At some point in around 2008 I was paying negative interest on my student loans (i.e. being paid for them) as they were pegged at 1% below base rate iirc
Student loans are the biggest government write-off ever. For those conscientious souls, like Feebs, who actually find a decent job and work to pay it off afterwards, it's a burden. For those who don't (and won't), it's basically free money. Madness.
The one (1) thing you can take from that sailo is that assuming your dad had filled it in accurately you wouldn’t have been eligible for a grant in the first place.
It's not whether you view it as a burden, Feebs. I'm sure you are grateful (and that many others are). It's just that paying it back hinders you in other ways. Like getting on the property ladder and so on. I don't see why you have to pay 9 grand a year, and then living expenses on top, for what should be seen as an investment in the country's future. That was a terrible mistake.
Actually Zero at that point I probably would have qualified for various reasons but dad would have needed to pay an accountant to work out the answers to some of the questions given the complexity of his financial arrangements.
He's happy if I'm half way sane and healthy and enjoying life regardless of what I may or may not have achieved. He understands that my education was his choice and that there was no guarantee as to how I'd choose to use it.
I'm totally aware that dad arguably got terrible value for money given that he went to huge expense to end up with a son who's a 40-something perma-associate that has the ambition of a particularly reluctant sloth. He's just glad though I've made some use of my education and haven't just become a professional boat bum although that's an option once he's no longer around to know what I've done.
The newer loans are 9% of salary over £25k so about £37 a month for someone on £30k and £565 if you are on £100k a year.
Our £100k a year person has a lot of ordinary tax and NI, probably a very high London rent or mortgage and if they have children massive babycare costs so that £565 a month is quite a bit.
Actually for the first time in UK history there is no cost unless you earn over £25k. One chap used his loan to fund his travel costs to go to fight for ISIS. in may day I got £50 minimum grant and unless my parents chose to make it up to £900 full grant or I could earn the money I could not go. These days everyone even if they have really stingy but very rich parents at least gets some maintenance loan.
student loans are basically equivalent to loan sharking since you can't i.e. wipe them if you go bankrupt meaning the lender has some extra special ways to compel you to pay up your debt that normal lenders don't have
Terrible, terrible system and the money isn't going on education it seems to be going on admin staff and flash buildings
It's not laziness is it, quite evidently he was too wealthy for you to be eligible for a grant. You then went on to mention his complex taxation arrangements - again not something poor people tend to have
whatever. You have no insight into yourself it's quite clear
Linda I would actually have been eligible for a grant on the basis that he had no earnings at that time for various reasons but they required further information over and above that that he didn't have to hand.
The complexity of his tax arrangements were mainly the result of decisions made by his father and the unexpected death of my aunt and I assure you it is entirely possible to have f*ck all cash and still have complex tax affairs.
But then he decided to pay for you himself. So not quite fook all cash, eh. Do you not realise that having your family’s financial backing (you have referred to this many times on this board) allows you the luxury to flim-flam around and not really have to know anything.
Look at all you have posted here in the context of the thread and why it was started, ffs.
Linda you've hit the nail on the head there with the old assets as there were some but they were rather hard to value and arguably of negligible value at that point in time.
Indeed Kimmy I'm most grateful for it but alas it's not all a bed of roses and I'd be quite happy somewhere working quietly for a reasonable salary as left to my own devices my outgoing are sod all.
Linda you've hit the nail on the head there with the old assets as there were some but they were rather hard to value and arguably of negligible value at that point in time.
And yet your dad was able to convert those assets into cash in order to pay for your education?
Anna we're only talking about uni so it was if I remember correctly about £4k a year as I topped that up with student loans and holiday jobs and whilst I was at uni his investment in a near insolvent company started to bear fruit and provide some salary for him and my mum once it had been turned round.
heh @ the "its only £4k a year of after tax income, dad was so poor he had to search behind both sets of sofa cushions to find it rather than fill out the form".
you can talk to the police about coercive control if your family are forcing you to build that luxury barn conversion in the grounds the ancestral pile, you know.
Kimmy mortgage is relatively small and well within my ability to pay it from what I earn as my other expenses.
Linda you joke but it's not far off that. If I had my way I'd be building something substantially simpler and cheaper a long way away and will do that once the parents are gone.
Because I'm a fool who feels some obligation to give something to his aged parents given all they've done over the years. Another few years and that motivation will be gone.
Well they're selling up and moving into my house with me as they can't afford their house and sprawling estate which will soon be on the market. My place will be smaller and cheaper to run especially if we are splitting the costs and from there they will decide where to donwsize to ultimately although dad keeps saying he's only moving in a pine box.
Paying off your student loan feels great. Although there's a faff at the end where they send you a letter getting you to call them to arrange an accurate payment, otherwise they just keep charging you until the end of the year.
