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    I have been considering doing a hnd which would leave me 10k in this so called 'debt'.

    However a student loan seems pretty much like a grant that you don't have to pay a good amount back on until tour earning pretty good ££££

    Is there any cons about student loans or any bad effects from them that people don't really know about that could affect a person in future.
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    It's more like a repayable subsidy, choose a useful degree and work hard and it'll be worth every penny. Best investment you can make as a young adult.
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    It might get taken to account when you decide to get a mortgage like other bills would but otherwise it's more like a tax in some ways.
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    Yes, some people have said over the years it's like a graduate tax, rather than a loan you'd normally take out.
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    There are a couple of caveats which have made me less comfortable about my student debt. The main one is that the government have decided that they can change the terms and conditions, and make those changes retrospective. So the SF contract I signed up to, may not be the one I end up with. Interest can be increased at any time, and how/when I make repayments could become much less favourable. This will be especially true if the government sells the student loan book to private finance companies.

    However at the moment, it's a very benign debt. I earn very little, usually on zero hours contracts, so I make maybe one or two payments a year as I rarely earn over the monthly payment threshold. It certainly isn't a burden to pay when required.
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    I have a mortgage and my student loan was not taken into account when we applied.
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    (Original post by tut123)
    I have been considering doing a hnd which would leave me 10k in this so called 'debt'.

    However a student loan seems pretty much like a grant that you don't have to pay a good amount back on until tour earning pretty good ££££

    Is there any cons about student loans or any bad effects from them that people don't really know about that could affect a person in future.
    Let's get one thing straight - it's debt, pure and simple. It might be unique debt, (repayment amounts, write-off, payment holidays) but it still has the hallmarks of debt.

    - It charges interest, not (as it used to) be just index linked.
    - It has to be repaid - it's not 'optional'.
    - Judgement for the debt can be sought in cases of non-payment.

    Although some posters have said their student loan repayments didn't affect their mortgage application, all mortgage applications ask for student loan repayments. It's not really credible to suggest they're just asking this for the shits and giggles, and it has no effect on the amount you can borrow... In cases where the LTV ratio is high, or your outgoings are getting towards the top end of acceptability for the amount you wish to borrow, student loan repayments do have an effect. After all, mortgages are done on affordability now, and repayments affect the amount you can borrow.
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    (Original post by Reality Check)
    Let's get one thing straight - it's debt, pure and simple. It might be unique debt, (repayment amounts, write-off, payment holidays) but it still has the hallmarks of debt.

    - It charges interest, not (as it used to) be just index linked.
    - It has to be repaid - it's not 'optional'.
    - Judgement for the debt can be sought in cases of non-payment.

    Although some posters have said their student loan repayments didn't affect their mortgage application, all mortgage applications ask for student loan repayments. It's not really credible to suggest they're just asking this for the shits and giggles, and it has no effect on the amount you can borrow... In cases where the LTV ratio is high, or your outgoings are getting towards the top end of acceptability for the amount you wish to borrow, student loan repayments do have an effect. After all, mortgages are done on affordability now, and repayments affect the amount you can borrow.
    I sorta decided I'm going to pay for a part-time course before I seen your post but I see what you mean and because it is student loans COMPANY that issue loans it crossed my mind somthing is up but thanks for your reply.

    I decided years ago not to take student loans when first deciding about uni and I have always been sorta wary of them. I think I prefer the self pay part time option.

    Plenty of part time options with helpful self payment plans that I can spread the cost and works out a lot cheaper in the end.

    Don't want a mortgage and I dont see why lots of people do. I always thought if I got rich and had the money I could just by a house outright. I do t really care about property.
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    (Original post by Klix88)
    There are a couple of caveats which have made me less comfortable about my student debt. The main one is that the government have decided that they can change the terms and conditions, and make those changes retrospective. So the SF contract I signed up to, may not be the one I end up with. Interest can be increased at any time, and how/when I make repayments could become much less favourable. This will be especially true if the government sells the student loan book to private finance companies.

    However at the moment, it's a very benign debt. I earn very little, usually on zero hours contracts, so I make maybe one or two payments a year as I rarely earn over the monthly payment threshold. It certainly isn't a burden to pay when required.
    I've always been wary of student loans. Decided years ago not to go to uni. Im nearing the end of my twenties and I think I prefer part time courses with payment plans that are also helpful, allow me to spread the cost.

    It was in the back of my mind that SLC could increase payments or somthing.
 
 
 
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