[shooks]

Tomorrow is national Student Finance Day - where money matters for students are brought to the fore.

As part of the day, Martin Lewis from the Money Saving Expert website is going to be on hand to answer a selection of questions from TSR users.

If you've got a question about any aspect of student finance, please post it below. We'll forward them on to Martin and ask him to answer as many as possible.

Thanks!

[iloverockandroll]

Hey Martin,

Couple of questions...

With quick cash loans becoming really easy to come by (wonga.com etc), what are your thoughts on these quick fix solutions, for students especially?

Also, if you could go back in time and give your 1st year of university self ONE finance tip, what would it be?

[de_monies]

(Original post by iloverockandroll)
Hey Martin,

Couple of questions...

With quick cash loans becoming really easy to come by (wonga.com etc), what are your thoughts on these quick fix solutions, for students especially?

Also, if you could go back in time and give your 1st year of university self ONE finance tip, what would it be?

I know I'm not Martin, but Martin did have a massive rant about wonga targeting students specifically

http://www.moneysavingexpert.com/new...eting-students

Besides, it's far better to get a loan from the government where the rate is much much cheaper than wonga is

[babsiloi]

I read somewhere the following:

"At the moment, if you’re aged 24+ and you want to take A levels, or a BTEC, or a level 3 apprenticeship, the Government pays 50 per cent of your course fee. From September 2013, anyone aged 24 and above who wants to study a level 3 qualification will have to pay full fees."

but when I go on the websites of different unis and colleges they don't speak about this in their course descriptions for 2013...so I am wondering if this is a decided thing or if it depends on the unis/colleges how they react on this or what is the actual situation???

thanks!!!

[CJ]

Martin, did you watch the 'secrets of poundland' on dispatches, Channel 4 this week? What were your thoughts?

Are shops like poundland really a money saving option for students, or are we all being conned by clever marketing?

[lilangel890]

Martin,

I know that the old type of student loan (those who entered uni before september 2012) is not worth paying off in one go, but does this apply to the new loans with the £9000 fees, as the interest on these is much higher?

Thanks

[k9markiii]

(Original post by lilangel890)
Martin,

I know that the old type of student loan (those who entered uni before september 2012) is not worth paying off in one go, but does this apply to the new loans with the £9000 fees, as the interest on these is much higher?

Thanks

From What I've read it will be pretty much in line with inflation and you will only start getting charged for it (at a very small amount per month) when you start earning a graduate standard wage. From what I can tell unless you earn quite a lot over your entire working life you won't pay the debt off. The debt is written off at retirement so it is in many ways like a tax on graduates rather than a typical loan. If you have 9k per year for a 3 year course that's 27k to pay back. That's not including any living costs so I would think very carefully but the purpose of these cheap loans is so you can go to uni regardless of personal finances.

[lilangel890]

(Original post by k9markiii)
From What I've read it will be pretty much in line with inflation and you will only start getting charged for it (at a very small amount per month) when you start earning a graduate standard wage. From what I can tell unless you earn quite a lot over your entire working life you won't pay the debt off. The debt is written off at retirement so it is in many ways like a tax on graduates rather than a typical loan. If you have 9k per year for a 3 year course that's 27k to pay back. That's not including any living costs so I would think very carefully but the purpose of these cheap loans is so you can go to uni regardless of personal finances.

6.6% interest for people this year is not exactly low interest is it? Not like the old system where interest is much lower so if you have the saving it's worth keeping them in a bond or something.

[Frogsarenice]

Hi
I'm 29 and a graduate, going back to uni to do Graduate entry medicine in 2 weeks time.

I've had real problems wih Student Finance England- not receiving letters (I now send everything special delivery), giving me different (wrong) information, telling me they will do certain things and then not doing it, and not informing me.

I applied originally in May and my loans for tuition are still not sorted. What I am wondering are what rights I have- how can I get them to correctly process my application and loan me the correct support for tuition and maintenance? I know my course is unusual- other students starting this year have had to get lawyers involved- I am not in a financial position to do so however.

Any advice appreciated!

[shooks]

Thanks for all your questions! We've only got a limited amount that we can give Martin to answer, so this thread is going to be closed now. I'll post his answers here once we have them.

[tehforum]

(Original post by Frogsarenice)
Hi
I'm 29 and a graduate, going back to uni to do Graduate entry medicine in 2 weeks time.

I've had real problems wih Student Finance England- not receiving letters (I now send everything special delivery), giving me different (wrong) information, telling me they will do certain things and then not doing it, and not informing me.

I applied originally in May and my loans for tuition are still not sorted. What I am wondering are what rights I have- how can I get them to correctly process my application and loan me the correct support for tuition and maintenance? I know my course is unusual- other students starting this year have had to get lawyers involved- I am not in a financial position to do so however.

Any advice appreciated!

Keep phoning them and demanding stuff should be done.

File a complaint.

[shooks]

D'oh... Had forgotten to update this thread with the link to Martin's answers. Thanks

(Original post by lilangel890)
x

for the nudge.

He wasn't able to get to everybody's questions, but here's what we got from him...

Martin Lewis answers TSR questions