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    • MSE Rosie
    • By MSE Rosie 14th Jul 17, 6:16 PM
    • 86Posts
    • 40Thanks
    MSE Rosie
    Guide discussion: Should I repay my post-2012 student loan?
    • #1
    • 14th Jul 17, 6:16 PM
    Guide discussion: Should I repay my post-2012 student loan? 14th Jul 17 at 6:16 PM
    This is the discussion area for the


    Click reply below to discuss. If you havenít already, join the forum to reply.
Page 4
    • peterbaker
    • By peterbaker 13th Dec 18, 12:19 PM
    • 2,355 Posts
    • 995 Thanks
    peterbaker
    I say to those teenagers who are reading this trying to decide what real higher education to seek (3 years at uni is not enough on its own) and what sort of lives to lead, the following:

    First, I've not seen any reference to the 15% payback that will apply to more and more Plan2 students now when they have continued after their Bachelors and completed an extra e.g. Masters course to separate themselves from the crowd. Yes you read that right. 15% not 9% if you are a serious STEM student.

    To EU and most of the rest of the civilised world, Britain is now looking a complete basket case in most respects. I strongly recommend anyone still with a chance, to jump ship to Europe or even further afield, before inadvertently tying themselves in further stupid knots and uncertainty here in UK.

    Contrary to the concept that Martin and others are happy to massage upon the confused brows of inexperienced youngsters, the Plan2 scheme is completely contemptuous of the lives and aspirations of our young people - the ones we seem to expect to inherit the basket case we created and even now continue to weave to the astoundment of our world peers. We expect our new graduates to soon lead this country out of the ridiculous low wage little Englander mess it is now in. Why should they? Afterall, no-one wants to be PM right now, do they? And anyone remember the UK "Brain Drain" of the 1970s? It's on again for those who smell the coffee.

    Our top STEM graduates should aspire to be true leaders i.e. leaders of working people not only of their own generation but of long term specialists of twice and even three times their own age. None of them should settle for any length of time to be continual low wage followers to be dumbed down by advice like Martin's to already blinkered little Englanders on this subject.

    Within a couple of years of leaving university the factual small minority who are used by politicians as their stereotype top students who will supposedly earn more in their lifetimes than they ever would without a UK university education, should be noticeably well on that path, but very few are. In 2 years they should be on no less than £40,000 a year and once there, quickly double it to catch up with the uniquely London-based no-conscience banker graduate intake. They should also have found a way not be saddled with low salaries coupled to high accommodation expenses and high commuting expenses, all three of which are the norm in most of the UK.

    In Europe the same types would almost all confidently expect to start on more than £40,000 and not have to suffer low wage doldrums and continue to live like students in rabbit hutch rentals. And they would pay the same salary deductions as the rest of the workforce - their university education would in many cases have been totally free and even further subsidised with living cost grants. In fact if they work part-time during their uni courses, then their grants would be taxed as income as further evidence that they are not special, just normal taxpayers from the moment they start to wait tables at 16.

    So. Travel and learn from elsewhere as early as possible. The future isn't here, not even for higher education, and certainly not for high paid fulfilling leader jobs unless you call working in the financial services laundries as willing head-down apprentices to unscrupulous fat cats, fulfilling. We're a tiny island and there are no longer many fish in our seas. It's the world that is your oyster, and it, not UK, is open for business and for living. Ryanair is still cheap for starters. Go this weekend and check it out, whilst carrying yourself as an open-minded young European citizen, not close-minded like our witless PM who keeps turning up there embarassingly now.
    Last edited by peterbaker; 13-12-2018 at 12:26 PM.
    • Farmer Johnson
    • By Farmer Johnson 25th Dec 18, 1:45 PM
    • 123 Posts
    • 146 Thanks
    Farmer Johnson
    Ah, Peter, it’s always amusing when people who achieved far less than me professionally try to give advice like this.

    People from all over the world are still flicking to work in London because it still has far better opportunities for them than nearly anywhere else on Earth.

