Student Loan Almost Paid Off - YIPEE!
10 August 2005, 01:10 PM
#1
Scooby Regular
Thread Starter
iTrader: (3)
Join Date: Oct 2002
Location: Aberdeenshire
Posts: 2,787
Likes: 0
Received 0 Likes
on
0 Posts
Student Loan Almost Paid Off - YIPEE!
What a feeling, not often i post a thread like this but i just feel so relieved now i'm almost there. 
I went to Uni for a year borrowing circa £3500 before deciding it wasn't hands-on enough for me and started a Modern Apprenticeship. Since then interest accrued to the tune of £4000 until i began paying it back nearly two years ago.
Since i started my full-time job i've been donating +/- £200 a month to the Student Loans Company. What's worse is they take a percentage rather than a fixed amount so they've taken huge chunks of any bonuses and O/T i've worked.
But alas, i got my final annual statement in this morning accounting for all the money i paid back last year (nigh on 3k
) and stating what i owed as of the beginning of April. I quickly dug out all my payslips since then and have calculated that in two months time i will have paid back every penny. 
I always promised myself i'd buy my dream Impreza once the loan was paid off, just got to find one now.
I went to Uni for a year borrowing circa £3500 before deciding it wasn't hands-on enough for me and started a Modern Apprenticeship. Since then interest accrued to the tune of £4000 until i began paying it back nearly two years ago.
Since i started my full-time job i've been donating +/- £200 a month to the Student Loans Company. What's worse is they take a percentage rather than a fixed amount so they've taken huge chunks of any bonuses and O/T i've worked.
But alas, i got my final annual statement in this morning accounting for all the money i paid back last year (nigh on 3k
) and stating what i owed as of the beginning of April. I quickly dug out all my payslips since then and have calculated that in two months time i will have paid back every penny. I always promised myself i'd buy my dream Impreza once the loan was paid off, just got to find one now.
10 August 2005, 01:24 PM
#4
Scooby Regular
Join Date: Feb 2002
Location: Nobody knows how to tie the simple knots that I know
Posts: 8,010
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by ajm
Nice one!... now you'll have car repayments to look forward to! 
10 August 2005, 02:27 PM
#5
Scooby Regular
Join Date: Oct 2004
Location: essex, then chongqing, china and now essex again
Posts: 2,568
Received 0 Likes
on
0 Posts
phone them up now and ask for a settlement figure. that's what i did and saved a few quid - my wife did the same, so it's not a one-off
Trending Topics
10 August 2005, 02:58 PM
#10
Scooby Regular
Join Date: Oct 2004
Location: essex, then chongqing, china and now essex again
Posts: 2,568
Received 0 Likes
on
0 Posts
i think the payback time was a max of 25 yrs but that's only from memory. not sure what happens after that though - maybe they do write it off?? when i took the loans out, they said i'd have to start paying it back within a year of earning over £10k pa.
10 August 2005, 03:24 PM
#12
Scooby Regular
Thread Starter
iTrader: (3)
Join Date: Oct 2002
Location: Aberdeenshire
Posts: 2,787
Likes: 0
Received 0 Likes
on
0 Posts
Car repayments i can handle, at least then there is something to show for it. Although a good suggestion, i'm not going to be settling early as i've just moved house and my wallet has taken a real battering lately.
I heard about a guy once who took the full loan over 4 years but because he could rather than because he needed it. Anyway, he ended up with around 15k in a high-interest account and then got a job whereby the debt he accrued as a student was written off. B'stard.
Although a good suggestion, i'm not going to be settling early as i've just moved house and my wallet has taken a real battering lately.I heard about a guy once who took the full loan over 4 years but because he could rather than because he needed it. Anyway, he ended up with around 15k in a high-interest account and then got a job whereby the debt he accrued as a student was written off.
B'stard.
10 August 2005, 05:19 PM
#17
Paying for education is not right IMO
Previously, students were encouraged to go to university and a contribution made towards accommodation etc.
It is to the benefit of the country and economy to have people with further and higher education.
Why should one be deprived of education just because they cannot afford it?
...and before any mentions 'means testing' it's a load of nonsense.
Bob
Previously, students were encouraged to go to university and a contribution made towards accommodation etc.
It is to the benefit of the country and economy to have people with further and higher education.
