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Tigerlea |
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Tigerlea Nitrous Nuisance
Joined: 07 Jul 2016 Karma :
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Posted: 12:25 - 18 Aug 2017 Post subject: |
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Sapolsky wrote: | SophR so good wrote: | Student loans are probably still the best bet seeing as they're not a real loan. It's more of a graduate tax, it doesn't prevent you getting other loans, you don't need to pay it all back and if you're not earning much you don't pay it at all. |
This.
Ultimately I'm trying to view it as an extra 9% tax on anything I earn above 23k (subject to change...) and I'm basically going to ignore the actual figure I "owe" because with all of the interest the likelihood of it ever going away is pretty minimal.
If I can't get a job it doesn't get paid
If I can only find a shit job, it doesn't get paid
If I die it doesn't get paid
If I get hit by a bus and can't work ever again, it doesn't get paid
It doesn't affect your credit score
It doesn't get passed on to your kids
It doesn't come out of your estate
They should really just rename it as a tax like SophR said and get rid of this stigma of "zomg debt". Hell, if they just slapped a lower tax (perhaps 3%?) on every graduate who earns above x amount, think of the extra money they'd rake in from the high-flyers (this one follows you world-wide and is adjusted for currency). It would no doubt piss the high flyers off though since they are already forking over 50%. If I was having to hand over more than half of my salary to mr taxman I just wouldn't bother. |
Even if you're not paying it back, it's still collecting interest. It starts collecting interest the day that it's paid out. So even if I don't start paying it back for the first 5 years, then I get the right salary and start doing so, I'll end up paying more over the lifetime of the loan than I would have on a normal loan.
However, if you move to another country and are earning a salary that is, say, £30,000 (just for easy maths), does the loan company somehow get paid back from that? Or is that not considered because you're not actually in the UK? |
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The999Kid |
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The999Kid World Chat Champion
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The999Kid |
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The999Kid World Chat Champion
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Itchy |
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Itchy Super Spammer
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Itchy |
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Itchy Super Spammer
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Sapolsky |
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Sapolsky Borekit Bruiser
Joined: 05 Aug 2017 Karma :
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Posted: 15:51 - 18 Aug 2017 Post subject: |
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Tigerlea wrote: |
Even if you're not paying it back, it's still collecting interest. It starts collecting interest the day that it's paid out. So even if I don't start paying it back for the first 5 years, then I get the right salary and start doing so, I'll end up paying more over the lifetime of the loan than I would have on a normal loan.
However, if you move to another country and are earning a salary that is, say, £30,000 (just for easy maths), does the loan company somehow get paid back from that? Or is that not considered because you're not actually in the UK? |
I get all of that, however, with a normal loan if you hit a rough patch you are screwed, you could lose your house etc. If you don't have a house you could lose whatever you do have. You have debt that could affect your chances of getting a mortgage once you get a house. You have debt that affects your credit score. You have debt that will come out of your estate in the future.
Yes, you'll be paying the 9% for ever more, however, it is as "risk free" as it comes. If you are paying with cash that's different, but taking out a normal loan instead I think is playing with fire. Interest rates won't be staying low for much longer. |
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angryjonny |
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angryjonny World Chat Champion
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SophR so good |
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SophR so good Trackday Trickster
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Tigerlea |
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Tigerlea Nitrous Nuisance
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Sapolsky |
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Sapolsky Borekit Bruiser
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Sapolsky |
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Sapolsky Borekit Bruiser
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Tigerlea |
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Tigerlea Nitrous Nuisance
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angryjonny |
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angryjonny World Chat Champion
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Sapolsky |
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Sapolsky Borekit Bruiser
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Old Thread Alert!
The last post was made 6 years, 246 days ago. Instead of replying here, would creating a new thread be more useful? |
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