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    I've got my sandwich year next year and wondered if you still get your loan? and if so it is the same amount? I get a salary which should obviously cover everything but if I get it then might as well whack it in savings or whatever so it'd be nice. Can't find any information about it so hoping you get it regardless. Cheers
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    Um you can get partial loans. Like half the amount usual. Quite nice isn't it.

    You can apply from Jan/Feb this year so hopefully I'll have a placement then.
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    (Original post by arghchur)
    I've got my sandwich year next year and wondered if you still get your loan? and if so it is the same amount? I get a salary which should obviously cover everything but if I get it then might as well whack it in savings or whatever so it'd be nice. Can't find any information about it so hoping you get it regardless. Cheers
    Lucky for some
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    (Original post by GodspeedGehenna)
    Lucky for some
    If I get my placement I have got a final interview for I get £15k + £2k signon bonus.

    However thats hoping I do well (I've already got through first round of interviews, so just one more to go!)
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    (Original post by Orthala)
    If I get my placement I have got a final interview for I get £15k + £2k signon bonus.

    However thats hoping I do well (I've already got through first round of interviews, so just one more to go!)
    We get zero thousand pounds for our placement year. :rolleyes:
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    Thanks guys, spose any loans a bonus. No salary, thats rubbish godspeed Now just need to get my finger out and think up some answer to the tricky questions they keep asking me when applying!
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    That bares reasonable correllation to the competition for jobs in your sector godspeed. The salaries after graduation will be crap too.

    50% loan for a paid placement. How much salary are you looking at? from 15K you should be looking to save in the order of 1000s over the year before the salary alone.
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    (Original post by Quady)
    That bares reasonable correllation to the competition for jobs in your sector godspeed. The salaries after graduation will be crap too.

    50% loan for a paid placement. How much salary are you looking at? from 15K you should be looking to save in the order of 1000s over the year before the salary alone.
    I aim to save at least £8k.

    Luckily with the placement being over 2 tax years and me not earning around it means I can avoid a lot of tax (legally) so I will only pay around £1-2k in tax woop. So I aim to live on around £5k (jnc rent!), which could be done!
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    Yes it can be done, but unless you've run up credit card debt (and I'm sure you haven't) I would have thought saving 4-5K would be better from a cash in the bank/life view :P

    Its also highly geography dependent. Both mine were in Oxfordshire. The first sharing with 7 in 2005 in a box room the rent was only £195/month, but on my own in 2007 between Henley and Reading £425 (inclusive of bills) living on 5K would have been impossible (£7/week on food) - and a tent was the only other alternative!
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    Hadn't thought about how it spreads over two tax years, thats great.
    Hoping to save a fair bit, maybe do some travelling the summer after. But even if looking at a £15k salary that'll be say £12k after tax - just rough guess. £1k a month, and at the moment I spend about £300 on rent, £250 ish on living costs and still end up bit overdrawn. I imagine living costs will be higher if working full time, clothes, transport, going out more at weekends, visiting uni friend etc. But still, couple of hundred a month saved will still add up
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    (Original post by arghchur)
    Hadn't thought about how it spreads over two tax years, thats great.
    Hoping to save a fair bit, maybe do some travelling the summer after. But even if looking at a £15k salary that'll be say £12k after tax - just rough guess. £1k a month, and at the moment I spend about £300 on rent, £250 ish on living costs and still end up bit overdrawn. I imagine living costs will be higher if working full time, clothes, transport, going out more at weekends, visiting uni friend etc. But still, couple of hundred a month saved will still add up
    £15k starting in July for 12 months.
    Monthly = £1.25k.
    July - March - 9 months, total for tax year 1: £11.25k.
    Tax going to be paying (£11k - 6k = 5k, * 0.2 = £1k)
    Tax paid in first tax year: ~ £1k

    April - June - 3 months
    Total for tax year 2: £3.75k
    Tax going to be paying - none, £3.75k is below personal allowance.

    Total tax over 2 tax years: ~£1k.

    That is just income tax though.

    Listentothetaxman states NI for monthly income of £1250 is £87.45 per month. Thats £1080 over the year.

    So total tax inc NI will be ~£2k.

    So you wil have around £13k to live off if you start in July on £15k and it lasts 12 months. However you will more than likely be reclaiming some in April both years as it will be on PAYE and you will pay more tax than you need to.
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    You know, I'm not sure if you have to pay tax.. Surely you are still enrolled as a full time student during your placement year?

    *shrug*
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    (Original post by GodspeedGehenna)
    You know, I'm not sure if you have to pay tax.. Surely you are still enrolled as a full time student during your placement year?
    Being a student has nothing to do with the amount of tax you pay. If you're a full-time student and earning above the personal allowance (£6,035 for tax year 08-09), you will be taxed on your income.
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    (Original post by snu)
    Being a student has nothing to do with the amount of tax you pay. If you're a full-time student and earning above the personal allowance (£6,035 for tax year 08-09), you will be taxed on your income.
    Oh, yeah of course! :p:

    Ignore my ramblings.
 
 
 
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