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Student Finance Loans

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Hi, I was wondering, how does the interest on Student Loans work ? Say the rate was 1.5% (Which I believe it currently is). And I had a balance of £1000. Do you get charged 1.5% interest per… Read More
smithmr8 Avatar
6y, 9m agoPosted 6 years, 9 months ago
Hi,
I was wondering, how does the interest on Student Loans work ?
Say the rate was 1.5% (Which I believe it currently is). And I had a balance of £1000.

Do you get charged 1.5% interest per month ?
ie. After the first month it's going to be £1015

Or is it 1.5% over the the year ? So (0.125% per month) ?
£1001.25
smithmr8 Avatar
6y, 9m agoPosted 6 years, 9 months ago
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(18) Jump to unreadPost a comment
Comments/page:
#1
over the year
#2
Might all change if this 'graduate tac' comes in. Charge people who actually use their degree more than the clowns who do stupid degrees at a mickey mouse polytechnic just to avoid staring work... Ingenious.
#3
Tax* (can't edit, on mobile version)
#4
Mine was about a fiver interest a month. Finally paid it all off a couple of weeks ago, wooooo
#5
Urgh don't even ask.

They still haven't calculated my grant for this year so I'm well skint.

No way should the gov bring in a rise on tuition fees and a whole new taxing system.

It'll cripple university education.
#6
get a job then?

Moaning about not being given free money yet!. I can see where this degree will take you!
#7
Get a job? Got one. Doesn't mean it makes Uni debt free.

How naive is that?

Cannot work full time hours due to uni anyway.

Full loan and grant plus wage still means **** all.
banned#8
gone are the days when a degree actually means something. its too easy for people to get nowadays they're a waste of money
#9
firth_face
Get a job? Got one. Doesn't mean it makes Uni debt free.

How naive is that?

Cannot work full time hours due to uni anyway.

Full loan and grant plus wage still means **** all.


Mate, I get no grants or anything and I do fine with a part time job along side.
#10
matt3454
firth_face
Get a job? Got one. Doesn't mean it makes Uni debt free.How naive is that?Cannot work full time hours due to uni anyway.Full loan and grant plus wage still means **** all.
Mate, I get no grants or anything and I do fine with a part time job along side.


If you are saying you pay for uni with just a part time job I reply that I simply dont believe you. How can you possibly pay your accomodation, living costs (bills, food, etc), books, socialising etc with a few hundred pounds a month (if your part-time job pays more than that I would argue that you are the exception rather than the rule and so shouldnt be using it to argue otherwise)?
#11
matt3454
firth_face
Get a job? Got one. Doesn't mean it makes Uni debt free.How naive is that?Cannot work full time hours due to uni anyway.Full loan and grant plus wage still means **** all.
Mate, I get no grants or anything and I do fine with a part time job along side.


Anyone can be sorted for money if they don't go out and make friends.
#12
si_dawg
gone are the days when a degree actually means something. its too easy for people to get nowadays they're a waste of money


kinda agree with this unless you are doing a specialist degree such as teaching - even then there are no jobs
#13
Some people dont realise that you can "do" education for reasons other than getting a job. Maybe that has changed as well?
#14
CReilly
matt3454
firth_face
Get a job? Got one. Doesn't mean it makes Uni debt free.How naive is that?Cannot work full time hours due to uni anyway.Full loan and grant plus wage still means **** all.
Mate, I get no grants or anything and I do fine with a part time job along side.


If you are saying you pay for uni with just a part time job I reply that I simply dont believe you. How can you possibly pay your accomodation, living costs (bills, food, etc), books, socialising etc with a few hundred pounds a month (if your part-time job pays more than that I would argue that you are the exception rather than the rule and so shouldnt be using it to argue otherwise)?


No, i get the standard maintainance and tuition loans, and work for everything else.

and lol at people trying to have a dig at me about having no friends. Nice try.
#15
Cheers for the relevent responses. :P. Very much appreciated. :D.
#16
If you get standard maintainance loans then don't have a dig at me when you're also a student.

My mum earns peanuts and they haven't even calculated my grant yet which is why I'm annoyed!!
#17
matt3454
get a job then?Moaning about not being given free money yet!. I can see where this degree will take you!

Surely it depends on what you're studying, some degrees only offer a few hours teaching/week and others are much much more time intensive.

If you manage to support yourself wih a job i assume you fall in the former group.

Edited By: doeshen on Oct 11, 2010 22:03: correction
#18
Yeah I suppose your right, I'm only in 3 days a week, study in the other week days and work weekends.

I'm in final year so have calmed down the partying ;p

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