A good deal? (Student Loans Co.)

Member Name: magpie

Product:	Student Loans Co.
Date:	06/07/00 (17 review reads)
Rating:

Advantages: Cheap loan

Disadvantages: You have to pay it back!

The student loans company was set up to counter the reduced grant given to students by the government. Every year a student may borrow a certain amount of money. That amount is now means tested. There is very little interest charged on the loan (only the rate of inflation), and you don't have to pay it back until you are earning the national average wage (about £18,000). Sounds good? As a student, I couldn't have managed without the money. However, I am now paying it back, and at £70 a month, that is quite alot of money. In hindsight, I wish I had been a bit less extravagent, and not got into quite as much debt.

Summary: