Elite 11+ shopping and chat thread part 2½

Jeremiah_T_Stone

davemorton wrote: »

I wouldnt let it worry you, it isnt the same as a conventional loan. To quote from :money: ......
From this point, students must repay loans at a rate of 9% of everything they earn above £21,000 each year (or more technically £1,750 a month). So if you earn £26,000, as that's £5,000 more than the threshold, you repay 9% of it – which is £450 a year.

This means the amount you owe (the borrowing plus interest) never has an impact on what you repay each year. I know people really struggle with this, so let's pick out of the air a current salary of £31,000 (purely done for maths ease as it's £10,000 above the threshold) and look at how different levels of borrowing impact your repayments – though the same principle applies whatever you earn.

- Student loan & interest: £20,000. Your earnings: £31,000.
As you repay 9% of everything above £21,000 your annual repayment is £900.

- Student loan & interest: £50,000. Your earnings: £31,000.
As you repay 9% of everything above £21,000 your annual repayment is £900.

- To get silly to prove a point: student loan & interest: £1 billion. Your earnings: £31,000.
As you repay 9% of everything above £21,000 your annual repayment is £900.

pippo wrote: »

Beat me to it DM

Thank you DM and Pippo :A

My chemo brain can’t quite grasp this - all I see is the huge amount of debt he has to start adult/working life with

I’ll keep taking the sleeping pills

Serendipitious

davemorton wrote: »

I wouldnt let it worry you, it isnt the same as a conventional loan. To quote from :money: ......
From this point, students must repay loans at a rate of 9% of everything they earn above £21,000 each year (or more technically £1,750 a month). So if you earn £26,000, as that's £5,000 more than the threshold, you repay 9% of it – which is £450 a year.

This means the amount you owe (the borrowing plus interest) never has an impact on what you repay each year. I know people really struggle with this, so let's pick out of the air a current salary of £31,000 (purely done for maths ease as it's £10,000 above the threshold) and look at how different levels of borrowing impact your repayments – though the same principle applies whatever you earn.

- Student loan & interest: £20,000. Your earnings: £31,000.
As you repay 9% of everything above £21,000 your annual repayment is £900.

- Student loan & interest: £50,000. Your earnings: £31,000.
As you repay 9% of everything above £21,000 your annual repayment is £900.

- To get silly to prove a point: student loan & interest: £1 billion. Your earnings: £31,000.
As you repay 9% of everything above £21,000 your annual repayment is £900.

Well yes, kind of, apart from the fact that £20k will potentially take 22 yrs to repay, and £50k will take 55 yrs.

It might be very manageable but it is still a burden in those early years of career-building and independent living with all its associated costs. To say nothing of weddings, home-buying and eventually the costs of raising a family.

I don't know how (or if) it impacts on one's leverage for a mortgage or other credit, but I do know DD was highly delighted after many years when she managed to pay hers off in full.

What worries me is that an entire generation is going through the education system with heavy borrowing as the 'norm.'

Serendipitious

davemorton wrote: »

So....the Scots get free education, the Welsh get grants, and the English get shafted again. Got to love our government.

Not just grants.

Care costs too are subsidised over the border.

emerald21

Dawn got a 5000 points one amongst others today

emerald21

Yes thank you op . Shame the Argos cards weren t £10 lol

MKS

bubbs wrote: »

MKS:wave:
How are you?

:wave:
I'm good thanks, bubbs.

Was finally able to lay Dad to rest with Mum yesterday. Vicar was a right lovely lady, she let me put a little of my brother in with them and included him in the service. All very emotional.

My sil even said that she was pleased that part of him was with my parents and has a resting place. She will not bury his ashes as says that she doesn't know where she will end up spending the last of her days so doesn't want to bury him where she cannot easily visit.

Hope all ok with you and glad that you are back home. It seems to have gone very quick this year. Did you miss the microwave in the cupboard? :rotfl::rotfl::rotfl:

Anon

newbie1980 wrote: »

Had anyone tried the visa gift cards at Sainsburys

No but I wouldn't buy anyway as you have to pay £2.95/£3.95 on top of the face value.

I have just bought £15 Arg0s using my S Refund Card (so yes that is possible even though I understood you couldn!!!8217;t pay for giftcard with what is technically a giftcard!). Sneaky S no £10 Arg0s though, almost as if they want you to spend more .

Points added on at CS so that so don!!!8217;t forget :A.

HTH

Anon

pacifica9

Afternoon peeps

Decided to tidy the house rather than go out today. No car so nothing to fuel at Mr S. And recent droids haven't enthused. Cleaning the house and watching the birds in the garden seemed favourable. Kettle's on..........

davemorton

Serendipitious wrote: »

Well yes, kind of, apart from the fact that £20k will potentially take 22 yrs to repay, and £50k will take 55 yrs.

Wiped out after 30 years.

On the link I posted, there is a table that explains the costs very well, I have tried to copy it below but it isnt as neat. Think of the student loan as an extra tax that you have to pay for 30 years, and it doesnt seem as bad as £XXXXXXX worth or debt. Also, it does not go on your credit rating.

FOR NON STUDENTS FOR UNIVERSITY LEAVERS IN THE 30 YEARS AFTER LEAVING
Up to £11,500 No tax No tax
Between £11,500 & £21,000 (1) 20% People with loans pay 20%
Between £21,000 & £45,000 (1) 20% People with loans pay 29%
Between £45,000 & £150,000 40% People with loans pay 49%
Over £150,000 45% People with loans pay 54%

(1) From April 2018, replace the £21,000 figure with £25,000 as the threshold will increase.

Anon

Soooo .... if you have a phone, haven!!!8217;t removed the screen protection etc and have only briefly switched it on to *ahem* network unlock then had to factory reset, do you still sell as Used or New (Other)?

Many thanks

Anon