Student Loan

[Section_31]

Fuck me pink.

Just had my yearly statement through, £880 interest they charged me this year, considering I've only just started paying it off £15 a month (minimum payment) because my wages are a disgrace, I'm gonna be paying this mother off forever.

Interest seems a but naughty, by my admitedly none Carol Vorderman-esque maths standards, if I keep up this rate my loan will still be going up £700 a year!!!

Any of you photoship wizards fancy grafting Tony Blair's head onto Jimmy Conway? Because it might sum up how I feel. cheers.



"Wages shit? FUCK YOU, PAY ME!!!"

[hamstrung]

I thought they were supposed to be really low interest?

[RJ Fan club]

This is not a gloating post at all mate, so please don't take it the wrong way. Its really just to highlight what a shit deal they now give to students.

I have to say I'm glad I took out my Student Loans when I did. I managed to defer payment for years as they used to charge it on 85% of average annual wage, we got charged a lower rate of interest, and didn't have to borrow for fees and all living expenses (I got a grant for years too).

I had about 3 years loans totaling about £4,800, they only increased to £5,500 in about seven years, a decent and fair deal I reckon. I had to pay back about a ton a month, so within a few months I'd paid off all the interest gained over the years, then I felt like the total was really reducing.

A few people I work with are paying under the new system, they do seem to get a shitty deal. How they can justify £880 quid a year in interest is beyond me. They got a generation off the employment figures for three or more years, yet they seem determined to screw you for it.

Brown and Blair really are cunts.

[Section_31]

Originally Posted by hamstrung I thought they were supposed to be really low interest?

Judging by this statement, it doubled from 2.40% - 4.80% from September 1 2007.

Some shady shit right there.

EDIT haha yeah no worries RJ, my mate in work is in the same boat as you and frequently rips me for it! I don't mind in a sense though, I take comfort in knowing there's nothing I can do!

[Elmyn Noos]

This is not a gloating post at all mate, so please don't take it the wrong way.

I paid mine off last year - ha ha ha ha ha ha ha...

[RJ Fan club]

Originally Posted by Elmyn Noos This is not a gloating post at all mate, so please don't take it the wrong way. I paid mine off last year - ha ha ha ha ha ha ha...

Noos has finishedpaying?

I thought you only went to Uni after you'd seen Old School.

[TK421]

You can always rely on Noos to cheer you up! You could set your watch by it.

[Elmyn Noos]

Originally Posted by RJ Fan club Noos has finishedpaying? I thought you only went to Uni after you'd seen Old School.

Old School?

[Stu Monty]

In 05, 06 & 07 the interest rates were 2.6%, 3.2% and 2.4%; what's with the jump up to 4.8%?

As you know, S31, I actually agree with the loan system but that interest rate is starting to move away from being justified and more towards being heavy. Is it because the base rate has gone up? What is the deciding factor in the rate changes, it is the baser rate isn't it?

Can you tell I can't be arsed digging the info out myself?

[RedinSweden]

I have about 10 months of paying left. Then I am free!

[Elmyn Noos]

Originally Posted by RJ Fan club Noos has finishedpaying? I thought you only went to Uni after you'd seen Old School.

Incidentally, I hope I don't detect a hint of disrespect in your tone there old boy. Can you not see that I am a Goldmember. According to DaveU, that means I own you. Any more of your lip and I shall be utilising my not inconsiderable gold powers on you.

[Section_31]

Originally Posted by Stu Monty In 05, 06 & 07 the interest rates were 2.6%, 3.2% and 2.4%; what's with the jump up to 4.8%? As you know, S31, I actually agree with the loan system but that interest rate is starting to move away from being justified and more towards being heavy. Is it because the base rate has gone up? What is the deciding factor in the rate changes, it is the baser rate isn't it? Can you tell I can't be arsed digging the info out myself.

fuck knows mate, have you seen these student loan statements? It's basically a single piece of paper which says 'you owe this, oh and you owe this as well, cheers.'

I'm of the old fashioned opinion that NO profit should be made from the student loan system at all, it should move with the demands of the economy if needs be but the minute the loans company gets a single penny more than it's doled out then that's fucking obscene IMO.

Tell you something else which is shady, the repayment threshold is 15k, which is what it was in 1999 when petrol didn't cost 1.19 a litre.

Squeeze my balls people, squeeze em hard.

[Strontium Dog]

Originally Posted by Stu Monty In 05, 06 & 07 the interest rates were 2.6%, 3.2% and 2.4%; what's with the jump up to 4.8%?

They were a little bit cheeky actually - this year, they started to use the Retail Price Index inflation rate instead of the Consumer Price Index. That's why the interest rate has soared.

I really feel for today's students - not only do they face tuition fees, but they'll soon have to take out an ID card to get a loan.

I deferred my loan again this year; 9 years since graduation but still not earning more than the threshold where I am obliged to start paying it back yet.

[Stu Monty]

Originally Posted by Section_31 fuck knows mate, have you seen these student loan statements? It's basically a single piece of paper which says 'you owe this, oh and you owe this as well, cheers.' I'm of the old fashioned opinion that NO profit should be made from the student loan system at all, it should move with the demands of the economy if needs be but the minute the loans company gets a single penny more than it's doled out then that's fucking obscene IMO. Tell you something else which is shady, the repayment threshold is 15k, which is what it was in 1999 when petrol didn't cost 1.19 a litre. Squeeze my balls people, squeeze em hard.

In my vision for the system I think an interest rate following the base rate is fair but that, as you are saying, the threshold limit should be moving in line too. Threshold should have two letter hs. I may start using two as one is stupid.

That ID card thing is a disgrace. But not enough people will give a shit; as per.

[Thants]

Originally Posted by Strontium Dog I deferred my loan again this year; 9 years since graduation but still not earning more than the threshold where I am obliged to start paying it back yet.

Me too - but I'm in my 12th year. I'm getting further away from it too. Isnt there a myth that if you make it to retirement age they wipe the debt?
I've 35ish years left to go if so. Bring it on baby.