deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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For those of you students on here that graduated in 2009, I thought this might be of interest.
http://www.studentfinance.direct.gov.uk/portal/page?_pageid=153,4680106&_dad=portal&_schema=PORTAL
On my current earnings I'd repay £1 back per month, the minimum, a never repay the final value which is £65k (including interest - my total loan is approximately £18k) as it'd be written off.
However, if I started earning £50k per annum tomorrow (my target earnings for when I'm experienced etc) it's this:
Your monthly repayment amount will be £ 263.00 from 01-APR-10 to 31-OCT-17 a total of 91 months.
The last month of this repayment schedule being a final repayment of £ 188.45
The total amount estimated to be repaid is £ 23858.45.
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Paul_J
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Registered: 6th Jun 02
Location: London
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What will you be doing for 50k job?
I pay I think £113 ish a month at the mo.
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Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
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Is that your choice Paul or do you get a nice wedge?
I'm still waiting to find out what i pay. I'm 2k over the threashold 
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Ben G
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Registered: 12th Jan 07
Location: Essex
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i really don't understand how the government get away with charging interest on these loans...
they want people to get proper education yet fuck them over when people try and do it.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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quote:
Originally posted by Paul_J
What will you be doing for 50k job?
Marketing and/or running my own business.
I'm talking when I'm about 35, not now 
[Edited on 03-03-2010 by deano87]
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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quote:
Originally posted by Ben G
i really don't understand how the government get away with charging interest on these loans...
they want people to get proper education yet fuck them over when people try and do it.
They get away with it by saying that they don't charge interest. Or they said it was in-line with inflation so real rate something like 1.5%.
Last time I got a statement I was being charged £40 per month interest, before I even had chance to pay it back i.e. "pay was you earn, not pay as you earn".
tbh, I don't complain about it because I signed up. The Government are the fools as the majority of people may only pay it back.
For example on what I earn, someone could earn that all their lifetime if they get married, have kids then work part-time using their qualification.
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Colin
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Registered: 4th Apr 02
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Ive got a few grand student loan, cant be bothered towork it out, Im not bothered it allowed me to get a better job at the end of the day!!
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saj_123
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Registered: 6th Jan 09
Location: Berkshire
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I am going to be in approximately £15,000 after I complete my degree, I only started in September, got a long way yet.
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pow
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Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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Makes me glad I didn't go to uni!
At the age of 20 I'm packing my pension out 
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saj_123
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Registered: 6th Jan 09
Location: Berkshire
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quote:
Originally posted by pow
Makes me glad I didn't go to uni!
At the age of 20 I'm packing my pension out
Obviously varies from person to person, clearly depend's on the career that someone wants to pursue.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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quote:
Originally posted by pow
Makes me glad I didn't go to uni!
At the age of 20 I'm packing my pension out
That, and it doesn't bother me in the slightest. It's all relevant to earnings, so on £15k I'll be paying back £1 per month. Big whoopee. It can get written off. And it doesn't affect credit rating.
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Paul_J
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Registered: 6th Jun 02
Location: London
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quote:
Originally posted by Andrew
Is that your choice Paul or do you get a nice wedge?
I'm still waiting to find out what i pay. I'm 2k over the threashold
like fuck do I choose to pay that.
I'd much prefer to not pay a penny back and let it all default when I die.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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how long will you be on 15k a year though?
bloke in work is on 34k a year basic and pays back a shit load every week. he didn't even complete his degree as he failed the last year.
that'd kill me.
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Paul_J
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Registered: 6th Jun 02
Location: London
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quote:
Originally posted by saj_123
quote:
Originally posted by pow
Makes me glad I didn't go to uni!
At the age of 20 I'm packing my pension out
Obviously varies from person to person, clearly depend's on the career that someone wants to pursue.
To be honest... pow is right... we are wrong.
Student loans are marketted to people as 'just do it, everyone else is' / 'cheap / free money lol'...
e.g. 'take this big loan now, it's fine though as with this degree you'll be earning loads'.
Reality is in the real world, most people will carry the burden of these loans for years, with it sucking large sums of money from your account each month... and that's the people who are lucky to get a good job.
They'll be so many people who don't get a good enough job / any job with loans in the future, that the whole system will crash as people won't ever be able to pay them back... Fingers crossed when that happens my debt gets wiped off.
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Paul_J
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Registered: 6th Jun 02
Location: London
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quote:
Originally posted by Ben G
how long will you be on 15k a year though?
bloke in work is on 34k a year basic and pays back a shit load every week. he didn't even complete his degree as he failed the last year.
that'd kill me.
thing is, people who haven't gone to uni... (Correction) [and] People who didn't live away from home while at uni, don't know what it's like... it's a shambles... Everyone gets these loans, treats it like free money, buys nice clothes and gets pissed So so so so dumb. Then they miss their lectures (which has cost them a lot) because they're so hungover!
uni is overrated... it's only worth it for the piece of paper which 'may' get you're foot in the door into a job... that's only if you do a worth while degree.
In the short term people don't care about the loan... its only when you finish you think 'how the fuck am i gonna clear this? oh well, won't bother'...
but then the more money you earn the more it robs you of it!
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noshua
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Registered: 19th Nov 08
User status: Offline
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http://listentotaxman.com/ 
edit; in response to the student loan and crap job talk - you'll fine most of the people who have landed them self in a low paying job are the people who didn't put the effort into their studies - thus didn't do very good, got low grades, if they got any, and generally used uni as a 3 year 'doss'. The majority of students who put the time and effort in (at least who graduated at my University) have all landed well paid jobs after graduating.
