Help Student loans

Moriath

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hi

I know some of you have had uk student loans. My wife is going to take some OU courses and looking at how to finance them

Now she will never probably get about 21k in her job field.

So am i right that if we get loans out we wont ever have to repay them. And they wont take my salary into account as well ?

If so that would be the best way to finance them even tho we could pay for htem if we had to

thanks
 

Gwadien

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Your loans and such are based on your house income.

Paying back loads is depending on income and I think its around 22k (google it) when you start paying back although its written off after a certain amount if time anyway but you should check the latest information on it (queens speech)
 

Raven

Happy Shopper Ray Mears
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hi

I know some of you have had uk student loans. My wife is going to take some OU courses and looking at how to finance them

Now she will never probably get about 21k in her job field.

So am i right that if we get loans out we wont ever have to repay them. And they wont take my salary into account as well ?

If so that would be the best way to finance them even tho we could pay for htem if we had to

thanks

I am doing an OU course via a student loan.

You start paying it back upon completion of the course. How much you pay back per month depends on your income (the person with the loan, not the household) I can't remember the brackets but it goes up a tier every X amount of 1000 income. From fuck all a month to a little bit a month, eventually getting written off.

Eligibility for a mature student is not means tested, everyone can have one, regardless of income or status.

Despite what the millennials will have you believe, the student loan is not like any other loan because for most people you never pay it back anyway, and isn't even considered debt. If you earn a fat chunk from your degree then you probably will pay it back. The fairest degree funding possible. You earn more from it, you pay for it, you don't earn more, you don't pay for it.
 

Gwadien

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The changes coming increase the amount of money that you pay back retrospectively, it doesn't increase the threshold though.
 

Moriath

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thanks so to clarify i guess i will have to do some digging .. its not payable until the april after you complete your study I know its 21k atm you have to earn over.

She only works at a school getting around 11k and cant see that changing much in the near future.

So if its based on her income then we should never have to pay it back .

it was max of 9% a year or something payback

sounds like a good way to go :)

just the conflict between household and personal to work out
 

Nate

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Yeah you got the gist.

The loan is not paid off unless you earn over £21k.
The loan is paid off at 9% for everything you earn over £21k.
If you earned £22k you would pay back 9% of the £1k you earned over £21k. You would pay £90 / year.
If you haven't cleared the debt within 30 years it is erased.

this is a tl;dr of http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes

Something worth bearing in mind if you're interested student bank accounts tend to come with a various amount of benefits nowadays. Railcards, 0% overdrafts.
http://www.moneysavingexpert.com/students/Student-bank-account
 
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Raven

Happy Shopper Ray Mears
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As said, its an extremely fair way of funding it. If you end up earning a lot from your degree then you end up paying for it yourself rather than the state funding it for the (Eventual) well off. Low income people do not have to foot the bill for the wealthy.
 

Job

The Carl Pilkington of Freddyshouse
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What is the point of an OU degree if you're only going to earn 21K, a binman is on 24-26K...in fact with overtime the ones by us are on 32K.
 

Moriath

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What is the point of an OU degree if you're only going to earn 21K, a binman is on 24-26K...in fact with overtime the ones by us are on 32K.
Self improvement, interest. Not everything is about money
 

Raven

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Yup. I very much doubt I will get a job using my degree directly (History) The money is shit for pretty much everything directly involved in history. They list a bunch of things you can use your degree for on the OU website, museum staff, tour guide, archaeologist etc, the money is shit for all of them really, I would love to get into some amateur archaeology though. I could use it to gain entry to teacher training but again, the money is shit and all children are arseholes.

I am doing it because it is a subject I am interested in and to prove to myself that I can (hitting fairly consistent 70s on scores) 4 years more to do.
 

Job

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My cousin has an archeological degree, she's 32 now and has probably earned less than 8 grand a year, and that's in bursts of work in 3 month digs, she lives on peoples couches and has never had a car or been on holiday...and she doesn't even enjoy the work, it's nearly all bagging crud up for someone else to look at.
I can understand improving yourself, but unless you are the type who likes to fit in at certain dinner parties, you might as well get it off wikipedia,if you're not going to use it to earn over 40K
 

Raven

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Yeah except you learn very little actual history from the degree, that's not what they are there for. You learn how to evaluate different sources more than anything, art, written accounts, archeologic evidence, context etc

I know learning how to look at the bigger picture is probably a scary concept to some but meh
 

Moriath

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My missus is interesting in child psyc and stuff and it will help her a bit in her teacher assistant job. But its just an interest. Something that she wants to learn more about and a focus to work to in her off time. Like any hobbie.

