Student loan - how does it affect mortgage affordability

Jon_B_2

amnblog wrote: »

My clients involved in recruitment tell me that it is often everything outside of qualifications that captures their attention as so many youngsters achieve the examination standards.

Quite often recruitment is where today's 2:2 or lower graduates end up.

I know because they won't stop ringing me to offer me roles.

lucie_1985

Jon_B wrote: »

Quite often recruitment is where today's 2:2 or lower graduates end up.

I know because they won't stop ringing me to offer me roles.

In my experience recruiters say whatever suits at the given time as in any other commission based industry.

Jon_B_2

Also I'd like to add that within my process of applying for a mortgage the monthly repayment of the student loan is being treated the same as my personal loan repayment.

I'm on the scheme from when you payback after earning more than £15k year. So currently paying back about £180/month.

silvercar

Jon_B wrote: »

Quite often recruitment is where today's 2:2 or lower graduates end up.

I know because they won't stop ringing me to offer me roles.

Better to study hard, get a 2.1 or better, and have a full student loan than work while studying and come out with a 2.2.

sparks11

silvercar wrote: »

Better to study hard, get a 2.1 or better, and have a full student loan than work while studying and come out with a 2.2.

Not everyone has this luxury. Some people with the full loan will still need a part time job when there is no other financial help available to them.

Incidentally, I worked part time, studied hard (for a degree with 32+ hours of lectures a week) AND got a 2.1, then a doctorate.

'Good' degrees and the requirement to have a part time job aren't necessarily related. Nobody can make a judgement on the dedication and academic ability of OP's sons!

None of this has anything to do with the effect of student loans on mortgage applications though...

lucie_1985

sparks11 wrote: »

Not everyone has this luxury. Some people with the full loan will still need a part time job when there is no other financial help available to them.

Incidentally, I worked part time, studied hard (for a degree with 32+ hours of lectures a week) AND got a 2.1, then a doctorate.

'Good' degrees and the requirement to have a part time job aren't necessarily related. Nobody can make a judgement on the dedication and academic ability of OP's sons!

None of this has anything to do with the effect of student loans on mortgage applications though...

Of course not everyone has the luxury but some universities don't even allow students to have part time jobs during term time due to the effect on studies, I know that was the case for my husband at Cambridge and my sister at Exeter.


Although I agree that you can do both without the work suffering - husband finished his phd whilst working nights in a hotel just after our son was born. It was hell and I wouldn't wish it on anyone though!

andyfromotley

lucie_1985 wrote: »

Of course not everyone has the luxury but some universities don't even allow students to have part time jobs during term time due to the effect on studies, I know that was the case for my husband at Cambridge and my sister at Exeter.


Although I agree that you can do both without the work suffering - husband finished his phd whilst working nights in a hotel just after our son was born. It was hell and I wouldn't wish it on anyone though!

Which must be a real encouragement to kids from poor or low income families. :-/

lucie_1985

andyfromotley wrote: »

Which must be a real encouragement to kids from poor or low income families. :-/

Agreed - I didn't go to university due to cost, however a lot of those that do refuse part time work actually have much lower living costs, husband paid very little for accommodation (relative to friends elsewhere) as it was all owned by the university rather that renting privately in a large city.