    You come across like a regional manager in a retail bank. There’s nothing wrong with that, it probably got you a nice house and a company car, but you need to think bigger, and not be limited by your own horizons.

    May I ask, you write like you attended a second-tier redbrick, would that be right?
    • silvercar
    • By silvercar 25th Dec 18, 2:29 PM
    • 38,659 Posts
    • 161,735 Thanks
    silvercar
    Tis the season of goodwill, can we try to post with respect please? Some comments come over as very aggresive/ mean.
    I'm a Board Guide on the Debate House Prices & the Economy, House Buying, Renting & Selling, Mortgages and Endowments, In My Home incl DIY, Overseas Holidays & Student boards.
    I volunteer to help get your forum questions answered and keep the forum running smoothly.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of moneysavingexpert.com.
    • MummyRivett
    • By MummyRivett 29th Dec 18, 12:28 AM
    • 359 Posts
    • 3,691 Thanks
    MummyRivett
    Hello All,
    I'm wanting to pay off my plan 2 student loan, I know what Martin has said about it, but I was a mature student and the final amount that I took for for the whole degree was only £12,260. The repayments start in April I am mid to high salary bracket. I've done the calculations and if I left it, it would take 11 years to pay back with quite a bit of interest.

    I think my circumstances may be different and I feel I should make overpayments over the next 18 months and save paying back over 11 years with interest?

    I would appreciate your thoughts
    • Ed-1
    • By Ed-1 29th Dec 18, 10:40 AM
    • 2,508 Posts
    • 1,315 Thanks
    Ed-1
    Hello All,
    I'm wanting to pay off my plan 2 student loan, I know what Martin has said about it, but I was a mature student and the final amount that I took for for the whole degree was only £12,260. The repayments start in April I am mid to high salary bracket. I've done the calculations and if I left it, it would take 11 years to pay back with quite a bit of interest.

    I think my circumstances may be different and I feel I should make overpayments over the next 18 months and save paying back over 11 years with interest?

    I would appreciate your thoughts
    Originally posted by MummyRivett
    Personally I'd wait and see what comes out of the review of the system early next year. There's a high chance the interest rate will be cut.
    • MummyRivett
    • By MummyRivett 29th Dec 18, 10:50 AM
    • 359 Posts
    • 3,691 Thanks
    MummyRivett
    Thank you for your response, I had no idea that this was the case. Iím going to do some research on it.
    Know Yourself, Love Yourself, Be Yourself
    (#8) Emergency Fund Thread £1,100 / £12,000
    • hopelessr
    • By hopelessr 12th Feb 19, 5:12 PM
    • 1 Posts
    • 0 Thanks
    hopelessr
    Just quickly on something Martin said:

    "- Earn under £25,000: Interest rate = RPI
    - Earn over £45,000: Interest rate = RPI + 3%
    - Earn from £25,000 to £45,000: It rises gradually from RPI to RPI + 3%. For example, earn midway, so £35,000, and your rate'll be RPI + 1.5%"

    I'm on the highest interest rate of 6.3% but don't earn close to the £45,000 mark. Can this interest rate be changed if I ring up and question it or will I just be wasting my time sitting on hold?
    • Ed-1
    • By Ed-1 12th Feb 19, 5:28 PM
    • 2,508 Posts
    • 1,315 Thanks
    Ed-1
    Just quickly on something Martin said:

    "- Earn under £25,000: Interest rate = RPI
    - Earn over £45,000: Interest rate = RPI + 3%
    - Earn from £25,000 to £45,000: It rises gradually from RPI to RPI + 3%. For example, earn midway, so £35,000, and your rate'll be RPI + 1.5%"

    I'm on the highest interest rate of 6.3% but don't earn close to the £45,000 mark. Can this interest rate be changed if I ring up and question it or will I just be wasting my time sitting on hold?
    Originally posted by hopelessr
    The maximum RPI+3% applies until 5th April after leaving the course. A penalty interest rate of RPI+3% also applies if you don't respond to their requests for information. Either of these apply to you?
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