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Is anyone not applying for student finance? watch

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    Just wondering how many people actually aren't planning to?
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    (Original post by GUMI)
    Just wondering how many people actually aren't planning to?
    Lol from your previous posts I know you're not applying for student finance because you have a rich daddy.

    So you basically just made this thread so you and other poshos could circlejerk each other?

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    (Original post by Death Grips)
    Lol from your previous posts I know you're not applying for student finance because you have a rich daddy.

    So you basically just made this thread so you and other poshos could circlejerk each other?

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    No, I was wondering how many people aren't applying because currently my view of people's financial status is skewed, and I'm sure yours is to. I'm merely trying to learn more about other applicants because so far I've only read about people who are needed loans and that makes my view of other's financial status very skewed. I don't even know what thread you are referring to but I was most likely trolling. So get off your high horse and stop being so salty.
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    (Original post by GUMI)
    No, I was wondering how many people aren't applying because currently my view of people's financial status is skewed, and I'm sure yours is to. I'm merely trying to learn more about other applicants because so far I've only read about people who are needed loans and that makes my view of other's financial status very skewed. I don't even know what thread you are referring to but I was most likely trolling. So get off your high horse and stop being so salty.
    On the one hand, I wish I didn't have to take out a tuition fee and maintenance loan. Actually I took the £4k/year maintenance loan by choice - for more financial freedom. Firstly I have a job that would easily cover the £4k/year, secondly I could have used savings, thirdly my dad offered to help with costs, but I turned the offer down.

    It was a tough decision. I'm usually very anti-loan of any kind (except university loans and mortgages), and it surprises me how nonchalant almost every student is about leaving university with a £40k+ debt. But I guess buying things and paying later in instalments is the culture we live in right now - rightly or wrongly.

    Anyway, for me it's about getting the right balance between saving and living. Living with my parents, I spend very little. I spend about £300 a month and I'm getting £340 a month in student finance. I'm earning around £15k a year after tax and I don't touch it except for travelling. It allows me to go travelling for 5 months of the year (4 months in the summer holidays, 1 month in winter), and by the end of the year I still save more than 50% of my total annual income. Furthermore, it might seem strange, but I see travelling as an investment.

    So in short, I could go loan free, but in the spirit of getting a healthy balance between saving and living life, I think taking the loans out is the best option for me.
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    I don't even understand why anyone wouldn't apply for student finance tbh...
    Even if you are rich. You do realise it's a conditional loan that you only pay back if you earn over x amount anyway. What if you marry well and never have to work. Your parents have paid for your education when you wouldn't have had to pay it back anyway...
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    (Original post by GlitterandGold-x)
    I don't even understand why anyone wouldn't apply for student finance tbh...
    Even if you are rich. You do realise it's a conditional loan that you only pay back if you earn over x amount anyway. What if you marry well and never have to work. Your parents have paid for your education when you wouldn't have had to pay it back anyway...
    Say you left university with a £45,000 student loan. Interest is calculated at 3% + inflation (iirc). Inflation will be around 2% - at least that's what the government is aiming for, so that's 5% inflation. The debt will be scrapped in 30 years, but by that time, your debt would have snowballed to £194,000. Now lets say, in year 29, the government decide that they won't allow you to scrap your student finance, and they make you pay it all off. Well then you'll have £185,000 to pay off.

    And then you've got the whole mental thought of carrying a £45,000 - £194,000 loan for the next 30 years, that the government could ask you to pay back at any time.
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    (Original post by ImNotSuperman)
    Say you left university with a £45,000 student loan. Interest is calculated at 3% + inflation (iirc). Inflation will be around 2% - at least that's what the government is aiming for, so that's 5% inflation. The debt will be scrapped in 30 years, but by that time, your debt would have snowballed to £194,000. Now lets say, in year 29, the government decide that they won't allow you to scrap your student finance, and they make you pay it all off. Well then you'll have £185,000 to pay off.

    And then you've got the whole mental thought of carrying a £45,000 - £194,000 loan for the next 30 years, that the government could ask you to pay back at any time.
    A contract is signed at the time of applying letting students know of the terms... it would be illegal to then change them and demand it's all paid back regardless.
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    My brother and I didn't have tuition loans.

    My housemate this year didn't have any loans at all and her parents provided her with a weekly income of £500+ a week
 
 
 
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