Doesnt have to be financially motivated. Lots of people do degrees later in life because they can.
 

Job

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A few guys I worked with did that, a hobby I guess, considering their career path...was it simply a conversation piece..a chance to mix with people of the same interests, a little bit of oneupmanship when meeting those dreadful...'you haven't got a degree?' types.
They were a bit hard pushed to reason it themselves, a bit like a lot of things, probably a bit of many reasons, but knowledge itself is 10 a penny now, even the balanced view of different viewpoints and sources is but a click away.
I visit many houses were the people have allready googled the fault, seen a youtube vid on how to fix it and read the stories of people who have succeeded or failed.
They're just afraid to try it themselves, a bit like a new graduate, all the knowledge with little experience...I guess interactive augmented VR will fix that though.
 

Raven

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There is more to it that just reading something and regurgitating it.
 

Scouse

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All you're doing there @Job is showing that you've no grasp of the concept of what degree-level education is.

Not being an awful "you haven't got a degree" person - just pointing out that what you're saying isn't even relevant.
 

Job

The Carl Pilkington of Freddyshouse
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you are saying the world isn't full of degree snobs, teachers are the worst.

For most people a degree is a scrape through while getting pissed, all the attributes of character that a degree is supposed to give you can be obtained in the real world and of the twenty or so people I know with a degree, less than half have come out with the attributes reqd to make anything of it and are still doing shit jobs or have given up all together.
ALL the people I know who have made serious money, left school with no qualifications, but went on to prove they were more than capable of 'operating' at degree level.
It has become a national scam, too many hopeless cases with no chance of earning more than without it.
 

Gwadien

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you are saying the world isn't full of degree snobs, teachers are the worst.

For most people a degree is a scrape through while getting pissed, all the attributes of character that a degree is supposed to give you can be obtained in the real world and of the twenty or so people I know with a degree, less than half have come out with the attributes reqd to make anything of it and are still doing shit jobs or have given up all together.
ALL the people I know who have made serious money, left school with no qualifications, but went on to prove they were more than capable of 'operating' at degree level.
It has become a national scam, too many hopeless cases with no chance of earning more than without it.

I feel like I should apologise for being infinitely more intelligent than you.
 

Moriath

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And what would that be?
Its about how you look at information and how you use it. Notjust being taught that a king died at x date. Or what a volcano is.

It teaches how to be questioning, analytical and how to research to prove or disprove.

Its not a out knowledge persay its about how to use it in the field of your choice.

My exams were open book. Cause it was how you used the knowledge to come to you conclusions rather than being taught to regurgitate facts that school is.
 

Gwadien

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@Job you are aware that a great deal of CEOs and stuff have degrees in the Classics, History and other similar subjects (From redbrick Unis mind) but nevertheless, it's not because its like OMG CLASSICS HISTORY ETC, it's because they've learnt skills, now all joking aside, I think it's quite difficult to understand unless you actually go to Uni, the actual subject that you learn is about 20% of your 'degree' - it's all the other skills that you learn on the way which can be applied to normal jobs.

The problem with teaching and stuff is that it's ran by the Government, who tell people what to teach, ie, Churchill Winston was a war hero, not a cunt, but in reality, he was a cunt.
 

Raven

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And what would that be?

Understanding what you are reading? Being capable of challenging what you are reading? Separating bullshit from fact?

I know, concepts you struggle with but then we have all seen your posting history.

Edit. Actually, fuck it. What is the point in debating it with you. You appear to be proud of your ignorance. Carry on.
 

Job

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I'm not ignorant and I believe those things exist more clearly and in far greater quantities than university, which is held back by it's containment.
Understanding context, challenging opinions...it has escaped from the elite into the world.
 

Gwadien

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I'm not ignorant and I believe those things exist more clearly and in far greater quantities than university, which is held back by it's containment.
Understanding context, challenging opinions...it has escaped from the elite into the world.


University is the centre of debate and changing opinions in the world - there are views which I can tell you will become public history in the near future.

The internet also offers a similar platform but University is the only place where its truly evaluated properly hence why its been the centre of debate for a thousand years.

Or daily mail
 

sayward

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I honestly think the best bit is living away from home with a new group of people, who might be like minded. Meeting people and socializing without the pressures of work and family.
 

Gwadien

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I honestly think the best bit is living away from home with a new group of people, who might be like minded. Meeting people and socializing without the pressures of work and family.
Absolutely but don't tell Job
 

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