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The morning after - shadows of echoes of memories of songs
j4
j4
The morning after
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j4 From: j4 Date: December 10th, 2010 05:14 pm (UTC) (Link)
£9000 is a seriously different level of made-up numbers from £1000 (and I'm not saying you were asserting the opposite, of course)

I dunno, I really think that at age 18 they would have both seemed like made-up numbers that I couldn't possibly comprehend. And the idea of £9000 that you have to pay back when you're grown up would have seemed just... I dunno, not real.

FWIW it's not that I was the sort of rich kid who never had to think about money so it was all just meaningless, if anything more like the opposite -- never really having had much money or debt (but not having grown up with the idea that debt was sinful - I just don't think I was really aware it was an option) it all just seemed some kind of mythical grown-up universe.

I am not saying this is a responsible attitude, of course! -- but I really don't think it would have put me off going to university, because I don't think I'd've grasped the scale of it at all. My parents presumably would have done, though, and I don't know how they'd have reacted (but will ask them, because I'm interested).

After university I spent years paying money every single month towards it

Whereas I just kept deferring it until I was earning enough that I had to start paying it back. Again, not saying this is the responsible thing to do. But once I started paying it back, I found I could easily afford the repayments, because by then I was earning enough (ie I think they got the threshold more or less right for the point where you can pay it back if you're basically living within your means). I'm now in a position where I could pay the remainder off in one go, but I'd be doing it from my savings, & last time I checked the comparative interest rates for my ISA and the student loan, it was not quite worth taking it out of the former to pay off the latter.

In the interests of full disclosure: our parents did contribute towards the deposit for our house. If they hadn't been able to do that, we'd still be renting, which to be honest was what I was expecting to do for many more years yet.

BTW I am frankly amazed that you've managed to save up for a house in 2 years -- either you earn a lot more than I would've guessed, or you literally never spend any money! Either way, very impressed. :-} I'm also impressed that you understood all this at the age of 18 -- but then I was a very young 18 (if you see what I mean), e.g. I'd never had a proper job or a credit card or a mobile phone, I didn't have a car, I wouldn't've been able to tell you what an average salary looked like or how much an average house cost, etc.

I think it's far worse to hand over part of your financial potential for decades.

I hear where you're coming from, but surely that's what you're doing when you pay taxes, too? I know there are ways in which it's different from a tax, but it doesn't seem enormously different to me.
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