Why should one be deprived of education just because they cannot afford it?
...and before any mentions 'means testing' it's a load of nonsense.
Bob
10 August 2005, 05:27 PM
#18
Scooby Regular
Join Date: Sep 2001
Location: A powerslide near you
Posts: 10,261
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by BOB'5
Paying for education is not right IMO
I went to uni, in doing so I'm bettering myself and earn a fair bit more than if I didn't go and I paid (in part) for it. Debt now cleared off too.
In utopia everyone goes to uni all paid for but this isn't feasible or practical unless you wanna rack up the tax rate or get serious industry investment.
It was alright in the old days as a LOT less people went to uni so it was relatively affordable to the taxpayer.
10 August 2005, 05:29 PM
#19
Scooby Regular
Join Date: Sep 2002
Location: The biosphere
Posts: 7,824
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Dracoro
It was alright in the old days as a LOT less people went to uni so it was relatively affordable to the taxpayer.
10 August 2005, 05:42 PM
#21
I personally have no problem paying slightly higher tax, to help people get educated and help the future of our economy.
Getting students to pay for their living cost is one thing, but to get them to pay 'fees' for University courses is wrong.
There was talk of varying fees for different Universities quite some time back. Can't recall if it happened or not? Better the University the more it costs to get in. Very elitist.
Bob
Getting students to pay for their living cost is one thing, but to get them to pay 'fees' for University courses is wrong.
There was talk of varying fees for different Universities quite some time back. Can't recall if it happened or not? Better the University the more it costs to get in. Very elitist.
Bob
10 August 2005, 05:52 PM
#22
Scooby Regular
Join Date: Feb 2002
Location: Nobody knows how to tie the simple knots that I know
Posts: 8,010
Likes: 0
Received 0 Likes
on
0 Posts
From what I remember, the student loans were paid off within 6 years of graduating. I don't think they were big to begin with (I'm being vague cos they weren't my loans!) but we only ever paid a fixed amount, we didn't get hit with a proportional rise/fall in salary. However they're all paid now so we get to keep the £70 or so a month
I did get a grant in my final year as my brother was also at uni at the same time. I got the amaing sum of £55 for the whole year - it didn't even cover the cost of 2 required text books
I did get a grant in my final year as my brother was also at uni at the same time. I got the amaing sum of £55 for the whole year - it didn't even cover the cost of 2 required text books
10 August 2005, 06:23 PM
#23
Scooby Regular
Join Date: Jan 2004
Posts: 649
Likes: 0
Received 0 Likes
on
0 Posts
Im a university student, I believe students should have to pay for their education.
I get the minimum student loan, no travel expenses allowance and no bursary. My only problem with this is that I see others getting handed 4 figure sums each year they don't need to pay back (travel expenses + bursary).
I don't believe that on most courses students don't have time to work, working part time gives students basic skills that a lot sadly don't have.
I work approx 20 hours per week during term and average of 40 a week out of term. The only help I receive from my parents is a roof and when I am occasionally in the house food on the table.
A lot of people are just passing time at university and there's no reason I (I pay taxes) or anyone else should have to pay anymore to help allow them to do this.
I get the minimum student loan, no travel expenses allowance and no bursary. My only problem with this is that I see others getting handed 4 figure sums each year they don't need to pay back (travel expenses + bursary).
I don't believe that on most courses students don't have time to work, working part time gives students basic skills that a lot sadly don't have.
I work approx 20 hours per week during term and average of 40 a week out of term. The only help I receive from my parents is a roof and when I am occasionally in the house food on the table.
A lot of people are just passing time at university and there's no reason I (I pay taxes) or anyone else should have to pay anymore to help allow them to do this.
10 August 2005, 08:56 PM
#24
Scooby Regular
Join Date: May 2002
Posts: 1,002
Likes: 0
Received 0 Likes
on
0 Posts
Just a pity degrees aren't "worth" as much as they were even 10 years ago, every sods got one now
A levels went the same way, I remember being a nipper and some guy over the road doing A levels and everyone was like woah they are really hard.
Now if you haven't got a phd or a million masters you're just normal
A levels went the same way, I remember being a nipper and some guy over the road doing A levels and everyone was like woah they are really hard.
