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Does this mean they'll be charging a commercial rate of interest now? Terrible idea.
there would be no interest and then just put it on
is fixed to the RPI which isn't too bad, like...
they said "don't worry there will be no interest on these loans"
if the interest rate = inflation then that's pretty reasonable
you're not getting it. They promised one thing and delivered something else
that the interest rate would be fixed to the rate of inflation (via the RPI)
seems completely fair
otherwise borrowing the money would be profitable if you could allow inflation to erode your debt....
why were we charged when we were promised the loan would be interest free whilst we were at university, regardless of inflation?
chunty is the same age as me and i was never under that impression ...
me. Listen to your elders
shut it, old man ....
there was a real emphasis on it being interest free, and my friends from other schools in the area were all under the same impression. whether it was a genuine misunderstanding on the part of further education information people in our area or they were deliberately misleading (although I don't really see the point in that) then I don't know. friends at uni also thought the same thing as me....
not just being 'sneaky'? as in, there's no interest in real terms...
they shouldn't have said that if that was the case.
Having said that I still would have got a loan, so.....
I was sure it was sold to me as an 'interest free loan' that you would then get charged interest on after you left uni. the statements each year telling me excatly how much interest I was accumulating each month were therefore a bit of a shock.
I think I paid £12 back some time last year, then went travelling and now I don't earn enough.
I genuinely think I will never pay it off unless I get an amazing job, it's just like a graduate tax really.
I was trying to say.
but your pay should be rising in line with inflation - ie. I pay about 350 a year back, but my pay goes up by 500 a year, so if anything I'm actually paying less than no interest.
not everyone works for people who aren't morons.
are you genuinely making headway with paying it off? Like I said I only made one payment last year which was pretty much a waste of money as it didn't even cover half of the interest for that month....
earn enough to pay it off, in fairness ... i probably never will.
don't use capital letters. excellent.
I'm not getting anywhere! I'm getting a headache thinking about this - my pay's going up more than inflation, but I only pay about as much off my loan as comes off as interest, but anything I pay off now is going to be worth more than if I pay it off in ten years because of inflation - this is far too confusing. Is there any part of the loan contract that protects us from interest rising above inflation?
I remember looking into it a while back as I was outraged but I can't remember now. I remember coming away from it feeling despondent though.
if you ever come into money you can pay off chunks at a time in some way which can help. I'll find the link in a second.
essentially same information
especially after the increase in fees.
I barely cover the interest that has accumulated!
earn enough to pay back anything!
I like that part of it. They say you don't have to pay back anything if you're not earning enough - but they go ahead and keep putting interest on the loan until you do.
Eventually it works out that if you're rich or well paid, you get to pay off less of a loan than you would if you were poor.
I was trying to say
and work in a library?
there's a position going
so I can send you my Neighbours DVD
PM me your address and I will send it
I know your game . . . .
on second thoughts, I'm not missing out on a Neighbours DVD! Brendan will hate you for this!
is to get your address
I'm a natural : )
if you pay it earlier the amount in £ is less if you take more time and pay it off years into the future it is a larger amount of £ but the real value of the loan you pay back is exactly the same as the real value when you took it out.
This was already privatised? Isn't the student loans company a private business?
I was disappointed.
I thought it was a private company too....
And his quango
Runs the buses and the evening star
He got a hairpiece
Ooh, he got herpes
His private life is very discreet
A nicer man, no, you're never gonna meet
Down in the quangos
he got respiratory problems and a mason's ring
I've never paid a penny of mine off and I've got no idea how much it is any more. I don't think I want to know.
it will be the same amount you borrowed adjusted to current day value