Last year a lad did a 4 year SW course (1 year placement on the 3rd year) with a whopping £28,000 salary - baring in mind he hadn't even finished his course (i.e. didn't have a degree).
[Edited on 03-03-2010 by noshua]
[Edited on 03-03-2010 by noshua]
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Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
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quote:
Originally posted by Paul_J
quote:
Originally posted by Ben G
how long will you be on 15k a year though?
bloke in work is on 34k a year basic and pays back a shit load every week. he didn't even complete his degree as he failed the last year.
that'd kill me.
thing is, people who haven't gone to uni... (Correction) [and] People who didn't live away from home while at uni, don't know what it's like... it's a shambles... Everyone gets these loans, treats it like free money, buys nice clothes and gets pissed So so so so dumb. Then they miss their lectures (which has cost them a lot) because they're so hungover!
uni is overrated... it's only worth it for the piece of paper which 'may' get you're foot in the door into a job... that's only if you do a worth while degree.
In the short term people don't care about the loan... its only when you finish you think 'how the fuck am i gonna clear this? oh well, won't bother'...
but then the more money you earn the more it robs you of it!
Speak for yourself, I enjoyed uni and I made friends i'll see now and again probably for a lot of years to come. The experience was well worth it. As for the loan, I just see it as another tax, just forget about it and get on with things.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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and with regards to the old saying ''going to uni gets you a better job''.
another bloke who works in my area at work done a computing degree, passed with flying colours and is on the same money as me, even though he's been there 3 more years than me.
doesn't always work out unfortunately.
but if you enjoy it, i wouldn't hold it against you. your choice, if everyone was the same it'd be boring.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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quote:
Originally posted by noshua
edit; in response to the student loan and crap job talk - you'll fine most of the people who have landed them self in a low paying job are the people who didn't put the effort into their studies - thus didn't do very good, got low grades, if they got any, and generally used uni as a 3 year 'doss'. The majority of students who put the time and effort in (at least who graduated at my University) have all landed well paid jobs after graduating.
I got a 1st Class Degree and the Dean's Prize for Marketing yet I'm on £15k. Welcome to the credit crunch.
tbh, only a few are lucky to land 'over the odds' paying jobs. The average graduate salary is 'only' £22k.
But as Carl said, I'll just see the Student Loan repayments as another tax.
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Paul_J
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Registered: 6th Jun 02
Location: London
User status: Offline
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Carl, yes... you meet a lot of people have a good time and make friends...
This imo is the only positive really and you may as well not do the studying / student fees and just piss £16k up the wall for 3 years.
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ssj_kakarot
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Registered: 29th Apr 03
Location: hartlepool
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im on the side of the uni sucks argument.
its a complete shambles, the government just pushed every idiot into it and now the whole pool of graduates has become so polluted having a degree (unless your from a red brick uni or did a specific degree like medicine) is about the same use as having A-levels.
i meen theres something wrong when i got 3A's at A level and people on my course got E's not to mention the people who are 40 and havnt been in education for god knows how long, they just did a bridge course and got on easy as that.
As for putting effort into it i know a lot of people who dossed about and still came out with a 2:1, god i never even went most of my second year i mean i didnt step foot in the place for 5 months at one point and still passed the year with a 2:1.
Full thing is a joke.
as for the friends thing uni was never about making friends, yes i made some decent friends but the ones i have at home are still a lot better.
[Edited on 03-03-2010 by ssj_kakarot]
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Paul_J
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Registered: 6th Jun 02
Location: London
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Yeah there's the other thing, too many people going to uni, makes the whole process diluted and worthless.
I come across quite bitter.
I'm not, I wouldn't change the fact I went. I had a great 4 years, got pissed, made friends, learnt some stuff, got 1st class degree in a GOOD degree, came out and got a good well paid job straight away.
However... a lot of people don't do well / do good degrees... a lot of people do degrees they think are 'fun' (FACT) and only put in half effort even with those shit degrees.
My point is, if people like deano who did really well struggle to get a well paid job out of it, how are the muppets who do a shit degree and get crap marks gonna get one.
- bottom line is, if you dont want to go to uni, you shouldn't be shunned for it... you've probably made a far better decision that'll leave you in a better financial situation for life.
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Colin
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Registered: 4th Apr 02
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Only one of my mates that went to uni is raking it in, he done chemical engineering & works in Angola finding oil & ways to get to it.
All the ones that done stuff likes of forensic science & economics are doing normal jobs that nyone could get.
Uni's only ftw if you do the right course & imo theres only a handfull.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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I know, that if I didn't go to Uni and just completed my A-levels, I'd be 1) better off financially in terms of my earnings 2) further along the career path.
My MD asked me what I learnt at Uni in a Marketing meeting. I just said "Fuck all" point blank to his face.
I didn't really learn that much (I partly blame the Uni) but also that it was useless in terms of the real world. I have learnt more in 9 months of working than I did in 3 years at Uni.
I put up with the money I'm on now because I think of myself as doing an apprenticeships, and the company I'm in, the possibilities for earnings going up is massive.
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ssj_kakarot
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Registered: 29th Apr 03
Location: hartlepool
User status: Offline
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i wish i hadnt gone tbh, ive deffered this final yeat to try and take stock and see what i really want to do, im looking into apprenticeships at the min.
People have said its stupid dropping out before my final year but honestly i am completely sick to death of the place, not to mention 2 of my friends finished last year with the same degree and havnt been able to find work
so if its going to cost me another 3 grand in tuition fees to find i cant get work ad rather move onto something else now.
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