I would like to humbly point out that I set up this comp. - and duly won the first two. 🤣 Sensing corruption, @Rob7Lee reported me to the FCA and took it over himself 😉 (which I am grateful for since it takes a bit of work and he does it better and more diligently).
Has to be said too that Season 1 only had a few entrants, maybe a dozen, so it's nice to see it become a CL institution. But I find myself approaching each new forecast with an increasing sense of "I have no effing clue". Then again how many of us predicted Charlton finishing 4th and winning the play-offs?
After 17 years I've finally paid off my student loan today
Congratulations. Enjoy the extra money each month not going to debt.
On a serious note, we really need kids these days to understand that going to university is not the only option post school, unless you're doing a course that will financially wash its face. Sending young men and women out into the workforce with a useless degree, saddled with £50,000 worth of debt is not helping them.
I agree with the sentiment of not pursuing a degree for the sake of it but it is healthier to consider the cost as a tax levy rather than a debt.
Which would be fine and fair if the system didn't allowed people who's parents are rich enough to pay 27k up front to avoid the graduate tax and therefore not have to pay 200k+ across 40 years of career.
After 17 years I've finally paid off my student loan today
Congratulations. Enjoy the extra money each month not going to debt.
On a serious note, we really need kids these days to understand that going to university is not the only option post school, unless you're doing a course that will financially wash its face. Sending young men and women out into the workforce with a useless degree, saddled with £50,000 worth of debt is not helping them.
I agree with the sentiment of not pursuing a degree for the sake of it but it is healthier to consider the cost as a tax levy rather than a debt.
Which would be fine and fair if the system didn't allowed people who's parents are rich enough to pay 27k up front to avoid the graduate tax and therefore not have to pay 200k+ across 40 years of career.
How many UK based students actually pay the fees up front?
I suspect a very small percentage.
Yes it’s unfair but I assume it’s a relatively small subset who get that privilege. And probably from families who will ensure they have untold financial advantage throughout their lifetimes relative to us mere mortals.
My point really though was how to badge it whilst the scheme exists in its current imperfect guise.
After 17 years I've finally paid off my student loan today
Congratulations. Enjoy the extra money each month not going to debt.
On a serious note, we really need kids these days to understand that going to university is not the only option post school, unless you're doing a course that will financially wash its face. Sending young men and women out into the workforce with a useless degree, saddled with £50,000 worth of debt is not helping them.
I agree with the sentiment of not pursuing a degree for the sake of it but it is healthier to consider the cost as a tax levy rather than a debt.
Which would be fine and fair if the system didn't allowed people who's parents are rich enough to pay 27k up front to avoid the graduate tax and therefore not have to pay 200k+ across 40 years of career.
There’s pluses and minuses. Those with less affluent parents can take the full maintenance loan which just about covers living expenses if out of London. If parents earn even reasonable money they are expected to contribute and the maintenance loan available wouldn’t even cover student halls.
if I didn’t pay my daughters through uni (and nephew, but that’s another story) I’d have around £180k still invested, so in effect I’m paying the graduate tax by loss of earnings/income on that money!! As I tend to achieve 8% work that out over 30/40 years!
And isn’t it cleared after 30 years (from when you start paying back) not 40. I still think 80-90%+ will repay long before that.
Edit, a quick calc on £180k 8% per annum for 30 years gives you £1.8m…..
After 17 years I've finally paid off my student loan today
Congratulations. Enjoy the extra money each month not going to debt.
On a serious note, we really need kids these days to understand that going to university is not the only option post school, unless you're doing a course that will financially wash its face. Sending young men and women out into the workforce with a useless degree, saddled with £50,000 worth of debt is not helping them.
I agree with the sentiment of not pursuing a degree for the sake of it but it is healthier to consider the cost as a tax levy rather than a debt.
Which would be fine and fair if the system didn't allowed people who's parents are rich enough to pay 27k up front to avoid the graduate tax and therefore not have to pay 200k+ across 40 years of career.
There’s pluses and minuses. Those with less affluent parents can take the full maintenance loan which just about covers living expenses if out of London. If parents earn even reasonable money they are expected to contribute and the maintenance loan available wouldn’t even cover student halls.
if I didn’t pay my daughters through uni (and nephew, but that’s another story) I’d have around £180k still invested, so in effect I’m paying the graduate tax by loss of earnings/income on that money!! As I tend to achieve 8% work that out over 30/40 years!
And isn’t it cleared after 30 years (from when you start paying back) not 40. I still think 80-90%+ will repay long before that.
Edit, a quick calc on £180k 8% per annum for 30 years gives you £1.8m…..
If they started their course after 1 Sep 2012 and before 31 July 2023, then they would be on Plan 2, which gets written off 30 years after the April that they were first due to repay.
After 17 years I've finally paid off my student loan today
Congratulations. Enjoy the extra money each month not going to debt.
On a serious note, we really need kids these days to understand that going to university is not the only option post school, unless you're doing a course that will financially wash its face. Sending young men and women out into the workforce with a useless degree, saddled with £50,000 worth of debt is not helping them.
I agree with the sentiment of not pursuing a degree for the sake of it but it is healthier to consider the cost as a tax levy rather than a debt.
Which would be fine and fair if the system didn't allowed people who's parents are rich enough to pay 27k up front to avoid the graduate tax and therefore not have to pay 200k+ across 40 years of career.
There’s pluses and minuses. Those with less affluent parents can take the full maintenance loan which just about covers living expenses if out of London. If parents earn even reasonable money they are expected to contribute and the maintenance loan available wouldn’t even cover student halls.
if I didn’t pay my daughters through uni (and nephew, but that’s another story) I’d have around £180k still invested, so in effect I’m paying the graduate tax by loss of earnings/income on that money!! As I tend to achieve 8% work that out over 30/40 years!
And isn’t it cleared after 30 years (from when you start paying back) not 40. I still think 80-90%+ will repay long before that.
Edit, a quick calc on £180k 8% per annum for 30 years gives you £1.8m…..
If they started their course after 1 Sep 2012 and before 31 July 2023, then they would be on Plan 2, which gets written off 30 years after the April that they were first due to repay.
Thinking it may be time to reposition the holdings after a poor few months. Stocks and Shares ISA allowance is maxed out for the year, but may look at putting the money into non-ISA stocks just to get better long term growth.
Comments
Has to be said too that Season 1 only had a few entrants, maybe a dozen, so it's nice to see it become a CL institution. But I find myself approaching each new forecast with an increasing sense of "I have no effing clue". Then again how many of us predicted Charlton finishing 4th and winning the play-offs?
I suspect a very small percentage.
if I didn’t pay my daughters through uni (and nephew, but that’s another story) I’d have around £180k still invested, so in effect I’m paying the graduate tax by loss of earnings/income on that money!! As I tend to achieve 8% work that out over 30/40 years!
And isn’t it cleared after 30 years (from when you start paying back) not 40. I still think 80-90%+ will repay long before that.
Already passed last years winnings with 5 months to go.
£250 the wife on full .
Thinking it may be time to reposition the holdings after a poor few months. Stocks and Shares ISA allowance is maxed out for the year, but may look at putting the money into non-ISA stocks just to get better long term growth.