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fionah
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#1
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#1
I just looked at the DfES website, and worked out (because my parents are low income) that I won't have to pay fees and I should also be able to get the maximum loan which is £4930 (IF I go to either of my 2 first choice unis, in london)

I was wondering. Firstly, does Royal Holloway count as being in London for loans purposes or will I be on £4000? If I was to live inside Central London and commute to Royal Holloway (say I was to move in with my bf and his flat mates) ? (Say RH wasn't inside the loan area, and Central London is.. I presume I'd still only get the £4000??)

Secondly (or thirdly or fourthly, depending on how many points I've already raised) : what is a loan ideally supposed to cover? Because I will be lucky if my accomodation is covered by my loan!

Finally, when do I pay the loan back & at what rate? Also, if the option was there to use inheritance money instead of taking out a loan, would that be more viable? Or not? Would you consider borrowing the money from your parents instead (where possible)?

I thought ucas was the tough bit, now I find out all of these He1 and he2 forms need doing as well.. :rolleyes: :rolleyes: :mad:
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Bhaal85
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#2
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#2
(Original post by fionah)
I just looked at the DfES website, and worked out (because my parents are low income) that I won't have to pay fees and I should also be able to get the maximum loan which is £4930 (IF I go to either of my 2 first choice unis, in london)

I was wondering. Firstly, does Royal Holloway count as being in London for loans purposes or will I be on £4000? If I was to live inside Central London and commute to Royal Holloway (say I was to move in with my bf and his flat mates) ? (Say RH wasn't inside the loan area, and Central London is.. I presume I'd still only get the £4000??)

Secondly (or thirdly or fourthly, depending on how many points I've already raised) : what is a loan ideally supposed to cover? Because I will be lucky if my accomodation is covered by my loan!

Finally, when do I pay the loan back & at what rate? Also, if the option was there to use inheritance money instead of taking out a loan, would that be more viable? Or not? Would you consider borrowing the money from your parents instead (where possible)?

I thought ucas was the tough bit, now I find out all of these He1 and he2 forms need doing as well.. :rolleyes: :rolleyes: :mad:
With regards to paying back the loan, I believe you pay it back when you start working and are earning a certain amount of money.

love Bhaal****
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ickle_katy
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my loan nearly pays my accomodation.

you pay it back once your earning over £15000 (well it will be by the time you get there) at i think about 7% of your wages.

the intrest on it is negligable (they say)

its by far the best way of getting money.

obviously if your rents are rich enough to pay for your uni, then dont take a loan out.

love Katy ***
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Juwel
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#4
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Where do you find out how much you're liable to pay?
My dad may be a millionaire but I would prefer a student loan so I can say I paid my own way, though due to his income I would owe a hell of a lot :mad:...
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DanMushMan
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#5
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(Original post by ickle_katy)
my loan nearly pays my accomodation.

you pay it back once your earning over £15000 (well it will be by the time you get there) at i think about 7% of your wages.

the intrest on it is negligable (they say)

its by far the best way of getting money.

obviously if your rents are rich enough to pay for your uni, then dont take a loan out.

love Katy ***
its worth taking a loan out just to put it in a higher interest account.
Rates are increasing this year by quite a lot, it won't be anything like at the rate of inflation anymore.
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Unregistered
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You can only pay it back once you're working.

love Unregistered ***
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Juwel
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#7
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(Original post by DanMushMan)
its worth taking a loan out just to put it in a higher interest account.
Rates are increasing this year by quite a lot, it won't be anything like at the rate of inflation anymore.
Well inflation is above the target (though within the margin). Even though it seems stable enough to me and harmless enough. I wouldn't alter the interest rate if it sustains a stable inflation rate. But then there are other factors <yawn>...
Good plan Dan hahaha, make a nice profit!
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Juwel
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(Original post by Unregistered)
You can only pay it back once you're working.

love Unregistered ***
What if you stop working while in the process of paying off the loan?
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DanMushMan
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#9
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(Original post by ZJuwelH)
Well inflation is above the target (though within the margin). Even though it seems stable enough to me and harmless enough. I wouldn't alter the interest rate if it sustains a stable inflation rate. But then there are other factors <yawn>...
Good plan Dan hahaha, make a nice profit!
i'm don't fully understand what you said!!
All I know it that they're increasing the interest rate of the student loans, so we'll be paying a lot more back.
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Juwel
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#10
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#10
(Original post by DanMushMan)
i'm don't fully understand what you said!!
All I know it that they're increasing the interest rate of the student loans, so we'll be paying a lot more back.
Oh I thought you meant the Bank of England's interest rate!
Woah! Where am I???
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ickle_katy
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#11
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(Original post by ZJuwelH)
What if you stop working while in the process of paying off the loan?
you stop paying.

as you do if you fall below the £15000 mark.

or die.

love Katy ***
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Juwel
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#12
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#12
(Original post by ickle_katy)
you stop paying.

as you do if you fall below the £15000 mark.

or die.

love Katy ***
Huh, but there is even a tax on death. Inheritance tax. I only get 60%???
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DanMushMan
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#13
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(Original post by ZJuwelH)
Huh, but there is even a tax on death. Inheritance tax. I only get 60%???
its the most ridiculous and unfair tax there is.
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Juwel
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#14
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(Original post by DanMushMan)
its the most ridiculous and unfair tax there is.
You an eldest son too?
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DanMushMan
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#15
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(Original post by ZJuwelH)
You an eldest son too?
lol, yes, but its still unfair. Maybe my parents will move all their assets into malaysian accounts.
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Juwel
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#16
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(Original post by DanMushMan)
lol, yes, but its still unfair. Maybe my parents will move all their assets into malaysian accounts.
I know it's unfair, I want it all!!! Not the restaurants though I ain't bothered with those. Do Malaysian accounts pay good interest or are they not taxed on inheritance or something?
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DanMushMan
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#17
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#17
(Original post by ZJuwelH)
I know it's unfair, I want it all!!! Not the restaurants though I ain't bothered with those. Do Malaysian accounts pay good interest or are they not taxed on inheritance or something?
i'm not 100% sure, but I am nearly sure that they don't charge anywhere near as much as 40%, we have the highest rate in the world I think. Or you could move stuff to the Isle of Man...
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Juwel
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#18
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(Original post by DanMushMan)
i'm not 100% sure, but I am nearly sure that they don't charge anywhere near as much as 40%, we have the highest rate in the world I think. Or you could move stuff to the Isle of Man...
Or just transfer ownership of everything before you die...
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DanMushMan
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#19
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(Original post by ZJuwelH)
Or just transfer ownership of everything before you die...
think you have to pay capital gains tax or something.
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Juwel
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#20
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(Original post by DanMushMan)
think you have to pay capital gains tax or something.
Yeah grrr...
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