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This is frightening, glad I'm in my 30's with my loans all gone
"You will pay back an estimated £77,656 over 30 years. After 30 years the remaining debt of £43,062 will be written off"
how do you end up over £100k in debt?
if I put my course in (4 years x £9000 tuition loan + maximum maintenance loan) it gives me a total of over £100k, when its only £15k a year at the time
or can you get an extra £15K just for living on?
On mine it calculates that on the 30th year I would pay back the cost of my four years at Uni. Great.
Assume £9k tuition per year, plus £4k maintanance loan each year (I qualified for 75% from memory), that's £13k per year. £71,089 by the time you graduate and it's not until you're 38 (assuming those salaries) that I'd have been paying off anything other than interest.
Okay, that makes more sense.
even with that though, with living and tuition loans I'm gonna end up with at least £20k of debt :(
i.e, i could afford to save a lot of it and still do alright
but then i think i can spend it all on fun stuff like gigs, holidays and alcohol and be in less debt than people two years younger paying purely tuition fees. preeeetty pretty lucky.
also: yay for poor parents and maximum loan
Last year I had £8000 quid given to me for free, my rent was only £70 a week and I spend about a tenner a week on food. Also for a while I had a job.
I've spent it all and I DON'T KNOW WHAT ON.
CHEERS MAM FOR BEING POOR.
dear young people, just screw over the govt after graduation by not getting a high-paid job ever
He asked what I was paying in interest when I left. I told him that my £12K of debt meant that it accumulated. So the first year it was £6, the next £12, the next a bit more etc. It would have gotten big in the future but not for some time.
He'd taken out £1K more than me BUT was already, on wages of around about £18K p.a. I'm guessing, being asked to pay interest at a rate of £30 a month, with each subsequent month gradually getting bigger and bigger. By next year, it'll be £40-50 a month.
That's fucked up.
There's still living costs to incur...
plus up to £5.5k living costs outside London (£7.?k inside).
I think a lot of industries (like mine) are going to start having to rethink their employment criteria. Design may have to either start getting graduates in on pitiful wages or else employing them from A-Levels and training them up.
this year the maximum maintenance loan without taking into account your household income was about 3.5k
my rent for a year was over £4000.
but your loan wouldnt be any bigger than that would it? or are they increasing maintenance loans as well?
and i can't even see the article at work
Where's my money??!!!