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Student loan rate will probably stay near 4.8%
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Exactly Lokolo, and what high-street loan is going to fix your repayments based on your income? None. Therefore it's a good deal.
I've invested mine in a car this year, necessary for my course and the job it leads to.No longer using this account for new posts from 20130 -
To be honest even if I'm not paying enough to cover the interest I'm not that worried. It may be that I never pay off- it is wiped after 25 years isn't it? Only 24 to go now
I have about £9500 to pay back now I reckon. I earn around £17k so only have to pay about £15 a month. Interest is about £38 a month if it stays at 4.8%. So I'm adding £23 a month to it.0 -
I think you are paying off capital if you earn £22k at the current interest rate.
If you took it out post 2006 then it's 25 years, pre 2006 is when you're 65.No longer using this account for new posts from 20130 -
My opinion on the matter is that the rate of interest still doesn't matter - you pay back the same amount worth what you borrowed. Wages still do tend to increase at the rate of inflation and as long as i'm taking a loan at a rate less than a high street savings account i'm not going to feel guilty about the borrowing! I estimate to graduate with atleast £45k-£50k worth of student loan (and probably some offset savings)!They say you can't put a value on life... but I live it at half price!0
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Broke_Student wrote: »Wages still do tend to increase at the rate of inflation
Unless you're a teacher!0 -
3.8% will be the rate applied to student loans from Sep 2008 - Sep 2009. :beer:
That's better than I was expecting.
http://news.bbc.co.uk/1/hi/business/7348014.stmI can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0 -
To be honest even if I'm not paying enough to cover the interest I'm not that worried. It may be that I never pay off- it is wiped after 25 years isn't it? Only 24 to go now
I thought they only wiped it when you reach 65 on the loan system from 1998 onwards?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
have just seen on national statisitcs website that RPI for March is 3.8% so at least its a slight drop from last years!0
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Entrants from (I think, off top of head) 2007 onwards have their student loan wiped after 25 years. It coincides with people who started to pay top-up fees. Pre that date to 1998, its retirement age.I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0
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