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Something the coalition hasn't told uni student... Watch

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    And the Grad tax that Labour is proposing would cause the same problems as Graduates have their earnings garnished by a much higher rate of tax meaning they are just as unlikely to be able to cover morgadge repayments and such
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    (Original post by stefk93)
    Right, unless your going to oxbridge or something you will be paying £6k instead of £3k, its only double, thats £18000. Honetly whats the difference in debt terms of £9000 to £18000

    And in america one year costs like £40000, you do the maths
    According to this
    http://www.american.edu/ocl/isss/Student-Cost-Guide.cfm
    It's £34,000 actually....
    As I said before, wages in America are higher and their houses are A LOT cheaper, so their fees aren't relevant.
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    (Original post by Aj12)
    And the Grad tax that Labour is proposing would cause the same problems as Graduates have their earnings garnished by a much higher rate of tax meaning they are just as unlikely to be able to cover morgadge repayments and such
    Banks and Building Societies do not worry about student loans because the repayment terms (compared to loans from commercial organisations) are very generous and flexible (i.e don't have to be paid back if salary goes down below £21k, or you stop working for some reason). The monthly repayments are so comparatively low that they do not impact your credit worthiness, i.e. £30.00 to max of £143 per month.

    What can and does stop people getting mortgages and bank loans is if they have missed payments on mobile phones, or not paid their utility bills, or have bounced direct debits or standing orders returned unpaid on their accounts.
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    (Original post by Blondshavemorefun)
    Banks and Building Societies do not worry about student loans because the repayment terms (compared to loans from commercial organisations) are very generous and flexible (i.e don't have to be paid back if salary goes down below £21k, or you stop working for some reason). The monthly repayments are so comparatively low that they do not impact your credit worthiness, i.e. £30.00 to max of £143 per month.

    What can and does stop people getting mortgages and bank loans is if they have missed payments on mobile phones, or not paid their utility bills, or have bounced direct debits or standing orders returned unpaid on their accounts.
    Ah that makes sense thanks for sharing
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    (Original post by SatanIsAwesome)
    According to this
    http://www.american.edu/ocl/isss/Student-Cost-Guide.cfm
    It's £34,000 actually....
    As I said before, wages in America are higher and their houses are A LOT cheaper, so their fees aren't relevant.
    Ermm that page says its $53,615 per year, american undergrad is 4 years, thats over $200k, about £150,000, dont know what your smoking mate!
    Anyway im not talking about america, yes they have higher wages and whatnot but im just trying to say students around the world can face much bigger debts than British students, im just trying to put it into perspective
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    (Original post by stefk93)
    Ermm that page says its $53,615 per year, american undergrad is 4 years, thats over $200k, about £150,000, dont know what your smoking mate!
    Anyway im not talking about america, yes they have higher wages and whatnot but im just trying to say students around the world can face much bigger debts than British students, im just trying to put it into perspective
    I understand what you're saying, but just because other people have it worse, doesn't mean our own standards should drop IMO.
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    (Original post by lazy smurf)
    At present its 9% you pay back for anything you earn over £15k so if you earn £25k you'll pay £900 per year, which is not a lot considering £25k gets you £1522 a month after tax and student loan deduction. So when it goes up and you don't have to pay back until your on £21k you will have an extra £6000 per year in your back pocket.
    If you earn £21000 you will get £1322 per month after tax and student loan deduction. This combined with a partners amount is enough to get a mortgage. But any graduate should be aiming to earn more than £21k once they have a bit of experience.
    But its irrelevant anyway because student debt doesn't affect your credit score.


    Source: http://listentotaxman.com/index.php
    Taking home less than 60% of pay rises when your earning over 15k isn't inspiring though, especially when you factor in council tax on top...
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    (Original post by Quady)
    Taking home less than 60% of pay rises when your earning over 15k isn't inspiring though, especially when you factor in council tax on top...
    It's not 9% under the new proposed scheme it's maximum of 3% + inflation, oops sorry not quite awake yet I see you mean % of income over 21K, my bad.
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    Economics is not my strong point, but if an entire generation cannot afford to buy houses then surely eventually house prices will fall until that generation can afford to?
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    (Original post by paddyman4)
    Economics is not my strong point, but if an entire generation cannot afford to buy houses then surely eventually house prices will fall until that generation can afford to?
    That is what is happening now, and it's not because of student debt.
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    I already suspect that there is an element of elite control to this. They do it in the USA with crippling university fees, that's what they want in the UK too. Middle-class people in immense debt, with low credit ratings, deprived of mortgages and effectively dependent on their next paycheck. An extension of the wage slavery system to most graduates.
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    (Original post by Liquidus Zeromus)
    I already suspect that there is an element of elite control to this. They do it in the USA with crippling university fees, that's what they want in the UK too. Middle-class people in immense debt, with low credit ratings, deprived of mortgages and effectively dependent on their next paycheck. An extension of the wage slavery system to most graduates.
    In the grown up world everyone who works is a wage slave, most adults live way beyond their means as have most countries, hence the current problems.
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    (Original post by Blondshavemorefun)
    This is alarmist propaganda, or possibly ignorance. The loan term is for 30 years and then any outstanding payments are written off. The repayment terms are a maximum of 3% + inflation, so if this was implemented now someone on a salary of upto £39k who took the maximum loan would be repaying £30.00 per month, someone on £40k it would be £143.00 per month.

