just paid off my student loan early - feels good
Discussion
Armitage.Shanks said:
At the last count my daughter owes over £70,000 in student loans. I can't see that ever getting paid off early or any other way without some of it being written off. Factoring in what I paid for accommodation etc the total cost is well into 6-figures!
You must be able to afford it as your products sell world wide!TX.
Armitage.Shanks said:
At the last count my daughter owes over £70,000 in student loans. I can't see that ever getting paid off early or any other way without some of it being written off. Factoring in what I paid for accommodation etc the total cost is well into 6-figures!
I assume she is very bright and doing more than one degree ?!My 2 eldest sons combined total when when they left Uni ( 8 and 5 years ago) was £74k including maintenance loans - accommodation costs on top £25k which I paid for.
alscar said:
Armitage.Shanks said:
At the last count my daughter owes over £70,000 in student loans. I can't see that ever getting paid off early or any other way without some of it being written off. Factoring in what I paid for accommodation etc the total cost is well into 6-figures!
I assume she is very bright and doing more than one degree ?!My 2 eldest sons combined total when when they left Uni ( 8 and 5 years ago) was £74k including maintenance loans - accommodation costs on top £25k which I paid for.
Friend of mine was over from the US who has twin kids just gone to college there. Their fees are equally high if not more, even for minor colleges. So much money to find.
Tom8 said:
Jeeze that makes private schooling seem cheap. I do question the ned to go to uni these days, I think you need to have the drive, ambition and aptitude to do it to generate that kind of debt at such a young age. If I was 18 again today and knowing what I know about uni I wouldn't bother. BUT. Uni isn't just about the academics. Is it worth it?
Friend of mine was over from the US who has twin kids just gone to college there. Their fees are equally high if not more, even for minor colleges. So much money to find.
I totally agree, I went to Uni back in 1992 when tuition fees were free and I even got a grant. I was certainly not that motivated, the main reason for going is I thought it was a better alternative at the time to getting a job. If I knew I would be coming out of it £100K in debt I am not sure I would have still been so keen to go.Friend of mine was over from the US who has twin kids just gone to college there. Their fees are equally high if not more, even for minor colleges. So much money to find.
However, things have moved on and due to Labour convincing everyone they need to go to university we are in a situation where employers expect you to have a degree for the most basic of jobs.
I would say you might be better off putting that £100K towards a mortgage on a BTL, but things are so messed up that no youngster would be able to get a mortgage. So you get yourself £100K in debt to get a degree to hopefully earn more money and you are still unable to buy a house unless you have a massive bank of mum and dad deposit.
I know of more and more teenagers who leave school at 18 and have zero interest in going to University or getting a job. They literally just sit in their bedroom all day playing X Box, I would probably have done the same if my parents had let me get away with it. I have no idea what the future holds for these kids, but you can see where they are coming from, what is the point of playing the game when you have no chance of winning?
I think you're right the endless must go to uni for a degree in any old garbage is a travesty as it sets people up to fail as you describe. I still have no idea what Blair was thinking the outcome would be when he brought this in.
All you can see now is uni numbers dropping and less favourable unis closing, but is that a good thing? Surely as a tax payer I want to invest in education and further education so we have the best doctors to look after us, best engineers to drive the economy? That is where I am happy for tax payer money to go to as opposed to endlessly funding the feckless.
All you can see now is uni numbers dropping and less favourable unis closing, but is that a good thing? Surely as a tax payer I want to invest in education and further education so we have the best doctors to look after us, best engineers to drive the economy? That is where I am happy for tax payer money to go to as opposed to endlessly funding the feckless.
Tom8 said:
Jeeze that makes private schooling seem cheap. I do question the ned to go to uni these days, I think you need to have the drive, ambition and aptitude to do it to generate that kind of debt at such a young age. If I was 18 again today and knowing what I know about uni I wouldn't bother. BUT. Uni isn't just about the academics. Is it worth it?
Friend of mine was over from the US who has twin kids just gone to college there. Their fees are equally high if not more, even for minor colleges. So much money to find.
