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do you have a university trustfund. I don't and feel like crap. watch

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    (Original post by la fille danse)
    Or I could have done what I did, and got a good education. :rolleyes:

    By the way, over here, we don't get your cushy interest-free only-pay-it-back-when-you-have-a-comfy-income-and-then-only-pay-back-a-minuscule-amount student loans.
    $200/month isn't that minuscule...
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    (Original post by Quady)
    $200/month isn't that minuscule...
    That's £122/month, which you'd only pay back that much if you were earning £31,000.

    Why did you choose that number, out of interest?
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    (Original post by la fille danse)
    Or I could have done what I did, and got a good education. :rolleyes:

    By the way, over here, we don't get your cushy interest-free only-pay-it-back-when-you-have-a-comfy-income-and-then-only-pay-back-a-minuscule-amount student loans.
    By the way, they are not interest free
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    (Original post by scaryhair)
    By the way, they are not interest free
    They rise at the same rate as inflation. What you pay back has the same value as what you borrowed.
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    (Original post by scaryhair)
    By the way, they are not interest free
    They go up with the rate of inflation and thus are effectively interest free.
    I believe they will be at 0% for this year...

    Damn it bested in speed for reply!
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    (Original post by crazylemon)
    They go up with the rate of inflation and thus are effectively interest free.
    I believe they will be at 0% for this year...

    Damn it bested in speed for reply!

    because they didn't want to put it at -0.4% so changed the rules so they could charge no interest... the amounts should have been going down next year, not staying the same.
    (i agree with them generally being interest free this is just an odd year)
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    (Original post by la fille danse)
    Or I could have done what I did, and got a good education. :rolleyes:
    Yeah, because we all know that it's impossible to get a good education by starting in a 2-year college and then transferring to a reputable 4-year to finish your bachelor's.

    (Original post by la fille danse)
    By the way, over here, we don't get your cushy interest-free only-pay-it-back-when-you-have-a-comfy-income-and-then-only-pay-back-a-minuscule-amount student loans.
    Right, but you still haven't admitted that it's possible for a US student to go to university (and get a good education) without having a small fortune given to them by their parents. Scholarships, grants, CC, even getting your own loan, etc, are all different things that help US students do this every day. There really is a difference between "being able to go to university" and "being able to go to the university I want".
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    (Original post by bubbles50)
    because they didn't want to put it at -0.4% so changed the rules so they could charge no interest... the amounts should have been going down next year, not staying the same.
    I know, but there you go.
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    My parents gave me £3000 when I turned 18 for uni that they'd been saving in some police account. That count?
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    I have no trust fund and will be relying on my student loan in september so dont worry!
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    (Original post by G50)
    I don't. Personally, I think that when you get to uni it's time to get off the parents' tits and become a bit more independent. It builds character to earn everything yourself rather than just relying on your parents' money. Now of course there's nothing wrong with your parents giving you money. Whether you receive just a minimum when you're in trouble (perfectly natural), or even if you receive tons. Can't judge people for wanting to get more money from their parents if it's available to them. College is for partying and having a good time, and money helps.

    However, I still think that going it alone is the harder choice, and thus the most rewarding (in terms of what you'll learn). There are no obstacles, only opportunities for excellence.
    You are the voice of reason.

    OP: I don't have a trust fund, and I think only 1 person I know does, but another one got help from her mum. Like if she earned £500 to save, her ma would match it.
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    (Original post by priceless_beauty)
    Hi

    Basically im hopefully going off to uni this year, and whilst talking to some of my friends, they have mentioned a trust fund, that thier parents set up for when they go to university, which theyre going to use as an instant cash injection when they need it for parties and going out, i have nothing of the sort, and only have the money i have earnt via a part time job which is about a grand and a half.

    How common is a trust fund?


    how many people have something like this?
    Welcome to the real world.

    I went to uni with £700 I had saved from Part Time work and have had to work throughout university.
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    (Original post by Quady)
    Because 4.8% isn't interest free and 115 pounds a month in repayments is quite a lot?
    The interest rate is tied to inflation. If it was lower than that, the government would be paying you interest (in real terms). [Having checked, the rate is lower than inflation, and the figure you stated - 1.5%: http://www.studentloanrepayment.co.u..._schema=PORTAL ].

