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Cambridge Offer Holders 2015 thread

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Original post by Goods


Eesh

How often does it go up? That's one thing I don't understand

Like if the rate is 2%, and you're on 260 rn, do they multiply by 1.02 and divide by 365 and add it on for the day?
Original post by L'Evil Fish
Eesh

How often does it go up? That's one thing I don't understand

Like if the rate is 2%, and you're on 260 rn, do they multiply by 1.02 and divide by 365 and add it on for the day?


I *think* it's calculated monthly. So you take the capital plus interest accrued so far and then add the extra interest owing on that to get the new grand total.

It does look scary. But you don't have to pay it back unless and until, etc etc.


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Original post by jneill
I *think* it's calculated monthly. So you take the capital plus interest accrued so far and then add the extra interest owing on that to get the new grand total.

It does look scary. But you don't have to pay it back unless and until, etc etc.


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SLC can (and probably will have to some years down the line) change the terms of repayment. This is made clear in the student contract...many creditors believe they will not stick to the 30yr write-off, it is because of these terms that they're able to have the debt underwritten
Original post by newblood
SLC can (and probably will have to some years down the line) change the terms of repayment. This is made clear in the student contract...many creditors believe they will not stick to the 30yr write-off, it is because of these terms that they're able to have the debt underwritten


I thought write of was now at 65?


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Original post by Goods
Again I return to my belief that my parents earnings and education should make no difference to whether or not I as an individual can afford university.


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Weird. You've just used the main point FOR the existence of bursaries as an argument against them.

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Original post by Elcor
Weird. You've just used the main point FOR the existence of bursaries as an argument against them.

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Ive used it generally rather than in a special case. It's an entirely different point.


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Original post by Goods
I thought write of was now at 65?


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I think that's under the much older loan system where tuition fees were 1k. For the guys paying 3k it is a 25 year write-off, and for us it is (currently) 30 years
Original post by newblood
yeah but when you want to take a mortgage out, it'll affect you then


Just on this, I agree that mortgage lenders do take the monthly student loan repayment into account when they are working out the "affordability" of a mortgage.

But, to be clear, it doesn't affect your credit rating.

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Original post by jneill
Just on this, I agree that mortgage lenders do take the monthly student loan repayment into account when they are working out the "affordability" of a mortgage.

But, to be clear, it doesn't affect your credit rating.

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Yeah that's right. A mortgage is the biggest loan most of us are ever likely to take in our lives so I'd say it's pretty damn important that it will affect us then
By the way, Student Finance has confirmed that the removal of the government grant will not affect us. We'll be the last year to get them.
Original post by Elcor
By the way, Student Finance has confirmed that the removal of the government grant will not affect us. We'll be the last year to get them.


Interesting. What about deferees? I expect they will be affected.

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Original post by jneill
Interesting. What about deferees? I expect they will be affected.

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Whoever begins a degree in 2016/17 onwards will be affected.
Original post by newblood
I'm afraid you're severely misinformed. All student loans are taken into consideration when assessing you for a mortgage


Sorry, I've just researched this and you are right- as of a year ago it does affect that but I was told that before at a student finance talk. However I can't see many mortgage companies refusing a mortgage because of a student loan.


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Original post by HopefulLawyerHG
Sorry, I've just researched this and you are right- as of a year ago it does affect that but I was told that before at a student finance talk. However I can't see many mortgage companies refusing a mortgage because of a student loan.


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Unless what you're earning minus repayments doesn't have enough of a margin over mortgage costs
Original post by HopefulLawyerHG
Sorry, I've just researched this and you are right- as of a year ago it does affect that but I was told that before at a student finance talk. However I can't see many mortgage companies refusing a mortgage because of a student loan.


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It doesn't matter what the loan is for, to the bank a loan is a loan. They're just assessing your ability to pay interest and ultimately repay the principal. You seem to be adamant to make excuses for the current student loan system tbh..
Original post by L'Evil Fish
Unless what you're earning minus repayments doesn't have enough of a margin over mortgage costs


Correct. It's part of the new more stringent checks to ensure you can afford the mortgage. Pretty sensible really.

But the repayments are only (max) 9% of salary (before tax).


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Original post by newblood
It doesn't matter what the loan is for, to the bank a loan is a loan. They're just assessing your ability to pay interest and ultimately repay the principal. You seem to be adamant to make excuses for the current student loan system tbh..


Yes but this loan is different to other loans in that it automatically gets taken from your pay, you never see it so all it really does for the purposes of the bank is reduce your income. I just don't like how people claim it is awful when in fact to me it seems perfectly fair and that by people talking about it so negatively it could reduce the number of people going to uni when if you actually look at it will have little affect on your later life. Yes, the interest should be less but other than that I think it's great and am pleased maintenance grants are being scrapped.


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Original post by Goods
Presumptuous. Again I return to my belief that my parents earnings and education should make no difference to whether or not I as an individual can afford university.


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Well it would as the majority of kids whose parents are high earners will have help through uni since they are high earners and were born into a good


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Original post by newblood
Whoever begins a degree in 2016/17 onwards will be affected.


So we aint affected at all?


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Original post by HopefulLawyerHG
Yes but this loan is different to other loans in that it automatically gets taken from your pay, you never see it so all it really does for the purposes of the bank is reduce your income. I just don't like how people claim it is awful when in fact to me it seems perfectly fair and that by people talking about it so negatively it could reduce the number of people going to uni when if you actually look at it will have little affect on your later life. Yes, the interest should be less but other than that I think it's great and am pleased maintenance grants are being scrapped.


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Lol. I know who you voted for. You taking a maintanence loan/grant out?


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