Interesting what you say about the need to go to Uni or not.Friend of mine was over from the US who has twin kids just gone to college there. Their fees are equally high if not more, even for minor colleges. So much money to find.
Neither myself nor my wife did and whilst the 2 eldest kids did my youngest didn't.
Eldest got an honours degree and is a top selling Sales exec for a large Car dealership and the other a 2.1 who divides his time between working in a pawnbroker and playing in a band.
Youngest left school and works in Retail management.
I have no idea exactly what this all proves though other than to suggest that ultimately its all down to the individual to make their way in life as appears to suit them.
VR99 said:
Early 40's and have about 3-4k remaining on my student loan...... interest is currently 5% so am tempted to just clear it as I can't make a guaranteed 5% anywhere else...I think
Phew! I thought I was the only one in this position. It's been a secret shame for quite a while now.However I've always looked at it as an investment in me. Without it, I would not be in the financial position I am in now so I reckon my student debt has shown a fantastic ROI.
Now though, I'm not so sure Uni is so worthwhile. A graduate leaves uni with a huge amount of debt that they are unlikely to ever pay off. With this in mind it should be called what it is, an additional tax rate, not a loan.
Terminator X said:
Armitage.Shanks said:
At the last count my daughter owes over £70,000 in student loans. I can't see that ever getting paid off early or any other way without some of it being written off. Factoring in what I paid for accommodation etc the total cost is well into 6-figures!
You must be able to afford it as your products sell world wide!TX.
tter alscar said:
Tom8 said:
Jeeze that makes private schooling seem cheap. I do question the ned to go to uni these days, I think you need to have the drive, ambition and aptitude to do it to generate that kind of debt at such a young age. If I was 18 again today and knowing what I know about uni I wouldn't bother. BUT. Uni isn't just about the academics. Is it worth it?
Friend of mine was over from the US who has twin kids just gone to college there. Their fees are equally high if not more, even for minor colleges. So much money to find.
Interesting what you say about the need to go to Uni or not.Friend of mine was over from the US who has twin kids just gone to college there. Their fees are equally high if not more, even for minor colleges. So much money to find.
Neither myself nor my wife did and whilst the 2 eldest kids did my youngest didn't.
Eldest got an honours degree and is a top selling Sales exec for a large Car dealership and the other a 2.1 who divides his time between working in a pawnbroker and playing in a band.
Youngest left school and works in Retail management.
I have no idea exactly what this all proves though other than to suggest that ultimately its all down to the individual to make their way in life as appears to suit them.
Tom8 said:
I suppose it guarantees nothing for anyone. My wife didn't go to uni and did very well for herself and enjoyed it all the way. For me uni was only for a laugh, drinking and faster promotion in work. It gave me no value academically, far from it, but that was also down to me. I think for most it is a waste of time and now a significant waste of money and opportunity.
I think it also depends on what you want to do in life work wise.On paper I was a dismal failure when I left school back in 1979 with a few O levels but somehow managed to get a job at the bottom and then worked my way up but that was a long time ago.
As an "employer" I think practically every CV I was given by HR only got passed on if a degree was on there.
alscar said:
I think it also depends on what you want to do in life work wise.
On paper I was a dismal failure when I left school back in 1979 with a few O levels but somehow managed to get a job at the bottom and then worked my way up but that was a long time ago.
As an "employer" I think practically every CV I was given by HR only got passed on if a degree was on there.
Not sure how relevant a degree is in knocking out cars?On paper I was a dismal failure when I left school back in 1979 with a few O levels but somehow managed to get a job at the bottom and then worked my way up but that was a long time ago.
As an "employer" I think practically every CV I was given by HR only got passed on if a degree was on there.
Too many job descriptions are boiler plated and have no need for a degree.
You should have given someone in your HR a kick
alscar said:
Armitage.Shanks said:
At the last count my daughter owes over £70,000 in student loans. I can't see that ever getting paid off early or any other way without some of it being written off. Factoring in what I paid for accommodation etc the total cost is well into 6-figures!