The loan for the LPC was the real fvcker. £25k + interest down the drain to Barclays.
His argument seems to be on a mix of the interest rate being pegged to inflation, it being cost effective to pay off more expensive debt first if you have it and the fact that you might be able to earn more with the money you'd otherwise use to pay the loan off so really depends on your personal circumstances.
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Don't ruin this for me with your maths!
I am sure I will get a pay rise in the next 36 months to knock those extra few months off
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What's the current interest rate for repayment?
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....plus the compound interest
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1.75%
for me anyway
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I forgot about interest,
right, by the time I am 35 I will have paid off all my student loans
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At that point £150 will buy you a round at the pub, I suppose.
I still owe about $35k to the US Department of Education. Currently scheduled to be paid off when I'm in my sixties.
The way I think about it, if I die while still owing them money then I WIN.
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Oh they've hiked it up quite a bit. Arseholes.
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Student loans are fooking unforgivable. The countries that don't have them will fook the rest of us in the years to come and not affectionately.
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At some point in around 2008 I was paying negative interest on my student loans (i.e. being paid for them) as they were pegged at 1% below base rate iirc
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The new ones are something silly like 6% now.
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In my day the loans were only £1,500 or so which almost covered a term's accommodation and booze.
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Student loans are the biggest government write-off ever. For those conscientious souls, like Feebs, who actually find a decent job and work to pay it off afterwards, it's a burden. For those who don't (and won't), it's basically free money. Madness.
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Yes Sails. Because you (and I) were fortunate enough not to get stung for tuition fees.
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I got a grant ffs (the last year to do so)
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I know Stix. I'm saying I wish they'd loaned me more the stingy gits.
I showed my dad the grant application form and he took one look at it and decided it was easier to just fund me himself.
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*holds head in hands*
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The one (1) thing you can take from that sailo is that assuming your dad had filled it in accurately you wouldn’t have been eligible for a grant in the first place.
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Well quite
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Do you think your dad got good value out of your education sailo?
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Probably better value than 3Dux Senior did, to be fair.
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TBF in a lot of cases, I suspect the parents don't think you can put a price on not having to deal with their offspring for 36 weeks a year.
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I was going to say exactly what Stix did at 13.01 but she got in there first.
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Badders, I don't see it as a burden. I am very grateful for the opportunities a student loan gave me;
- first in my family to go to university
- first female in my family to have a career*
- left the county I grew up in etc
...but I would love to have it paid off and the money in my hand/savings
*yes what I do is a career
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Phoebe, if you have savings and you're not earning more than 1.75% interest, you might want to overpay on the student loan.
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Heh, dux is the best argument for abolishing private education. But at least it wasn’t a waste of public funds.
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It's not whether you view it as a burden, Feebs. I'm sure you are grateful (and that many others are). It's just that paying it back hinders you in other ways. Like getting on the property ladder and so on. I don't see why you have to pay 9 grand a year, and then living expenses on top, for what should be seen as an investment in the country's future. That was a terrible mistake.
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But graduates earn more, they should pay extra tax! Oh, wait.
Make the buggers borrow it instead.
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Actually Zero at that point I probably would have qualified for various reasons but dad would have needed to pay an accountant to work out the answers to some of the questions given the complexity of his financial arrangements.
He's happy if I'm half way sane and healthy and enjoying life regardless of what I may or may not have achieved. He understands that my education was his choice and that there was no guarantee as to how I'd choose to use it.
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What Badders said.
Also heh at Saillaw's self awareness fails.
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Whaddawe want?
Student grants, no tuition fees, a loan with an interest rate below inflation and a bursary from the university
when do we want it?
in the 1990s, chz
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I'm totally aware that dad arguably got terrible value for money given that he went to huge expense to end up with a son who's a 40-something perma-associate that has the ambition of a particularly reluctant sloth. He's just glad though I've made some use of my education and haven't just become a professional boat bum although that's an option once he's no longer around to know what I've done.
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This thread is not about you or your dad though.
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I've decided sails posts are some kind of performance art.
Not very good performance art admittedly
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The newer loans are 9% of salary over £25k so about £37 a month for someone on £30k and £565 if you are on £100k a year.
Our £100k a year person has a lot of ordinary tax and NI, probably a very high London rent or mortgage and if they have children massive babycare costs so that £565 a month is quite a bit.
Actually for the first time in UK history there is no cost unless you earn over £25k. One chap used his loan to fund his travel costs to go to fight for ISIS. in may day I got £50 minimum grant and unless my parents chose to make it up to £900 full grant or I could earn the money I could not go. These days everyone even if they have really stingy but very rich parents at least gets some maintenance loan.
