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# Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

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• FIRST POST
Former MSE Dan
Hi folks,

After a lot of work, we've built and now launched a calculator to help prospective new students in September 2012 work out the true cost of the borrowing they'll take out to go to uni.

We'd love your feedback on this - we are looking at adding a few more features once it has bedded in and more info is available from the Govt. Click this to give it a try...

Then click reply below to join the discussion.

Dan
Page 6
• tomtontom
• 13th Jan 16, 12:23 PM
• 7,184 Posts
• 16,347 Thanks
tomtontom
There is a problem with this calculator; it assumes that every course is four years or less. I plan on doing a foundation year in mathematics and then a PhD, seven years in total. The student loan is the full £9,000, my maintenance loan is £6,904, a total of £15,904 or £111,328 over the seven years. How much do I have to earn on average to clear that amount plus interest exactly over thirty years?
Originally posted by Launchballer
Different funding applies to PhD study. Do you already have an undergraduate degree? It would be very unusual to go from a foundation year straight to a PhD.
• SuperCat007
• 14th Jan 16, 6:27 AM
• 79 Posts
• 34 Thanks
SuperCat007
There is a problem with this calculator; it assumes that every course is four years or less. I plan on doing a foundation year in mathematics and then a PhD, seven years in total. The student loan is the full £9,000, my maintenance loan is £6,904, a total of £15,904 or £111,328 over the seven years. How much do I have to earn on average to clear that amount plus interest exactly over thirty years?
Originally posted by Launchballer
As the other poster said you don't get funding from SFE for your post grad study.

Student Finance will fund your tuition and living costs for the entirety of your undergraduate studies (providing you haven't already studied at HE level), this includes courses with integrated master's degrees. After that, once you graduate, you have to fund your own living costs and tuition. Some courses offer funding, some don't. It'll depend what you choose and where you choose to study.

So basically no, you won't end up with £111, 328 worth of debt over the 7 years. More like £40-50,000 over the 3-4 years of your undergraduate study.
• davestretty
• 17th Feb 17, 2:36 AM
• 60 Posts
• 18 Thanks
davestretty
This calculator is too limited to be of use to medical students. Anyone know of a site or calculator that is relevant.
• callmequick
• 11th May 17, 2:48 PM
• 2 Posts
• 1 Thanks
callmequick
I made a calculator (son doing med) but they won't let me post the link here. you can google student debt trap calculator and it should come up. It is a word press site.
• callmequick
• 11th May 17, 3:03 PM
• 2 Posts
• 1 Thanks
callmequick
By the time you graduate and start work the compounding interest on the student loan account has ballooned beyond the ability to repay unless you have a starting salary that can afford to repay c. £200 per month otherwise you will be a debt slave for the next thirty years and unfortunately if you earn a lot then you will repay a lot before it is wiped. Yes, it's a 9% grad tax but the debt has already spiralled out of control while you are studying and then you are hammered with 6% interest as of September. The info on this site is misleading and you should inform yourself properly before deciding to take out a student loan. The terms and conditions of the loan basically means that the govt can change them whenever it chooses and has just done so. The govt has not provided an accurate calculator because the loan system is too complex and individual - the moderators on this forum state that one cannot know future interest rates etc but then they should explain that you are taking out an open-ended loan with high rates of interest where the terms and conditions can change at any point.
• Mogley
• By Mogley 11th May 17, 3:42 PM
• 249 Posts
• 201 Thanks
Mogley
I made a calculator (son doing med) but they won't let me post the link here. you can google student debt trap calculator and it should come up. It is a word press site.
Originally posted by callmequick
I have used your calculator which is very good by the way. One number missing from the output is the total amount that you have repaid over the repayment term of the loan.
Total amount borrowed £63,600
Total cost of loan £293,711
Total amount repaid (not on your sheet) £74887 (written off in 30years)

These outputs assume starting salary of £28k rising by 4% per year with a max salary of £150k.

So I borrowed £63600 and paid back £74887 over 30 years. Not a bad deal really sitting on a salary of £84k age 52 thanks to my self funded university education.

P.S. Your calculator also assume £21k threshold each year so repayments are at the worst case scenario.
Last edited by Mogley; 11-05-2017 at 3:46 PM.
You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
• HillBilly
• 7th Jul 17, 2:20 PM
• 9 Posts
• 0 Thanks
HillBilly
Forgive me if this has already been addressed in this thread, I've had a look but can't find anything.......

I am starting teacher training in September, so just a one year course...... but the calculator doesn't give an option to select a one year course.
I'm trying to decide whether to get a loan to pay the course fees or pay them myself. I'm not applying for any other loans as I will get a bursary to cover living costs.
As it is only a one year course, with fees of £9250, I would like to know if I am likely to pay the loan off before I retire....... if I am then I would think I would be financially better off to pay the fees up front and save myself to interest payments.

Can anyone recommend a way around this or suggest another calculator which would work in this circumstance?

It would be a great help to help me make an informed decision about this.