Now if you haven't got a phd or a million masters you're just normal
10 August 2005, 10:38 PM
#26
Scooby Regular
Join Date: Nov 2003
Posts: 527
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Richard_P
Im a university student, I believe students should have to pay for their education.
I get the minimum student loan, no travel expenses allowance and no bursary. My only problem with this is that I see others getting handed 4 figure sums each year they don't need to pay back (travel expenses + bursary).
I don't believe that on most courses students don't have time to work, working part time gives students basic skills that a lot sadly don't have.
I work approx 20 hours per week during term and average of 40 a week out of term. The only help I receive from my parents is a roof and when I am occasionally in the house food on the table.
A lot of people are just passing time at university and there's no reason I (I pay taxes) or anyone else should have to pay anymore to help allow them to do this.
I get the minimum student loan, no travel expenses allowance and no bursary. My only problem with this is that I see others getting handed 4 figure sums each year they don't need to pay back (travel expenses + bursary).
I don't believe that on most courses students don't have time to work, working part time gives students basic skills that a lot sadly don't have.
I work approx 20 hours per week during term and average of 40 a week out of term. The only help I receive from my parents is a roof and when I am occasionally in the house food on the table.
A lot of people are just passing time at university and there's no reason I (I pay taxes) or anyone else should have to pay anymore to help allow them to do this.
Incidentally, I am starting my second year in October and im already c.£5k in the hole with student loans. Cant say im particularly bothered but then its not nice looking at your bank balance and never seeing it move upwards.
11 August 2005, 10:39 AM
#28
Scooby Regular
Thread Starter
iTrader: (3)
Join Date: Oct 2002
Location: Aberdeenshire
Posts: 2,787
Likes: 0
Received 0 Likes
on
0 Posts
For reference here around 2.5k of my 3.5k went on student accomodation. I stayed (still do) over 35 miles from the university and travelling wasn't a feasible option at the time. However, the other grand was spent on beer and cars.
As far as i'm concerned university was an expensive mistake for me. I'd have accumulated 14k's worth of debt and at the end of it had a relatively poorly paid job (if i could find one). I'll admit that any job a degree could've gotten me may have been more interesting than the one i'm doing now but i don't have any regrets. Glad i got out when i did!
The girlfriend did a degree in nursing and she got around £600 a quarter in a bursary. An (and i use the term very loosely) acquaintance of hers has three kids, lives in council accomodation with her boyfriend (also a student) and started the same course a few years after the gf is getting a four figure bursary.
As far as i'm concerned university was an expensive mistake for me. I'd have accumulated 14k's worth of debt and at the end of it had a relatively poorly paid job (if i could find one). I'll admit that any job a degree could've gotten me may have been more interesting than the one i'm doing now but i don't have any regrets. Glad i got out when i did!
The girlfriend did a degree in nursing and she got around £600 a quarter in a bursary. An (and i use the term very loosely) acquaintance of hers has three kids, lives in council accomodation with her boyfriend (also a student) and started the same course a few years after the gf is getting a four figure bursary.
11 August 2005, 10:47 AM
#29
Scooby Regular
Join Date: Nov 2001
Posts: 4,788
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Richard_P
A lot of people are just passing time at university and there's no reason I (I pay taxes) or anyone else should have to pay anymore to help allow them to do this.
11 August 2005, 09:35 PM
#30
Scooby Newbie
Join Date: Apr 2005
Location: Livingston
Posts: 11
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by rik1471
Whether people try at Uni or not is nothing to do with this argument; those people should be dealt with by the Uni and kicked out if need be. The argument is that people wishing to better themselves and continue with higher education should not have to pay to do so.
Half the courses these days don't actually teach any practical life skills which allow the student to obtain a worthwhile, contributary job. They do though provide the student with 4 years of f@nnying around with his/her mates getting bladdered on half price lager.
I was lucky in that my IT degree got me a decent job with decent prospects, but i could never claim to have been interested in IT. It's dull as fvck. I did it because it was an education to get me a job. Half the students these days do poxy courses about 'film studies' or something because they quite like watching films, then they moan when theres no job at the end of it for them. All the while the working population of the country is supposed to subsidise them to the hilt while they sit around jerking off to black and white spanish movies about allegorical donkeys.
p.s. Left uni 8.5 years ago and i'm still paying back my student loans. No complaints though, I spent them on cars, beers and birds.