I have more money than I know what to do with. What would you suggest?

hallmark

fuzzzzy said:

hallmark said:

fuzzzzy said:

hallmark said:

With respect, that's not all the MSE article does. It specifically advocates a policy of not repaying the loan if you don't have to.

I agree the OP has done well so far. As I've said before repaying student debt could easily turn out to be a good move. Aside from any morality issues being shackled with debt most of your life is a position nobody should choose to be in.

I don't personally see them not repaying their student debt as a moral issue, no more than I see people overpaying into their pensions or paying into an ISA a moral issue.

To what extent it is or isn't a moral issue is open to debate (and clearly we disagree which is fine). 

However that's a flawed analogy.  Somebody who utilizes an ISA to avoid paying extra tax has not taken anything from the taxpayer, anymore than somebody who simply spent their money rather than save it has. That's a quite different situation to taking a taxpayer-funded loan then avoiding repaying it even if you're able. 

It's all money legally escaping the government coffers.

Even the government website contains information on not making voluntary repayments if you don't expect to repay the full balance by the end of the loan term.

https://www.gov.uk/government/news/8-things-you-should-know-about-your-student-loan--2

By that definition ANY money not paid to the Government is "escaping the Government coffers".  As I said before there's simply no comparison between legally avoiding paying EXTRA tax to the Government, and taking a taxpayer funded loan then avoiding paying it back if possible. It doesn't remotely stand up as an analogy.

Re the Government's own advice on voluntary repayments, that's IMO the best argument so far that it's not immoral to avoid doing so.

Personally I still think people should.  I wouldn't take a loan then not repay it unless it was literally impossible.  Morality aside, being in debt is unpleasant.  If you can avoid it then IMO you should.

boingy

hallmark said:

boingy said:

hallmark said:

fuzzzzy said:

hallmark said:

With respect, that's not all the MSE article does. It specifically advocates a policy of not repaying the loan if you don't have to.

I agree the OP has done well so far. As I've said before repaying student debt could easily turn out to be a good move. Aside from any morality issues being shackled with debt most of your life is a position nobody should choose to be in.

I don't personally see them not repaying their student debt as a moral issue, no more than I see people overpaying into their pensions or paying into an ISA a moral issue.

To what extent it is or isn't a moral issue is open to debate (and clearly we disagree which is fine). 

However that's a flawed analogy.  Somebody who utilizes an ISA to avoid paying extra tax has not taken anything from the taxpayer, anymore than somebody who simply spent their money rather than save it has. That's a quite different situation to taking a taxpayer-funded loan then avoiding repaying it even if you're able. 

Maybe you should just let it go.

I'm politely discussing something on a forum.  What's your problem with that exactly?

My problem is that you've turned the whole thread into something that is all about you. For that reason you have the dubious privilege of being only the second person on this forum that I have added to the ignore list. 

hallmark

boingy said:

hallmark said:

boingy said:

hallmark said:

fuzzzzy said:

hallmark said:

With respect, that's not all the MSE article does. It specifically advocates a policy of not repaying the loan if you don't have to.

I agree the OP has done well so far. As I've said before repaying student debt could easily turn out to be a good move. Aside from any morality issues being shackled with debt most of your life is a position nobody should choose to be in.

I don't personally see them not repaying their student debt as a moral issue, no more than I see people overpaying into their pensions or paying into an ISA a moral issue.

To what extent it is or isn't a moral issue is open to debate (and clearly we disagree which is fine). 

However that's a flawed analogy.  Somebody who utilizes an ISA to avoid paying extra tax has not taken anything from the taxpayer, anymore than somebody who simply spent their money rather than save it has. That's a quite different situation to taking a taxpayer-funded loan then avoiding repaying it even if you're able. 

Maybe you should just let it go.

I'm politely discussing something on a forum.  What's your problem with that exactly?

My problem is that you've turned the whole thread into something that is all about you. For that reason you have the dubious privilege of being only the second person on this forum that I have added to the ignore list. 

I ventured a polite opinion.  All that occurred after is I responded to the people who agreed/disagreed, in kind.  

You'll note that at no point did I have a dig or deride anybody else's opinions earlier in the thread even if I disagreed with them.

People need to learn how to disagree politely.  It shouldn't matter to your or anybody else if somebody has a different opinion to you & chooses to voice it.

tunde10

Deffo do not repay the student loan early.

It's disappointing to read that the generation who got free University education & grants are advocating for a repayment of a loan where the OP doesn't earn enough to do so. But doesn't surprise me as it's a similar situation with Housing.

Taxpayers money are constantly wasted by governments all the time. Loan given out to educate Uni students is not one of them, even if not repaid.

InvesterJones

Paying more money to the state/fellow tax-payers than required is a form of philanthropy. And philanthropy is a perfectly valid option for someone who has more money than they know what to do with (see also winter fuel payments to wealthy individuals), though personally, I would also consider whether the money could be put to more good (in my eyes) if it were targeted to a different demographic than UK tax-payers as a whole.

hallmark

tunde10 said:

Deffo do not repay the student loan early.

It's disappointing to read that the generation who got free University education & grants are advocating for a repayment of a loan where the OP doesn't earn enough to do so.

This isn't a generational issue.  The OP's student debt will be paid by his generation either way.   The only question is whether it's repaid by the section of that generation who benefited from it, or by everybody, regardless if they went to university or not.

The same was true of "free" tuition in the 70s/80s/90s.  The vast majority of the generation you are disappointed in, did not go to university.  They just paid for the small percentage of the population who did.

doriangray23

boingy said:

Regardless of your health, put some in your pension.
Then allocate yourself a couple of thousand as frittering money and make yourself fritter it away. If you struggle with this aspect of the plan then send it to me and I'll fritter it on your behalf.

BTW, don't go to Paris, or any other "top tourist destination". Those places are always a disappointment (other opinions are available).

Paris is a literary interest- Wilde is buried there. I'd struggle to find him anywhere else 😀

Ocelot

hallmark said:

tunde10 said:

Deffo do not repay the student loan early.

It's disappointing to read that the generation who got free University education & grants are advocating for a repayment of a loan where the OP doesn't earn enough to do so.

This isn't a generational issue.  The OP's student debt will be paid by his generation either way.   The only question is whether it's repaid by the section of that generation who benefited from it, or by everybody, regardless if they went to university or not.

The same was true of "free" tuition in the 70s/80s/90s.  The vast majority of the generation you are disappointed in, did not go to university.  They just paid for the small percentage of the population who did.

Indeed. Only about 5-10% of people went into higher education, even in the 1980s. That's why tuition could be free.

Eldi_Dos

doriangray23 said:

boingy said:

Regardless of your health, put some in your pension.
Then allocate yourself a couple of thousand as frittering money and make yourself fritter it away. If you struggle with this aspect of the plan then send it to me and I'll fritter it on your behalf.

BTW, don't go to Paris, or any other "top tourist destination". Those places are always a disappointment (other opinions are available).

Paris is a literary interest- Wilde is buried there. I'd struggle to find him anywhere else 😀

If we are digging up this old chestnut again ,do you think Oscar had paid his debt to society before he pegged it?