Su
• oldernwiser368
• 24th Jul 17, 3:48 PM
• 1 Posts
• 0 Thanks
oldernwiser368
Hi Martin Lewis
I feel the projections are misleading students - your model only allows annual pay inflation over 30 years, what about modelling the pay hikes from promotions and upward job moves that would normally take place for most people who have a good degree in something commercially useful such Management. If you factor in 9% deductions of salary jumps from expected promotions over that period you will see the cost of those loan payments soar way beyond the figure based on the default values you show. That would then make it far better to reduce the debt now. Perversly the system serves those who expect only to make minimum wage or less - so why bother with a rubbish degree and its high cost if thats all you aspire to earn? Better get a trade or learn on the job, study at night school to get extra quals then no huge debt around your neck....please change your model so that the expected high earners can really project a realistic outcome from the loan payments thanks
• audaniya
• By audaniya 29th Aug 17, 7:05 PM
• 1 Posts
• 0 Thanks
audaniya
Thank you MSE, for the different calculators. I tried the Student Finance Calculator, for Medical Graduation and did my calculations separately and found significant difference in the outcome.
By SFC it shows we would be paying around 50,000 at the end of 30 years, which would be less than the Loan taken (£52680).
My own individual calculations says going by salary of a Doctor in training and then becoming consultant you would pay off your loan maximum between 21 to 24 years and including interest you would pay at least between 25000 to 30000 more than the loan amount. I have given the range assuming some of my calculation may be over estimation even considering 10% error one seemed to be overpaying significant interest. Could you please have a look and correct if I am wrong.
• Ed-1
• By Ed-1 29th Aug 17, 8:13 PM
• 2,643 Posts
• 1,419 Thanks
Ed-1
Thank you MSE, for the different calculators. I tried the Student Finance Calculator, for Medical Graduation and did my calculations separately and found significant difference in the outcome.
By SFC it shows we would be paying around 50,000 at the end of 30 years, which would be less than the Loan taken (£52680).
My own individual calculations says going by salary of a Doctor in training and then becoming consultant you would pay off your loan maximum between 21 to 24 years and including interest you would pay at least between 25000 to 30000 more than the loan amount. I have given the range assuming some of my calculation may be over estimation even considering 10% error one seemed to be overpaying significant interest. Could you please have a look and correct if I am wrong.
Originally posted by audaniya
You can't compare £50,000 today with £50,000 in 30 years. The value of money changes with inflation over time so £50,000 will be the same as £90,000 in 30 years time with 2% inflation.
• whowants2brich
• 9th Sep 17, 10:02 AM
• 484 Posts
• 1,165 Thanks
whowants2brich
Forgive me if this has already been addressed in this thread, I've had a look but can't find anything.......

I am starting teacher training in September, so just a one year course...... but the calculator doesn't give an option to select a one year course.
I'm trying to decide whether to get a loan to pay the course fees or pay them myself. I'm not applying for any other loans as I will get a bursary to cover living costs.
As it is only a one year course, with fees of £9250, I would like to know if I am likely to pay the loan off before I retire....... if I am then I would think I would be financially better off to pay the fees up front and save myself to interest payments.

Can anyone recommend a way around this or suggest another calculator which would work in this circumstance?

It would be a great help to help me make an informed decision about this.

Su
Originally posted by HillBilly
I've just finished teacher training. Do a 3 year course with tuition fee loan of £3k per year. Have the course date start two years earlier, ie in 2015 for your course starting in 2017. That way, repayments will start when you've finished next summer.

Oh, and good luck with the course - it's not easy. However, it is well worth it... (promise)
• HeronBee
• By HeronBee 20th Feb 18, 12:02 AM
• 1 Posts
• 0 Thanks
HeronBee
Hi, nice idea, can see this being helpful, but 2 big reasons not any use to me
1) I did a full time 2 year course, there is no 2 year option, and;
2) I cannot put in a maximum salary. I am in NHS, I have salary increments each year for a number of years but then when reach top of my banding at (I think around) 34,000 that's where I'll stay. The tool assumed increments continued to a salary of over 83,000! If only!!
• SirSplidge
• 10th Jun 18, 12:38 PM
• 2 Posts
• 0 Thanks
SirSplidge
Hi,
When I use Martin's calculator and type in a starting salary of £21000 the calculator predicts a repayment over 30 years of £2250 yet the table in section 5 of Martin's 'Student Loans Mythbusting' article (link below) suggests a repayment amount of £21000. Can anyone help with this?
Simon
• sheramber
• 12th Jun 18, 5:28 PM
• 7,071 Posts
• 5,334 Thanks
sheramber
Both come up as £2250 for me.
• SirSplidge
• 12th Jun 18, 7:04 PM
• 2 Posts
• 0 Thanks
SirSplidge
Well if you look at the table I referred to just above where section 6 starts you'll see it's £21000. Sorry I cant provide a link.
• 8th Apr 19, 12:47 PM
• 1 Posts
• 0 Thanks
Hi guys, thanks so much for the tool. I am lucky enough to be starting on a salary slightly higher than the maximum you can enter on this tool. Would it be possible to increase the maximum? If you use 2% inflation and the fact the tool was created 8 years ago, the £60k would be at £70k now anyway. Or perhaps there could be a tick box at the bottom to extend the salary bar, to make this change less obnoxious? Thanks for the help!
• tyw7
• By tyw7 13th Aug 19, 1:20 PM
• 230 Posts
• 1,219 Thanks
tyw7
I think the calculator is lowballing it.

It says I will have to pay £6940 but every other calculator says I have to repay £50k+
"Character is a journey, not a destination"--Bill Clinton

Gotta save em all!