| Product: |
Student Loans Co. |
| Date: |
29/06/00 (31 review reads) |
| Rating: |
 |
Advantages: Low interest rate, good repayment structure
Disadvantages: You have to pay it back!
I'm definitely an advocate of the Student Loans System, having taken out 4 during the course of my degree. However, there are a few things that students maybe don't realise when they take out these loans.
Firstly, you WILL have to pay it off eventually. This may seem obvious, but I know of a few fellow students who truely believed they could get away with not paying them off.
Secondly, although you don't have to start repayments until you're earning 80% of the average national wage, if you can possibly afford to, it's better to start paying them off as soon as possible so that they don't keep accruing interest. The interest rate may be low, but on a £4000 loan, that's still approx. £140 in interest every year.
Thirdly, a loan is a loan is a loan, and any kind of loan, even if it's a student loan, will affect the amount of mortgage you can get (believe me, I know!). Which is also something to bear in mind if you consider taking out a graduate loan when you graduate.
Anyway, that's just my opinion, it may be worth some consideration, or you may think it's a load of rubbish!
Summary:
|
Last comments:
 |
- 30/06/00 I find it astounding to think that some students actually believe they can borrow money and not pay it back. Who do they think are going to write the debts off? Unbelievable. |
 |
- 29/06/00 As the parent of an 18yr old about to embark on the role of a student. I am extremly worried about the financial side of student life. Already my son is working to save ready to start his university life.
It is difficult enough for a student to study throughout university, I know as I was also at university, but I had the advantage that I did not have to worry about paying the rent or eating.
Grants were not huge whilst I was a student, but they did at least cover the costs of books etc.
We are weighing our young people with huge debts before they even start their lifes. Is this right, university is a time for finding out how to cope with life, live independently and have fun, why should they be burdened with debts.
The majority of people who have made the descision to abolish grants, all sailed through university with their grants. Why should our young people be denied that freedom? |
|
Deutschland 
España 
Italia 
France - 
