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student loans??

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
edited March 27 in Work & Study
Hi, im thinking about doing a college course, the problem being that the course is full time mon-fri and i dnt really fancy working all weekend aswell cause then wont get a day off but really cant afford not to work. Do u think it would be a good idea to have a student loan? i mean i dnt mind working but also got to think about when i wud have time to complete assignments and stuff. Iv read tht u have to earn over 15000 a year before paying back ur loan, but wat if i dnt ever earn over 15000? will the loan get dropped? will the interest bhe really high if i dnt earn 15000 for say 20 years?

Any advice appreciated
Post edited by JustV on

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    is it a higher education course that you are going to be undertaking?
    and do you mean a student loan through the students loan co.?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    yeh its a higher education course, iv been looking at loans on students loan site.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The student loans website should be able to answer your questions better than we can, I know for a fact it has a good Q&A section.

    The loan is capped at inflation (Its tied to the Retail Price Index) therefore whatever you borrow you will repay the exact same amount, in real terms. Therefore it is as close to a "free" loan as you will ever get.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote:
    The student loans website should be able to answer your questions better than we can, I know for a fact it has a good Q&A section.

    The loan is capped at inflation (Its tied to the Retail Price Index) therefore whatever you borrow you will repay the exact same amount, in real terms. Therefore it is as close to a "free" loan as you will ever get.

    Thankyou, iv checked the website and its calculated tht il only get 3200 a year on loan, this isnt going to cover my accomodation if i decide to move away but thanks anyway.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    £3200 given in loans, topped up by parental contribution.

    And £3200 is better than £0.

    You cannot live on the loan itself, either it needs to be topped-up by employment, parents, student overdrafts or all three.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    unfortunately, even with the full loan amout there is no way it would cover tuition fees + accomodation, never mind food or going out etc.
    and as kermit said, it needs to be topped up by other sources.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    you may not have to pay tuition fees if you have the maximum loan entitlement.

    i mange on my loan nicely - my accomadation is £64 per week. i manage and you could just work one eve a week and one weekend day.
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