Quote:
Originally Posted by Osem
The reason I'm asking is Osem Jnr, who's still accruing his debt. Aside from a mortgage I've avoided debt like the plague but times have changed so I'm just wondering what the form is re paying this stuff off.
Presumably student loans are taken into account by lenders and will affect the amount you can borrow for a mortgage?
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ah ok.
Well I went before they increased the fees and changed the way you pay it back. He will have more debt and I believe they increased the interest rate as well.
However they also pay less per salary band than I did and the debt gets wiped out after 30 years I think. So a lot of people will never pay back the whole amount before it gets wiped. It's better to think of it as an additional tax rather than a debt.
As for mortgages etc. It's only considered in the sense you get less take home pay available for a mortgage. It won't appear in a credit check and it isn't considered a debt in the same way a car loan would be. You don't get debt collectors and so on.
Don't worry about this in the same way you would worry about other debt.
There was a good post from the money saving expert about this, I'll see if I can find it.
---------- Post added at 11:44 ---------- Previous post was at 11:42 ----------
Here ya go:
http://www.moneysavingexpert.com/stu...n-fees-changes