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New! Student Finance Calculator 2012

edited 30 November -1 at 1:00AM in Student Money Saving
116 replies 59.2K views
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  • MSE_MartinMSE_Martin MoneySaving Expert
    8.3K posts
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    luciandan wrote: »
    It's a fun tool, and maybe good for mature students, but the idea that you can have the faintest notion what your salary growth will be when you're 18 and haven't even started in the graduate job market is a bit far fetched.

    We're aware of that - which is why we include average data for different professions in the ?

    Plus thats why we went for a 'slider' not a calculator - so even if you dont know it shows the impact of higher salaries of lower salaries to give an understanding of the true cost.
    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.
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  • As a careers advisor with a FE college, the calculator is excellent in showing how much will actually be paid over the 30 yr period, however students do not think about 30 years ahead, they consider the moment, so they would like to see what their monthly payments will be over average types of salary, using the sliding scale.:T
  • Hi guidance,

    That info is here in our '20 things to know about student loans' guide - hopefully people will use these in conjunction

    http://www.moneysavingexpert.com/family/student-loans-tuition-fees-changes?purge#7

    Dan
    MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

    If you spot a rate change that we haven't already mentioned or added into articles or tips, Please send me a PM about it




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  • edited 24 August 2011 at 11:39AM
    scammeisterscammeister Forumite
    3 posts
    edited 24 August 2011 at 11:39AM
    Hi.
    I work in HE and am really impressed by your site and the calculator looks great.

    I have, however done a couple of little tests and have come up with some strange outcomes:

    For simplicity:

    3 x year course. Student does not take out a tuition fee loan but takes out £1000 Maintenance Loan.
    Put in starting salary of £60k – keep everything at default.

    Student debt will be £3k + interest, but repayment calculator says £1200

    Any idea why this is? Looks on the surface that the Maintenance Loan isn’t being multiplied by 3. If the same is done on the tuition fee loan the calculator displays £3300 – which is what I’d expect.

    Guy
  • Thanks scammeister - i'm looking into this now
    MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

    If you spot a rate change that we haven't already mentioned or added into articles or tips, Please send me a PM about it




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  • That's now fixed Guy - great spot, was a dodgy multiplier on some of the lower numbers - but larger results (ie, those on standard inputs) were unaffected

    Can try it again now at: http://www.moneysavingexpert.com/family/student-finance-calculator?purge
    MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

    If you spot a rate change that we haven't already mentioned or added into articles or tips, Please send me a PM about it




    Don't miss urgent MoneySaving, hear first by getting Martin's Money Tips Free E-mail at www.moneysavingexpert.com/tips
  • No problem Dan.

    Can see that is now fixed, although the figure is different to the figure generated if you have £1000 of tuition fee debt.

    £1k - over 3 years: £3300 (tuition fee - everything else at default or 0)

    £1k - over 3 years: £3120 (Maintence Loan - everything else at default or 0)

    As the debt isn't treated any differently the figure should obviously be the same.

    Guy
  • Actually, thats because of when the loans become part of your balance:

    -Tuition fee is one lump, each september.
    - Maintenance loan is 3 instalments

    So it makes sense you pay more interest on tuition fees, as you are borrowing the cash for longer

    Dan
    MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

    If you spot a rate change that we haven't already mentioned or added into articles or tips, Please send me a PM about it




    Don't miss urgent MoneySaving, hear first by getting Martin's Money Tips Free E-mail at www.moneysavingexpert.com/tips
  • edited 24 August 2011 at 2:05PM
    LokoloLokolo Forumite
    20.8K posts
    Part of the Furniture 10,000 Posts
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    edited 24 August 2011 at 2:05PM
    MSE_Dan wrote: »
    Actually, thats because of when the loans become part of your balance:

    -Tuition fee is one lump, each september.
    - Maintenance loan is 3 instalments

    So it makes sense you pay more interest on tuition fees, as you are borrowing the cash for longer

    Dan

    No idea if this has changed, but at the moment the tuition fee is paid in 2 sums.

    tuitionpayment.png

    This was mine last year.
  • Yep, its been confirmed these are paid at the start of each of the three terms for most students
    MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

    If you spot a rate change that we haven't already mentioned or added into articles or tips, Please send me a PM about it




    Don't miss urgent MoneySaving, hear first by getting Martin's Money Tips Free E-mail at www.moneysavingexpert.com/tips
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