The Student Room Group

Is anyone else worried about the new fees?

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Reply 20
Take a look at this site http://unifees2012.com/ , it should answer any questions regarding loans in 2012.
Reply 21
Original post by iSMark

Original post by iSMark
Oh unlucky, I see, just checked this site http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/DG_10034866

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.
Reply 22
Original post by alibee
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.
Reply 23
Original post by iSMark

Original post by iSMark
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.


Most people are unlikely to clear the balance, therefore the impact of the interest rate is minimal.
Reply 24
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.

Have a go yourself: http://www.bbc.co.uk/news/education-14785676#student_finance_form
Reply 25
Original post by alibee
Most people are unlikely to clear the balance, therefore the impact of the interest rate is minimal.


Depends what uni you go to, I guess if you go to Oxbridge its likely you will clear the balance etc.
Reply 26
Original post by iSMark

Original post by iSMark
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.
Reply 27
Original post by Science211
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.

Have a go yourself: http://www.bbc.co.uk/news/education-14785676#student_finance_form


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...
Original post by Quady
Really? How can having a higher take home pay be scary?


Not true.
Reply 29
Original post by Quady
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.

And before you blow your fuse:

http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes
Reply 30
Original post by fosters88

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).
Reply 31
Original post by 09042850
Not true.


In which circumstances will someone not have a higher take home pay each month due to the changes?
Reply 32
to be honest if you're too dumb to work out that the new fees are actually better you don't deserve to be at uni at all...
Reply 33
Original post by Science211
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.

And before you blow your fuse:

http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes


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.
"Is anyone else worried about the new fees?"

Nope, noone, that's why there haven't been thousands of threads of people worried since they announced the new fees.


Oh wait.
Reply 35
Original post by Quady
In which circumstances will someone not have a higher take home pay each month due to the changes?


Depends if its short or long term.
Reply 36
Original post by iSMark
Depends if its short or long term.


True enough, but the idea that you'll still be making student loan payments at age 51 as opposed to 46 can't really scare someone can it?

If so, there are plenty of other things to be scared about when thinking of life in 2045, having another 20 years of work ahead being one :P
Reply 37
Original post by hassi94
"Is anyone else worried about the new fees?"

Nope, noone, that's why there haven't been thousands of threads of people worried since they announced the new fees.


Oh wait.


Lots of people have been worried, I think this is the first person to be scared...
Reply 38
Original post by Science211
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?
Reply 39
Original post by Quady

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! :smile:

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