighereducation.co.uk/news/poor-to-face-bigger-student-loan-bill-than-rich-says-study/2006092.article

setmefree2

GeneHunt wrote: »

(But maybe, it's not the sort of advice that makes money gurus money?)

I read this article (actually I read the original Which? article) and I thought of this conversation

Comparison websites 'not always the best' at getting the lowest price for consumers

• Those using sites 'could be losing hundreds of pounds' by not shopping around
• Watchdog calls for tougher regulation of the websites to ensure customers are treated fairly

They claim to help you save money on everything from car insurance to holidays.
But customers using price comparison websites may not be getting the best deals after all, a new study suggests.
Researchers at consumer watchdog Which? say those using the websites could be losing hundreds of pounds by not shopping around

Read more: http://www.dailymail.co.uk/news/article-2119610/Comparison-websites-best-getting-lowest-price-consumers.html#ixzz2bGzauh5n
Follow us: @MailOnline on Twitter | DailyMail on Facebook

milo_jasper

article is pretty good.

GeneHunt_2

setmefree2 wrote: »

I read this article (actually I read the original Which? article) and I thought of this conversation

A money saving site that links/directs its users to a site that doesn't save them money - love it! :money:

jay213

Hi, I just have a question and would appreciate if anybody could give me some advice.

I'm currently at university and started in 2011 when the fees were £3xxx for full time. I just finished my second year and I've been working aswell and I've been finding it more diffcult. I work 18 hours per week part-time and I can't reduce my hours but I want to keep on working as I've been here for a number of years. I've been thinking of going part time at uni for the final year.

I have called my uni and asked them, they didn't seem sure but then said I would have to pay the new fees if I went part time, which would be £75 per credit, which would equal £4500 for 2 modules over the year and then another £4500 for another 2 modules the following year. That would mean £9000 instead of the £3xxx I would pay for the year doing fulltime if they are correct. When I first enquired with the uni about fees before I started my course they previously gave me wrong information about the fees so don't really trust what they said on the phone.

If I did decide to go part time how would my student finance be affected? So far I've had 2 years fulltime funding that's to be paid back when earning 15k or more I believe that the newer loans have to be paid back after earning a different amount? how would this work if the two types of loan were mixed? Would I start paying it all back when earning 15k or 21k or both?

2 years x fulltime to be paid back after earning 15k
2 years having to pay back new fees part-time after earning 21k

Doshwaster

Good article on student "loans" in yesterday's Telegraph from Martin: http://www.telegraph.co.uk/finance/personalfinance/10245550/Martin-Lewis-Time-to-stop-calling-student-loans-a-loan.html