University Loan?

I understand that you should recieve a loan from the university should you choose to go to one, but seeing as you have to end up paying it back, is it worth getting into that situation just for university? I mean, it doesn't last forever, and with a big amount of money, it can just go by very fast without you realising. I just don't know if it's worth it, when you can get into that debt, and not be able to pay it off. Is it really worth it?

Reply 1

Dorkins

12

Yes, it is worth it. If you don't pay it all off, then you have ended up with a cheaper university education when the debt is written off. Furthermore, the interest rate is the same as the rate of inflation IIRC -- that means that you never pay any more than the amount that you were loaned.

You would be silly not to take the loan; it's the best loan that you will ever be given and the repayments aren't even big (not to mention that you only pay when you are earning £21k [again IIRC]).

(edited 11 years ago)

Reply 2

username848676

13

Original post by Dorkins

Yes, it is worth it. If you don't pay it all off, then you have ended up with a cheaper university education when the debt is written off. Furthermore, the interest rate is the same as the rate of inflation IIRC -- that means that you never pay any more than the amount that you were loaned.

You would be silly not to take the loan; it's the best loan that you will ever be given and the repayments aren't even big (not to mention that you only pay when you are earning £21k [again IIRC]).

Exactly this; you will never EVER receive a loan like this; it's essentially not even a loan. Should you come out of University and not find employment, you will NOT pay anything back. Nothing gets payed back until you're earning MORE than 21K a year. You'd be a fool not to get a Degree/Education.

Reply 3

IAmANewb

OP

Original post by Dorkins

Yes, it is worth it. If you don't pay it all off, then you have ended up with a cheaper university education when the debt is written off. Furthermore, the interest rate is the same as the rate of inflation IIRC -- that means that you never pay any more than the amount that you were loaned.

You would be silly not to take the loan; it's the best loan that you will ever be given and the repayments aren't even big (not to mention that you only pay when you are earning £21k [again IIRC]).

Do you know when it's written off, or how much you get loaned? I know it's stupid, but I haven't looked into it fully, but it's something I do want to do to further my education so I can have a good future.

Reply 4

megan.c

14

In the words of my boyfriend "The money goes straight out of your paycheck so it's as if you never had it in the first place. It's like waiting for a pay rise, when you pay it all off you'll suddenly earn a bit more."

It's silly not to, for the reasons stated above and for the fact that many people would feel unsatisfied if they didn't go and missed out. At the end of the day, university is a massive part of growing up for many people and the skills you gain from your degree and extra curricular activities will help you get a job and salary which exceeds that of which you could get without going, even after the loan is taken out.

Reply 5

username848676

13

Original post by megan.c

In the words of my boyfriend "The money goes straight out of your paycheck so it's as if you never had it in the first place. It's like waiting for a pay rise, when you pay it all off you'll suddenly earn a bit more."

It's silly not to, for the reasons stated above and for the fact that many people would feel unsatisfied if they didn't go and missed out. At the end of the day, university is a massive part of growing up for many people and the skills you gain from your degree and extra curricular activities will help you get a job and salary which exceeds that of which you could get without going, even after the loan is taken out.

Couldn't have said it any better myself. No matter how big the debt is, you will NEVER pay any more than 9% over 21,000. So if you're getting, let's say 25,000 per year, it only comes to so much a week, like £30 or something. £30 out of roughly a good 300-500 a week is nothing.

I'd say take as much as you can to be able to afford a good experience. You would be silly not to.

Weather the debt is 25K or 25M, you'd still only pay the same depending on your income off a job that the degree helped to get.

University Loan?

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