Based on inflation, ok then, maybe you should be worried.
I didn't say anyone should be worried, I just think people should know the proper information and make decisions based on that. All in all, it doesn't make a lot of difference.
I didn't say anyone should be worried, I just think people should know the proper information and make decisions based on that. All in all, it doesn't make a lot of difference.
It makes a big difference as inflation is high and interest rates are low.
I wasn't referring directly to you being worried, it was someone who I quoted before that was worried, too lazy to look up names though.
No offence but i'm poor (benefits and all) and i'm not scared. I think the governments made a hugeeee mistake and im capitalizing on it. MOST of us wont ever pay it back, You'll pay at a slower rate per month and you only pay after earning over £41 grand. You only pay 3% of what you earn over that! You only pay for 25 years as well. According to the BBC the Government will lose out by £2,000 if i earn average wage for a scientist.
Depends what uni you go to, I guess if you go to Oxbridge its likely you will clear the balance etc.
I think if you're earning enough to pay off your loan then financial worries probably aren't at the front of your mind! How else would you have funded the degree without the loan? Clearly even in that situation, you end up much better off.
No offence but i'm poor (benefits and all) and i'm not scared. I think the governments made a hugeeee mistake and im capitalizing on it. MOST of us wont ever pay it back, You'll pay at a slower rate per month and you only pay after earning over £41 grand. You only pay 3% of what you earn over that! You only pay for 25 years as well. According to the BBC the Government will lose out by £2,000 if i earn average wage for a scientist.
Oh, when did they change it to £41k? Gotta source? When did they change it to 3% of earnings above that? Gotta source?
Top tip, don't become a scientist if you want to make money...
Apologies, its over £21,000 and 9% over that per year.
And sorry son. Money may be all to you but where i'm aiming at job wise i'll be rolling in it. Money dont affect me though. It something that i love. I only chose science cause im choosing Chemistry at uni in order to do Cosmetic Engineering.
student loan borrow 30k lets assume average interest rate is 2% lets assume you graduate at 21 and get a job immediately and the payments are over the next 40 years thats 480 payments of 90.84 annually you'd pay £1090.08 over 40 years £43,603.20 interest £13,603.20 on top of what you borrowed
Now you see that student loan becomes a trivial loan in comparison to the house or car.
£30k? Seems pretty small, if you're just doing a three year degree, £25k will be fees (even assuming you don't go to a £9k/year uni), the maintenance loan will be at least £10k above that. So more like £25k+
40 years? You can't even be that long in repayment (since top up fees anyway), you mean 30.
If you're able to borrow £200k for a mortgage, you're expecting the person to be earning 50k+ their interest rate wouldn't be the base inflation figure, but 3% higher.
Your principle stands though, but why would you throw money at the house rather than the car first (its interest rate is highest given your figures).
Apologies, its over £21,000 and 9% over that per year.
And sorry son. Money may be all to you but where i'm aiming at job wise i'll be rolling in it. Money dont affect me though. It something that i love. I only chose science cause im choosing Chemistry at uni in order to do Cosmetic Engineering.
Well the source was for the things that you said which you not suggest were inaccurate.
Its not all to me by any means, but having to do a PhD after a four year undergrad just to get an entry level job isn't something that floated my boat. So I thought I'd get a higher paying and more interesting job than continue down the route of being a lab monkey.
And sorry son. Money may be all to you but where i'm aiming at job wise i'll be rolling in it.
If you manage your finances poorly then you definitely wont be rolling in it. There are people earning over £100k annually who go bankrupt as they don't know how to manage money. With this attitude you may be a prime candidate?
but having to do a PhD after a four year undergrad just to get an entry level job isn't something that floated my boat. So I thought I'd get a higher paying and more interesting job than continue down the route of being a lab monkey.
Glad to see your experience with a PhD was a happy time then.
Seriously though, i seem to sense a feeling of aggression from you. Anyway tbf i'm prepared to do anything to get what i want. Typically i see 'dossers' from my school who seem prepared to do low level degrees to eventually get nowhere. I tend not to be a history, english or any other subject based person. Over the course of my school life i have been science based. Good luck to you but your experience is one in a hundreds of thousands and God meant for you not to do science. I'm prepared to go with the majority who do well out of their science degree and enter a ever growing market that will invigorate the economy for the future. Cheers!