Robotics
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Re: Robotics
He will pay them same amount back per month once he reaches the threshold, whether he owes £10000 or £100000. Don't think of it as debt, think of it as a tax.
scary mum
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Re: Robotics
Possibly because it isn't really a debt - it is effectively a graduate tax
Whatever you feel happy doing is fine - great to save money for kids, I didn't pay the fees but will be able to help with house buying instead.
Whatever you feel happy doing is fine - great to save money for kids, I didn't pay the fees but will be able to help with house buying instead.
Re: Robotics
Thanks. I will look into it with great care. It is a difficult concept to come round to.
Salsa
Salsa
Re: Robotics
Yes, he could use the money for that. We'll have to see what he qualifies for as the money is in one of those child trust funds.hermanmunster wrote:Possibly because it isn't really a debt - it is effectively a graduate tax
Whatever you feel happy doing is fine - great to save money for kids, I didn't pay the fees but will be able to help with house buying instead.
Salsa
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Re: Robotics
It is a curious concept but looking at https://www.student-loan-calculator.co.uk/" onclick="window.open(this.href);return false; you can try some figures:salsa wrote:Thanks. I will look into it with great care. It is a difficult concept to come round to.
Salsa
- say salary of 30K and loan of 50K - then they pay back £450 a year
- then salary of 30K and loan of 200K - they pack back £450 a year
They may be a lot of interest piling on top but that doesn't affect how much they pay - the only thing that affects it is how much they earn
Re: Robotics
Because he will not need to start paying back any part of the loans until he is earning at least £25 000 pa and then only at 9% of the amount earned over the limit. Whether he has borrowed the tuition fee and whatever maintenance he is entitled to, or just the tuition fee or whatever. And in the meantime, you get to keep your money for a rainy day- or to hand over as a deposit on a property - or, possibly more pertinently, towards living expenses for him during his MSc. Lab based master's degrees tend to eat up more or less the whole amount one can get as a student loan at that stage.salsa wrote:I understand, however, why have any debt when you don't need to?
Salsa
Paying the tuition fee up front makes very little sense, but making sure that your DS has at least the amount of the maximum maintenance loan available to live on is a different matter (although many if not most students take on part time work). He may never need to pay off the SFE loans, but his landlord, the greengrocer, TfL etc will need to be given real money in the meantime.
And yes, the 'living at home' maximum maintenance loan is less, but less than £2000 less than the 'living away' maximum which can be borrowed.
https://www.gov.uk/student-finance/new- ... 87d8fbb64a
Outside of a dog, a book is a man's best friend. Inside of a dog it's too dark to read.Groucho Marx
Re: Robotics
Thanks, all.
A lot to think about and digest on my behalf! I had seen some threads where people said there was no point in paying for the degree. Some of the degrees he's seen include living abroad and others end up with a masters.
My head is buzzing!
Salsa
A lot to think about and digest on my behalf! I had seen some threads where people said there was no point in paying for the degree. Some of the degrees he's seen include living abroad and others end up with a masters.
My head is buzzing!
Salsa
Re: Robotics
I'm sure your DS has been pointed towards the various websites, but a few ideas here
https://university.which.co.uk/search/c ... =relevance
https://university.which.co.uk/search/c ... =relevance
Outside of a dog, a book is a man's best friend. Inside of a dog it's too dark to read.Groucho Marx
Re: Robotics
Thanks. I’m not sure. I’ll have a look, thanks. He’s been spending a long time researching. He may have picked up a few myths along the way too!
Salsa
Salsa
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Re: Robotics
Salsa....definitely don't pay the tuition fees - put the money in an account for a deposit on a house if you want to give it to your son for something! Have a look at Martin Lewis's thoughts on tuition fees and you realise haow absolutley daft it is to tie your finance up by paying the fees up front - the graduate tax for the "loan" is a much better option as you cannot foresee your needs for the future and once paid, you can't get that tuition money back....