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Does repaying student loans mean we can't have a nice car, house etc? Watch

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    I've been reading a bit on repaying student loans and there's been some articles saying we could end up repaying over £100k if interest rates were to go up.

    If it was to increase, what would this mean for someone like me, who goes to a standard uni (not target/semi-target or whatever) studying Accounting? Could I never have a nice house, nice car etc?
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    The rate at which you repay isn't going up..it's still 9% of anything over 21k.. so not much has changed in that respect you just have more to pay back (and its written off after 30 years anyway)
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    Most people have a comfortable lifestyle if they manage their money well but it really depends on what you end up doing and where.
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    (Original post by Blyts-_)
    I've been reading a bit on repaying student loans and there's been some articles saying we could end up repaying over £100k if interest rates were to go up.

    If it was to increase, what would this mean for someone like me, who goes to a standard uni (not target/semi-target or whatever) studying Accounting? Could I never have a nice house, nice car etc?
    I believe they take the money from your salary when its over a certain amount ( Can't remember the exact amount) but that money is quite small and I think you won't even notice it. Some people decide to repay the loan by paying back extra ( which I recommend)
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    (Original post by Blyts-_)
    I've been reading a bit on repaying student loans and there's been some articles saying we could end up repaying over £100k if interest rates were to go up.

    If it was to increase, what would this mean for someone like me, who goes to a standard uni (not target/semi-target or whatever) studying Accounting? Could I never have a nice house, nice car etc?
    It doesn't affect your credit rating at all.

    It does slightly affect your ability to afford new loans but only to the extent that the relatively small repayments are taken into account: i.e. 9% of earnings above £21k. So if you earn, say, £30k per year your monthly SFE loan repayment is £67. And that doesn't change if interest rates increase, just the length of time it will take to repay the loan.

    http://www.studentloanrepayment.co.u..._schema=PORTAL
 
 
 
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