Plotting for an early retirement - anyone want to join me?

MallyGirl

fred246 wrote: »

You need to do some maths. If you do vet med you will need to 'borrow' a lot. The salaries of vets are not as high as you might like to think. The government keep on adding more interest than you pay off. So unless you overpay it will never be paid off. After 30 years it is written off. If she is female she may have years off to have children. The interest keeps on getting added. I think the government have recently suggested reducing fees I think because they realise with the current system loans have little chance of being repaid.

I have a spreadsheet!
She knows vets don't make that much - it is a vocation.
With the current £9k fees, on the basis of non-London uni and a 5 year course, she will never pay it off unless she end up owning a partnership.
By the 30 year cut off the interest being added will be more than the 9% repayment figure so it will just get written off with her still owing a 6 figure sum. If she goes to Cambridge, or intercalates elsewhere, then it is a 6 year course so even less likely to pay it off. If she goes to London, the maintenance loan element of the debt will be £14k plus interest higher on day 1 (the April after graduation). She would like children one day so there will be a period of no income. We are just hoping they don't change the rules - but if they do she will cope.
She will never be short of work - courtesy of Brexit. Many European vets are planning to go home and any borders they introduce must have vets present at all times.

I got her to watch the Martin Lewis video - it was very helpful.

fred246

OK just pointing out that you might as well borrow as much as possible if you won't pay it off anyway. The maximum maintenance loan for a London student is £11672 for next year. Not sure where your £14k comes from?

MallyGirl

fred246 wrote: »

OK just pointing out that you might as well borrow as much as possible if you won't pay it off anyway. The maximum maintenance loan for a London student is £11672 for next year. Not sure where your £14k comes from?

£14k is the difference between the £11672 for London and the £8944 for non-London times by 5 for a 5 year course. So it is £14k higher

She is going to borrow all she can

bostonerimus

MallyGirl wrote: »

£14k is the difference between the £11672 for London and the £8944 for non-London times by 5 for a 5 year course. So it is £14k higher

She is going to borrow all she can

Things are really stacked against this generation. House prices are sky high, benefits are under attack and they leave uni with masses of debt. I'm so grateful that I went to uni in the 1980s and I was actually able to leave with £3k saved in my bank account.

MallyGirl

Me too - graduate of '88. Full grant and no fees.

Luckily for DD we only have 1 child to support so she has been given a lot of opportunities that would have been harder if I had more children.

fred246

Oh the total extra for being a London student. I have one in London and I give him much more than £11672 and he is still not happy. £11672 would be very tight I suspect.

bostonerimus

MallyGirl wrote: »

Me too - graduate of '88. Full grant and no fees.

Luckily for DD we only have 1 child to support so she has been given a lot of opportunities that would have been harder if I had more children.

It's a bit ironic, this being an early retirement thread, as debt early on in someone's life can seriously reduce the chances of early retirement. All the money that could have been invested in someone's 20s and have a chance to compound for 30 years must instead be used to pay off loan debt.

MallyGirl

fred246 wrote: »

Oh the total extra for being a London student. I have one in London and I give him much more than £11672 and he is still not happy. £11672 would be very tight I suspect.

it certainly would against uni accommodation fees of £10,403 self catered. Hopefully she will get a place outside of London.

JoeEngland

MallyGirl wrote: »

Me too - graduate of '88. Full grant and no fees.

Luckily for DD we only have 1 child to support so she has been given a lot of opportunities that would have been harder if I had more children.

Similar thing here. Graduated in 88 and had a grant, but not a full one and parents had to give me a bit to make the shortfall.

geoffers4

shinytop wrote: »

Part time or I'm leaving?

I like your style!