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Student Loans!
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Yes, my student loans are now becoming a serious issue to me as the interest on them is so ridiculously higher then i was told it was going to be. I was told that if i took a student loan to pay my tuition fees then i would only be paying 0.5% - 1% interst upon it. Now i am being told i have to pay interest in line with inflation, and yet the interest is nearer 3% - 4%!
In short, its way higher then i wanted it to be, and it will continue to grow out of control like this for as long as i do not have a job paying £15k a year or more. Which i do not have, as i can not seem to find a job that pays that much that i enjoy or is qualified for.
My choice is thus, pay of the loan with my savings leaving me with no savings at all. Do not pay off the loan until i get this £15K a year job by which time i could more then £10,000 in debt.
I just wanted to say, i hate the Labour Government for making student loans!
(This is nothing but a rant and bitch)
In short, its way higher then i wanted it to be, and it will continue to grow out of control like this for as long as i do not have a job paying £15k a year or more. Which i do not have, as i can not seem to find a job that pays that much that i enjoy or is qualified for.
My choice is thus, pay of the loan with my savings leaving me with no savings at all. Do not pay off the loan until i get this £15K a year job by which time i could more then £10,000 in debt.
I just wanted to say, i hate the Labour Government for making student loans!
(This is nothing but a rant and bitch)
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The loan I'm entitled to doesn't even cover my accomodation alone... So I have to pay for my tuition fees and for food and going out with savings.
The new sytem is better when it is introduced and I beleuive you will be able to borrow more which should sort out the sytem whereby many don't have enough at the monet, which is a scandal......
thank god I only took the loan out for 1 year or else I would be even more pissed off!
I'm in the same situation, only I took out £12000 and am now finding job hunting very hard as it looks as though I will struggle to get the kind of wage that will enable me to begin to pay off my debts, which I want to do as it will only grow and grow. There was an article in The Times last week about how the Government are now looking to blacklist people who defer payments on their student loans, therefore making it more difficult for them to secure personal finance and get mortgages etc which upset me also.
I just try to think about the future and that hopefully in the long term I will reap some benefits of all the cost and hard work put into my degree.
Don't get me wrong, I never expected it to be easy at this stage - I've never expected anything from anybody my whole life and am proud that I have worked with the aim of giving myself a better future but now I am applying for jobs knowing at the back of my mind that as much as qualified as I am somebody is just going to have to "give me a chance" rather than just dismissing me for "not having enough experience", when I have as much as can be expected. This shift in control is taking a lot of getting used to
I don't know any grads in proper grad jobs or earning that much money.
I've had to pay full tuition fees and I have so little money left from my gap year, whereas my flatmate only had to pay £300 fees, got the full loan and just drinks it all. It makes me a bit cross really. Oh well, I have 38 hours a week in the co-op to look forward to over Christmas, as well as revisin for 4 exams and writing 2 assignments.
They tend to be in London or in the bigger cities and even then it is more geared towards business graduates etc. Another factor which is quite important also is how good the employability of your university is, ie the connections they have withn big companies. You can be at a university which scores highly as regards research and teaching standards etc but can be poor in building relationships with large companies looking to recruit graduates
yeah so was I - bastards!
Bastards!
So i have been on the calculator doing some maths and even if i get a job in January, which is not a guarantee, and do earn £15k a year and start paying it back in April like they ask, since it is increasing each month by about £15-£20 each month, i will be paying it back for 5 years and they will get close to £3000 more from me then i acutally took out from them!
Bastards!
Now why didnt I think of that!
Bank robbery is also an option
They want you to be money conscience and save and be good and yet force you into debt. Its crazy.
I'm tempted to do the "you say, we pay" competition on richard and judy to pay it off.
That might be a good idea actually!
Top up fees will only make the matter worse.
Whoever was whimpering about not being able to afford to go to uni without the loan should do a bit of revision and do some reading about the ancient system of grants for students. They covered maintenance living costs in the days before tuition fees and loans.
*puts hand up*
That was me. I know about the grants, it was a better way. I share the opinion of everyone else. I was just offering an alternative view
and before the higher education sector underwent massive expansion that made that system unaffordable......
This was one of the main things that put me off coming to Uni. But I'm here now, so I guess I'll stick it out!
At least it's only a 3 year BA, but the amount of debt I will have accumulated by the end of it puts me off going further and doing a MA or PHD.
Also I'm avoiding getting a student overdraft until it's absolutely necessary, if I haven't got it I can't spend it! I'm going to try and get a job after christmas (all the ones this term have been for christmas temps - I'm not here for Christmas!) to avoid taking out more loans. It feels horrible being so dependent on money that isn't mine. I was so independent during my gap year, now I have nothing and owe loads.
Open University.
i go to ucl almost everyone i know in my dept wants to go into finance on a graduate scheme, and they give me odd looks when i say i dont want to go into banking - these are the people we are against
i do chemistry btw
i worked out i need to go into a 22k a year job straight from uni if im to pay back my student loan, as im on a 4yr course and will land up in 20k initial debt plus 4 years of interest - if i earn less than 15k a year and follow their repayment system, ill never pay it back - its an effective tax
bit of a joke really but the unis need the money, not as much as they say they need 'to be a place for posh gits', but they do need it
I've not a problem with the loan, though. There's no reason why anyone else should've had to pay for my accomodation and food/drink costs.
Not keen on fees, though. Actually, I'm especially not keen on those with poor parents getting fees paid for them, when the parents have nothing to do with paying them back.
It really is a sucky system and what makes it worse is you can't get the so called grad jobs to pay off the debt!