I'm done with debt!

cheers guys

Done with debt?! Once you've paid it all back

Originally Posted by gettin2dizzy

Done with debt?! Once you've paid it all back

well....im not looking to accumulate any more...(excluding interest)

The interest / whole repaying of student loan thing is crazy. Me and the wife both finished uni a couple of years ago with approx ?13000 loans each. I started repaying immediately and it's actually coming down. She started repaying last year and she's currently repaying about ?30 a month with about ?50 a month going on in interest. So the amount owed is increasing by about ?250 this year.

Current inflation rate being used by SLC for increasing loan value = 4.8%
Current increases in our wages to cover loan = 0%

But we had a good time at uni so can't complain too much!

The student loan is supposed to increase in line with inflation. Do you think they'll deduct money from the total owed if we have a recession? I doubt it!

Oh, and well done alpinestarhero!

Originally Posted by alpinestarhero

well....im not looking to accumulate any more...(excluding interest)

So no house-buying then?

Good luck with finding a Ph.D. and financing it. My best mate at school did a Ph.D. in Chemistry and ended up working in the brewing industry. He now lives in the USA and is a renowned expert on beer. Now that's what I call chemistry.

Originally Posted by cartwrim

Current inflation rate being used by SLC for increasing loan value = 4.8%

That infuriates me.

So is inflation 2.5% like the government usually claims, or is it 4.8%? Answer: they pick and choose as and when it suits them

Well done and get through all the exmas! Thats great, know the feeling of the last exam Good luck with the job hutning and looking for a PHD.

Student loan debt is mad last month I paid of ?161 I figure I'm paying back about ?1500/year. Should be gone in a few years with any luck. More you earn more you pay back, so if you get any extra taxable payments expect some of to go with student loan.

Originally Posted by Flamin_Squirrel

That infuriates me.

So is inflation 2.5% like the government usually claims, or is it 4.8%? Answer: they pick and choose as and when it suits them

Yup, exactly, they pick and choose the one they want. Apparently they have 'different measures of inflation' for student loans and pay rises. ie, 2.5% odd inflationary rise for firemen / teachers / council workers, etc but 4.8% on our loans. I've had the argument with the SLC, didn't get me anywhere!

We were trying to calculate whether it's better for the wife to make extra voluntary contributions so that at least the interest is covered so the loan's not increasing, but in the end we decided it's better for her to put the extra money in savings and keep just paying minimum payments for all of working life until they write it off.

When we took out our loans the interest rate on them was about 1%! I guess it's the risk you take but it's pretty scandalous the way the gov't set the IR on it.

[Luckypants]

Originally Posted by cartwrim

..... it's pretty scandalous the way the gov't set the IR on it.

Indeed and is the reason my daughter has no intention of paying it and will do same as your wife. Should be a bloody grant anyway, how else will our scientists and engineers of the future see University as an attractive option?

Well done Matt
Good luck with the PhD hunting. £14K in London - wasn't that much in my day!! (which wasn't that long ago ) Sounds good anyway.
mary