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Author Topic: University  (Read 8658 times)

  • Offline Thrawn

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Re:University
Reply #30 on: April 30, 2006, 22:31:13 PM
As far as I remember its a case of:

+ Only pay when you earn £15k+ (just changed this year I think from something like £10k)

+Interest is just inflation - so no real growth of debt

+The amount you pay is scaled from earnings of £15k to something like £35k - so if you earn more than that it doesnt matter the max you can be paying per month is capped.

+Even at £35k the amount you pay back a year is only a thousand or so.

+Debt cancelled after more like 30 years - or that was my understanding - or upon reaching a certain age - which I thought was something like 45 or 55.
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  • Offline Dave

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Re:University
Reply #31 on: April 30, 2006, 22:32:43 PM
30 years seems more realistic for the debt cancellation - Id guess plenty of people wil still be paying off thier student loans after 10 years
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  • Offline SteveF

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Re:University
Reply #32 on: April 30, 2006, 22:36:16 PM
The new system doesnt cost you less than the old system in fact itll almost certainly end up costing you more.  The difference is that you have to pay less when youre actually studying (reduced annual fees so more day to day spending money - youll waste this) but you actually gather more debt via the loan to balance it out.  You still have to pay anything you borrow back...  For people under the old system this was generally £12k (3*4k loans) and for you guys itll be getting up to around 20k when you consider top up fees and things.

Youre basically taking out a 20k loan with very good rates to pay you through university and allow you not to have to have a full time job for 3 years.  Because the money is taken directly from your wages afterwards you have no choice to pay it.  Its not an unreasonable deal as the interest on the loan is so low but dont be deceived, the low fees charge is just them shifting the money repayment from when youre in uni to when youre in work.

PS: I wouldnt count on the dont pay for 10 years and the debt will be wiped clean speach either - it simply doesnt happen.
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  • Offline Thrawn

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Re:University
Reply #33 on: April 30, 2006, 22:46:53 PM
Quote from: SteveF
The new system doesnt cost you less than the old system in fact itll almost certainly end up costing you more.  The difference is that you have to pay less when youre actually studying (reduced annual fees so more day to day spending money - youll waste this) but you actually gather more debt via the loan to balance it out.  You still have to pay anything you borrow back...  For people under the old system this was generally £12k (3*4k loans) and for you guys itll be getting up to around 20k when you consider top up fees and things.

Youre basically taking out a 20k loan with very good rates to pay you through university and allow you not to have to have a full time job for 3 years.  Because the money is taken directly from your wages afterwards you have no choice to pay it.  Its not an unreasonable deal as the interest on the loan is so low but dont be deceived, the low fees charge is just them shifting the money repayment from when youre in uni to when youre in work.

PS: I wouldnt count on the dont pay for 10 years and the debt will be wiped clean speach either - it simply doesnt happen.


Well put.

Plus if you try not to pay it back for 10 years this means 10 years earning less than 15k - well anyone should be able get some sort of job paying 20k regardless of whether they have a degree or not (I was earning £21k for driving a bus for example and theyll take anyone) so you would be doing yourself out of a minimum of £50k to possibly avoid a 20k debt - not exactly worth while.

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Re:University
Reply #34 on: April 30, 2006, 22:59:27 PM
Loan repayment calculator: http://www.studentsupportdirect.co.uk/portal/page?_pageid=1647,468284&_dad=portal&_schema=PROTOCOL


I put in earning £20k on graduation and taking a 4k loan every 3 years and it came back with:


Repayment Schedule  

Based on the information you provided, our calculations indicate that you will make the following repayments towards your student loan.

Your monthly repayment amount will be £ 38.00 from 01-APR-07 to 30-APR-32 a total of 300 months.

