Robotics

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scary mum
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Joined: Mon Mar 15, 2010 3:45 pm

Re: Robotics

Post by scary mum »

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
hermanmunster
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Re: Robotics

Post by hermanmunster »

Possibly because it isn't really a debt - it is effectively a graduate tax :wink:

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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Joined: Tue Sep 03, 2013 10:59 am

Re: Robotics

Post by salsa »

Thanks. I will look into it with great care. It is a difficult concept to come round to.

Salsa
salsa
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Joined: Tue Sep 03, 2013 10:59 am

Re: Robotics

Post by salsa »

hermanmunster wrote:Possibly because it isn't really a debt - it is effectively a graduate tax :wink:

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.
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.

Salsa
hermanmunster
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Re: Robotics

Post by hermanmunster »

salsa wrote:Thanks. I will look into it with great care. It is a difficult concept to come round to.

Salsa
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:

- 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
ToadMum
Posts: 11946
Joined: Wed Jan 18, 2012 12:41 pm
Location: Essex

Re: Robotics

Post by ToadMum »

salsa wrote:I understand, however, why have any debt when you don't need to?

Salsa
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.

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
salsa
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Joined: Tue Sep 03, 2013 10:59 am

Re: Robotics

Post by salsa »

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
ToadMum
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Joined: Wed Jan 18, 2012 12:41 pm
Location: Essex

Re: Robotics

Post by ToadMum »

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
Outside of a dog, a book is a man's best friend. Inside of a dog it's too dark to read.Groucho Marx
salsa
Posts: 2686
Joined: Tue Sep 03, 2013 10:59 am

Re: Robotics

Post by salsa »

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
kenyancowgirl
Posts: 6738
Joined: Mon Oct 21, 2013 8:59 pm

Re: Robotics

Post by kenyancowgirl »

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....
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