I assume she is very bright and doing more than one degree ?!My 2 eldest sons combined total when when they left Uni ( 8 and 5 years ago) was £74k including maintenance loans - accommodation costs on top £25k which I paid for.
As others have commented there's far too much emphasis on getting a degree these days when a lot of graduates end up in a career that has no bearing whatsoever on their subject expertise. Equally there are some careers where the tail wags the dog in terms of academic standards 'required' which could easily be met on an apprenticeship/training scheme. Trouble is there's no appetite for the universities to give it up as academia is a business with a bloated management structure and high salaries for those in 'senior' positions.
I started a degree (not in pottery) as I wasn't sure what I wanted to do but got disillusioned with it after two years. I'm glad I did as it would have no relevance in my chosen career (and may have diverted me into a dull job had I graduated). Instead I was measured by performance and ability, somehow slid up the greasy pole to a senior position ahead of many degree holders and retired at 53 with a very good pension. It could have been worse.
deja.vu said:
Not sure how relevant a degree is in knocking out cars?
Too many job descriptions are boiler plated and have no need for a degree.
You should have given someone in your HR a kick
Not relevant at all in educational terms but perhaps it assisted his attitude and behaviour towards customers who knows but wasn’t really my point. Too many job descriptions are boiler plated and have no need for a degree.
You should have given someone in your HR a kick
Unfortunately if a corporate culture dictates Degree’s required then pointless kicking HR.
Ultimately other ways of getting new employees in.
Armitage.Shanks said:
Equally there are some careers where the tail wags the dog in terms of academic standards 'required' which could easily be met on an apprenticeship/training scheme. Trouble is there's no appetite for the universities to give it up as academia is a business with a bloated management structure and high salaries for those in 'senior' positions.
Too true, at the end of my interview for my Engineering Chartership I was asked if I had any questions for the panel. "Only one" I replied "Why does the requirements for CEng state that I need an MEng (5 years with 6 month industrial placement followed by business focussed subjects) when with a BEng I gain a full years engineering experience and I do the business courses as part of the graduate scheme?"
My interviewer replied:
"Because the Universities approached us and asked for our help in screwing more money out of their students".
He didn't look happy about that situation to be fair to him.
Armitage.Shanks said:
Change of career part way through the first degree
As others have commented there's far too much emphasis on getting a degree these days when a lot of graduates end up in a career that has no bearing whatsoever on their subject expertise. Equally there are some careers where the tail wags the dog in terms of academic standards 'required' which could easily be met on an apprenticeship/training scheme. Trouble is there's no appetite for the universities to give it up as academia is a business with a bloated management structure and high salaries for those in 'senior' positions.
I started a degree (not in pottery) as I wasn't sure what I wanted to do but got disillusioned with it after two years. I'm glad I did as it would have no relevance in my chosen career (and may have diverted me into a dull job had I graduated). Instead I was measured by performance and ability, somehow slid up the greasy pole to a senior position ahead of many degree holders and retired at 53 with a very good pension. It could have been worse.
Deja hasn’t said but I guess although you had a degree and I didn’t either way it didn’t harm our own Careers but it seems to me that these days it is almost expected you have one irrespective of its value etc. As others have commented there's far too much emphasis on getting a degree these days when a lot of graduates end up in a career that has no bearing whatsoever on their subject expertise. Equally there are some careers where the tail wags the dog in terms of academic standards 'required' which could easily be met on an apprenticeship/training scheme. Trouble is there's no appetite for the universities to give it up as academia is a business with a bloated management structure and high salaries for those in 'senior' positions.
I started a degree (not in pottery) as I wasn't sure what I wanted to do but got disillusioned with it after two years. I'm glad I did as it would have no relevance in my chosen career (and may have diverted me into a dull job had I graduated). Instead I was measured by performance and ability, somehow slid up the greasy pole to a senior position ahead of many degree holders and retired at 53 with a very good pension. It could have been worse.
Perhaps cleverer people than I ,have done studies that show 3 years doing say a Geography degree will make you a more rounded individual in the workplace.
I think Covid and it’s aftermath may have muddied those waters though.
Or perhaps we were “ lucky “ and right place right time who knows.
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