How much does it cost?

[Marylou]

Don't know about self-employed I imagine it will create more accountancy jobs.

Agreed - I think "creative accounting" is going to become big business in the future!

[Bexley Mum 2]

Thanks for responses - such a minefield. I found the following info which is quite useful and easy to follow:

http://www.moneysavingexpert.com/studen ... es-changes" onclick="window.open(this.href);return false;

[Marylou]

I would be inclined to treat the MoneySavingExpert link with extreme caution - much as I find his advice useful in other areas, Martin Lewis is actually being paid by the Government to present this in a positive light. It would be good to find some genuinely impartial guidance from somewhere. Don't forget that our kids are being expected to take out a massive loan with a large rate of interest from day 1, with no guarantees that the arrangements regarding repayment, or treatment of the loan as regards credit rating for mortgages, will stay the same. 30 years is a long time in politics!

[hermanmunster]

interestting re Martin lewis - he is normally fairly measured on things but has been going on and on spouting the party line of uni fees for months now. Didn't realise he was getting paid !!! - might explain it


My concerns re paying it off early are that another government may get right of f loans and introduce graduate tax for all grads .... regardless of how much you had owing. will penalise those who have been paying it off. only answer is to be self employed financial advisor for 30 years..

[daughter]

I would like to "like button" Herman's comment. I know some DP's that are at least contemplating paying fees up front- to me this seems like madness because of the possibility of writing off the loan as well as others I mentioned (living abroad, low pay, significant period not working-parent leave).

If I had taken such a loan I would not have paid an enormous amount back because of a combination of the above reasons ( I had about 7yrs of good earnings before going down, expat, at home mum and now part time route).
How many others would have paid back theirs?

Ps. Think I am about 3 yrs away from having my imaginary loan written off - so definitely no incentive to up my part time hours!

Pps DH would have paid back his loan (although has spent 11yrs ex-pating) so maybe not all of it.

[another mother]

How interesting about Martin Lewis - how do you know Marylou?! I've always thought he was relatively fair in the past but it's clear he has a line. It does rather make sense of the fact that at a recent talk from Edinburgh University for prospective parents, this was the 'independent site' to which we were all referred.

The other extraordinary remark made there was that repayment really wouldn't be 'too onerous' - and they didn't think it would cause friction between those students paying it, and those not.

In terms of financing, even now, with friends whose dc's have taken maximum maintenance loans, a lot of parents are having to top up from £450 to £800 a month to cover accommodation and living costs - and not a lot of booze?!

[hermanmunster]

DH & I Having had the max maintenance grant loan when we were students reckon it is pay back time now

I woud have paid the loan by now I think but it would have been trickier than now as the mortgage interest rate on my first house was 13%

Am going to be paying the residence fees in first years and leaving DS to be as miserly or as profligate with the maintenance loan as he wishes. After all he will be the one to pay that bit back!

@ Another Mother... I noticed the Martin Lewis plug at Edinburgh too!

[Waiting_For_Godot]

By the sounds of it, virtually no one will ever pay the full amount off so I'm not sure why everyone is so het up about it.

The issue is the cost of halls and living expenses, not the tuition fees. If the graduate earns enough then the payment is easily manageable. If they earn lots then they are helping to fund those in society who don't earn as much. As a tax payer I don't think I should be funding students university places when I can't reap the benefits from it. I won't be paying fees upfront either. My boys have had it too good and when they are 18 it's time for them to really understand what the real world is all about.

[Guest55]

virtually no one will ever pay the full amount off so I'm not sure why everyone is so het up about it.

The debt will be there - it will inhibit their chances to get other loans e.g. a mortgage or a credit card. 50K is significantly larger than any other cohort has had to deal with. WFG if your DS was in Year 13 like mine is perhaps it would concern you more?

I know my parents would not have encouraged me to go to University if I was going to end up in that amount of debt.

[Fran17]

The amount of debt they will have does worry me. My concern is also that it will impact on their chances of securing a mortgage etc., despite what the Government says.