    I for one am getting really sick and tired of people trying to scare the next generation of students from even thinking of going to uni with all these scare stories.

    STOP IT!!
    Well I'm tired of dialogues like you who don't get it.

    Interest accrual is at inflation plus 3%.

    Repayments are currently 9% which will probably stay the same.

    So 135 per month on a 39k income.
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    (Original post by Quady)
    Well I'm tired of dialogues like you who don't get it.

    Interest accrual is at inflation plus 3%.

    Repayments are currently 9% which will probably stay the same.

    So 135 per month on a 39k income.
    Wrong!
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    Wrong, wrong and wrong again.

    Student loan debt does NOT count against you ever, for any additional loan.

    Who doesn't research has to lose, so if thousands of lazy bums go with the popular belief, then maybe they don't belong at uni in the first place.
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    OP you are retardedly stupid
    1) i dont think many unis are actually going to charge the full 9k a year
    2) the way its payed back actually makes it much fairer to those earning below an average of 35k pa, and to those above that its fair to ask for more as they have benefited
    3) you can pay it in advance and thats a retarded idea to stop them + to ask for more for rich kids your family income means NOTHING AT ALL in this case, it is your debt, your not gunna say "oh my parents can't afford to pay off my loans when im earning 21k or more" well not unless your really thick in which case, uni aint for you. your parents wealth means absoluty jack all in the uni fees
    4) its the easiest loan possible, its not on your credit rating, its low interest, and it wipes itself off if you dont earn enough, its more of a graduation tax but with limits
    5) its a hell of a lot fairer than the only other option which labour were going to use, a graduation tax, this would mean everyone earning above around 30k (which i reckon almost every single uni student is hoping for and a lot will recive) it would cost a lot more, and would mean some people would end up paying hundreds of thousands for their degree which is not at all fair and is pretty much communism
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    (Original post by Blondshavemorefun)
    Wrong!
    He's right actually :erm: Repayment is 9% of anything over £21k.

    So, for £39K:

    39,000-21,000 = £18,000

    (18,000/100)*9 = £1,620 a year

    1,620/12 = £135 a month.
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    (Original post by f00ddude)
    OP you are retardedly stupid
    1) i dont think many unis are actually going to charge the full 9k a year
    2) the way its payed back actually makes it much fairer to those earning below an average of 35k pa, and to those above that its fair to ask for more as they have benefited
    3) you can pay it in advance and thats a retarded idea to stop them + to ask for more for rich kids your family income means NOTHING AT ALL in this case, it is your debt, your not gunna say "oh my parents can't afford to pay off my loans when im earning 21k or more" well not unless your really thick in which case, uni aint for you. your parents wealth means absoluty jack all in the uni fees
    4) its the easiest loan possible, its not on your credit rating, its low interest, and it wipes itself off if you dont earn enough, its more of a graduation tax but with limits
    5) its a hell of a lot fairer than the only other option which labour were going to use, a graduation tax, this would mean everyone earning above around 30k (which i reckon almost every single uni student is hoping for and a lot will recive) it would cost a lot more, and would mean some people would end up paying hundreds of thousands for their degree which is not at all fair and is pretty much communism
    You would think these numpties would finally get it if they would only read this thread. Perhaps they can't read very well.
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    (Original post by ily_em)
    He's right actually :erm: Repayment is 9% of anything over £21k.

    So, for £39K:

    39,000-21,000 = £18,000

    (18,000/100)*9 = £1,620 a year

    1,620/12 = £135 a month.
    Repayments are only made from the 9% of income over £21k at a maximum rate of 3% + inflation.

    I know I'm pretty knackered at the moment, but even so guys, they are not charging a 9% interest rate.
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    (Original post by Blondshavemorefun)
    Repayments are only made from the 9% of income over £21k at a maximum rate of 3% + inflation.

    I know I'm pretty knackered at the moment, but even so guys, they are not charging a 9% interest rate.
    What? I said nothing about interest! I'm just talking about how much people will pay each year - it will always be 9% of income over £21k.

    Interest is max of 3% over inflation, but that's a totally different thing.
 
 
 
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