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student loans are basically equivalent to loan sharking since you can't i.e. wipe them if you go bankrupt meaning the lender has some extra special ways to compel you to pay up your debt that normal lenders don't have
Terrible, terrible system and the money isn't going on education it seems to be going on admin staff and flash buildings
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"Actually for the first time in UK history there is no cost unless you earn over £25k"
what are you talking about?
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Well it wasn't Stix until some people decided to bring my family into it.
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You brought your family into it. You smugly mentioned your dad.
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I'm not quite sure how pointing out that he's a lazy f*cker is smug.
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It's not laziness is it, quite evidently he was too wealthy for you to be eligible for a grant. You then went on to mention his complex taxation arrangements - again not something poor people tend to have
whatever. You have no insight into yourself it's quite clear
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Linda I would actually have been eligible for a grant on the basis that he had no earnings at that time for various reasons but they required further information over and above that that he didn't have to hand.
The complexity of his tax arrangements were mainly the result of decisions made by his father and the unexpected death of my aunt and I assure you it is entirely possible to have f*ck all cash and still have complex tax affairs.
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And yet he still just handed over the cash rather than fill in the forms?
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Yes I'm not at all convinced that is how it worked, much in the way almost all means tested benefits ask about assets as well as income.
Still, good old dad eh
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But then he decided to pay for you himself. So not quite fook all cash, eh. Do you not realise that having your family’s financial backing (you have referred to this many times on this board) allows you the luxury to flim-flam around and not really have to know anything.
Look at all you have posted here in the context of the thread and why it was started, ffs.
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This thread is bringing out my inner class warrior. I’d left him for dead in halls of residence c. Oct 97
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Heh @ “flim flam around and not have to know anything”
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heh!
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Linda you've hit the nail on the head there with the old assets as there were some but they were rather hard to value and arguably of negligible value at that point in time.
Indeed Kimmy I'm most grateful for it but alas it's not all a bed of roses and I'd be quite happy somewhere working quietly for a reasonable salary as left to my own devices my outgoing are sod all.
Zero I'd long gone from halls in 1997.
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*bangs head on desk*
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And yet your dad was able to convert those assets into cash in order to pay for your education?
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Anna we're only talking about uni so it was if I remember correctly about £4k a year as I topped that up with student loans and holiday jobs and whilst I was at uni his investment in a near insolvent company started to bear fruit and provide some salary for him and my mum once it had been turned round.
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Friend who didnt need the loans took them all and invested them, and then repaid them on graduation, trousering the money.
Still, he works for the CPS now so I had the last laugh
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rent? mortgage?
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heh @ the "its only £4k a year of after tax income, dad was so poor he had to search behind both sets of sofa cushions to find it rather than fill out the form".
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"Left to my own devices my outgoings are soz all"
you can talk to the police about coercive control if your family are forcing you to build that luxury barn conversion in the grounds the ancestral pile, you know.
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he had sell off all Grandpapa's muskets from Rhodesia!!
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Kimmy mortgage is relatively small and well within my ability to pay it from what I earn as my other expenses.
Linda you joke but it's not far off that. If I had my way I'd be building something substantially simpler and cheaper a long way away and will do that once the parents are gone.
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Of course you would. Poor thing.
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Why don’t you have your own way? You are a middle aged man FFS.
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Because I'm a fool who feels some obligation to give something to his aged parents given all they've done over the years. Another few years and that motivation will be gone.
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You're giving them a house for yourself that you're building on their sprawling estate?
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meh heh
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Well they're selling up and moving into my house with me as they can't afford their house and sprawling estate which will soon be on the market. My place will be smaller and cheaper to run especially if we are splitting the costs and from there they will decide where to donwsize to ultimately although dad keeps saying he's only moving in a pine box.
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You’re doing the four Yorkshireman sketch wrong.
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Sorry to drag this back on topic, Martin Lewis always says to never overpay your student loan so I never have.
Though when I move to DD I may bump it up to £175 a month
Also, Badders I know I am younger than you (have I mentioned that before?) but I am not young enough to have paid £9,000 fees thank fook.
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https://www.moneysavingexpert.com/students/student-loans-repay/
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Paying off your student loan feels great. Although there's a faff at the end where they send you a letter getting you to call them to arrange an accurate payment, otherwise they just keep charging you until the end of the year.
The loan for the LPC was the real fvcker. £25k + interest down the drain to Barclays.
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His argument seems to be on a mix of the interest rate being pegged to inflation, it being cost effective to pay off more expensive debt first if you have it and the fact that you might be able to earn more with the money you'd otherwise use to pay the loan off so really depends on your personal circumstances.
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I know your dad has difficult tax arrangements so could he just give me the money to pay mine off?
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Unfortunately I've just spent all of his money and he's waiting for me to sell my flat so I can pay it back then you can have some.
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Should have got a TC at a proper firm.
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