    The repayment rate is tied to a % of salary above £15,000/year, it isn't a fixed rate. Unless you have a serious drug habit or some other major burden on your income, it isn't going to be unaffordable.
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    (Original post by G50)
    Right, but you still haven't admitted that it's possible for a US student to go to university (and get a good education) without having a small fortune given to them by their parents. Scholarships, grants, CC, even getting your own loan, etc, are all different things that help US students do this every day. There really is a difference between "being able to go to university" and "being able to go to the university I want".
    It depends on your parent's income. I had offers from a couple American universities and after all the scholarships, grants, and loans they offered me, I still would have had to pay around $20,000 a year, or $80,000 for the whole thing. You're not allowed an infinite amount of loans - the university determines how much you can take in loans based on your parents' income.
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    (Original post by favh)
    The interest rate is tied to inflation. If it was lower than that, the government would be paying you interest (in real terms). [Having checked, the rate is lower than inflation, and the figure you stated - 1.5%: http://www.studentloanrepayment.co.u..._schema=PORTAL ].

    The repayment rate is tied to a % of salary above £15,000/year, it isn't a fixed rate. Unless you have a serious drug habit or some other major burden on your income, it isn't going to be unaffordable.
    Its only in real terms if salary increases are at that rate.

    The 4.8% figure was for 07/08. Wages were not increasing at that pace then, nor are they increasing at 1.5% now.

    Its true 115/month for me isn't unaffordable, but its a lot less affordable than the grant my parents got.
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    (Original post by la fille danse)
    It depends on your parent's income. I had offers from a couple American universities and after all the scholarships, grants, and loans they offered me, I still would have had to pay around $20,000 a year, or $80,000 for the whole thing. You're not allowed an infinite amount of loans - the university determines how much you can take in loans based on your parents' income.
    That's an incredible amount of money. There are much cheaper schools out there. Less prestigious? Maybe. But that doesn't mean you can't get a good education. I just want you to realize that you're extremely privileged compared to other US students. It's just that you seem like you're taking it for granted (as if it's some kind of "minimum amount" that you couldn't have ever gotten an education without -- even though many people do in the US, with much less). I'm not criticizing you for having the funds themselves; I'd love to have that kind of money myself.

    P.S. There are other countries in the EU apart the UK, and they offer free tuition in higher education (in English no less). Norway for instance. Norway is ranked very highly for literacy, life expectancy, education, and standard of living BTW. Edited for mistakes.
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    (Original post by G50)
    That's an incredible amount of money. There are much cheaper schools out there. Less prestigious? Maybe. But that doesn't mean you can't get a good education. I just want you to realize that you're extremely privileged compared to other US students. It's just that you seem like you're taking it for granted (as if it's some kind of "minimum amount" that you couldn't have ever gotten an education without -- even though many people do in the US, with much less). I'm not criticizing you for having the funds themselves; I'd love to have that kind of money myself.
    I've already said that the cheapest university I could have gone to would have cost $73,000 for a mediocre education. I don't know what I would have gotten from them for financial aid, but it wouldn't have been a lot. I do not consider community colleges to offer good degrees, and neither do most employers.

    There is nothing unique about my situation. In America, it is the norm to save for your children's education. Saving is the only option if you're not very poor and you want your children to go to a half-decent university. My parents are far from rich.
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    (Original post by la fille danse)
    There is nothing unique about my situation. In America, it is the norm to save for your children's education. Saving is the only option if you're not very poor and you want your children to go to a half-decent university. My parents are far from rich.
    In this country people believe they're entitled to a university education and ultimately, after 18 years of them being alive, complain about student loans when their parents have had 18 years of time to save for their education. My parents saved for my education. Not alot, but enough to help with the fees quite significantly. I mean seriously, very few people in this country save anymore. It's sad, actually. They don't realise the basis of economic activity is saving.
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    (Original post by Bagration)
    In this country people believe they're entitled to a university education and ultimately, after 18 years of them being alive, complain about student loans when their parents have had 18 years of time to save for their education. My parents saved for my education. Not alot, but enough to help with the fees quite significantly. I mean seriously, very few people in this country save anymore. It's sad, actually. They don't realise the basis of economic activity is saving.
    Indeed.

    If you deposit £10 every week into a savings account with a modest 2.5% interest, by the time your child is 18, you'll have £11,000, enough to pay the fees for a three-year degree.

    You don't need to be rich to save £10 a week.
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    My parents have kept a "university pot" for me, but I'm under explicit instructions that it's to be used for tuition fees and basic living costs, not 'going out' - not that I could ever bring myself to use it for that anyway knowing they've saved it for me.

    If anything, it all makes me feel a bit awkward, particularly as I already have a normal trust fund. Whenever I mention it they just say that they take umbrage at my trust fund being used for university fees instead of something practical and necessary that I'll need when I unleash myself on the world like a car, deposit etc. - and, I think, like someone else mentioned, they just feel that I should be on an even playing field with those who never had to pay tuition fees in the past, instead of at an automatic disadvantage due to debt. And I'm damn well grateful for it, too.
 
 
 
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