You will, however not repay it within 25 years. After 25 years the remaining balance of £11074.89 will be written off.
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  • Offline Dave

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Re:University
Reply #35 on: April 30, 2006, 23:07:19 PM
It isnt really realistic to assume youll be on the same salary for 25 years. You might start on 20k but if youre still on 20k 25 years after graduating you might as well not have bothered with uni in the first place.
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Re:University
Reply #36 on: April 30, 2006, 23:16:23 PM
Quote from: Dave
It isnt really realistic to assume youll be on the same salary for 25 years. You might start on 20k but if youre still on 20k 25 years after graduating you might as well not have bothered with uni in the first place.


very good point.
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  • Offline Jaimz

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University
Reply #37 on: May 01, 2006, 03:06:05 AM
I love Uni and the Uni life, fooking a

Jaimz :rock:
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  • Offline SteveF

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University
Reply #38 on: May 01, 2006, 03:17:24 AM
Quote from: Jaimz
I love Uni and the Uni life, fooking a


yup thats the key.  You pretty much need to have a degree and its a damn good life :)  Accept that you make less money in the short term, will have to pay it back and just go do it...

Try and pick something useful and not a random arts degree and youll get a return out of turning up too.
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Re:University
Reply #39 on: May 01, 2006, 09:38:53 AM
Quote from: Dave
Well I guess some NVQs are useful (I was only having a cheap dig at them tbh...) I seriously reckon they ought to bring back secondary moderns though tbh....

GCESs are pretty useless anyway - GCSEs below grade C are completely useless.

People in the bottom sets at most schools would be better off following vocational courses in plumbing etc.. than getting pushed through GCSEs which are academically based and probably not suitable for them - even thought they keep making them easier.


I didnt mean NVQs were any good... just theres some thick people out there :p

I didnt do IT at gcse... I knew my computer stuff so I thought of it as a waste of time... but then I wanted to do A-level IT and they wouldnt let me because I had no IT qualifications.... so I did an NVQ2 in IT in 4 weeks in my summer holidays... what a waste of time that was, I ran out of work to do after 2 weeks, so just hung around chatting and helping other people (especially the pretty girls ;) ;) )
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University
Reply #40 on: May 01, 2006, 12:00:53 PM
Quote from: SteveF
You pretty much need to have a degree


There are people who fall into the trap of thinking because so many people have degress now theyre not worth anything, but actaully all it means is you need a degree and more.
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University
Reply #41 on: May 01, 2006, 12:16:42 PM
experience is what they want.

all depends on teh trade.
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  • Offline SteveF

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University
Reply #42 on: May 01, 2006, 15:39:24 PM
Quote from: DeltaZero
There are people who fall into the trap of thinking because so many people have degress now theyre not worth anything, but actaully all it means is you need a degree and more.


exactly - as youve worked that out before you go youre on the right track mate.   You generally need a 2.1 or above degree (ideally in any subject that isnt a total piss take) otherwise your application is thrown away before its even read.  Assuming you have the degree then youre kind of through round 1 and theyll bother to consider you.

If you come out of uni with a 3rd or unclassified it was probably a waste of time in terms of a job.  If you get a 2.2, 2.1 or 1st youre pretty much ok.

You do get a lot more out of uni than just a job entry as youre on your own, financially dropped in a tricky position, faced with millions of people your age and have access to just about anything you like be it drink/drugs, sport, societies, facilities, courses, millions of people your age.  Thats worth it on its own really. :)
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  • Offline Dave

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University
Reply #43 on: May 01, 2006, 16:23:39 PM
Quote from: red
experience is what they want.

all depends on teh trade.


Completely true

You do not *need* a degree & tbh.. some degrees are next to useless anyway.

Most employers couldnt give a feck about someone who just scraped into uni and managed a 2.2 in sociology from XYZ polytechnic.

If some big firm is advertising for graduates then the fact you have a degree isnt going to set you apart but where you went to uni, what you studied (Economics or a Science looks better than any arty sh*te) whether you got a 2.1 or above and what you got in your A-levels will count.

Unless you are going for something specific (Engineering, Law, Medicine etc..) then most of the time a degree is simply a tool to get your foot in the door. There are many ways to get your foot in the door anyway so dont just do a degree simply for the sake of doing a degree.

There are plenty of very well paid professions/vocations out there that dont require degrees.
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University
Reply #44 on: May 01, 2006, 22:22:02 PM
Quote from: Dave
There are plenty of very well paid professions/vocations out there that dont require degrees.



For example?
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