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  1. #1

    Money and finance

    A lot of students are under the impression that student loans are interest free, they are not but the interest is much lower than commercial banks.

    The interest is added from day one. I am not yet in a position to pay off my loan and 20 a month interest is being added to what I owe. This all adds up so please be careful with your loans

  2. #2
    I realised this when I got a letter from the SLC with a bill with the interest added and was really surprised does the interest rise with the rate of inflation or something like that? All I know is I have to sort out paying my overdraft before I even begin to think about paying off my loan, argh.

  3. #3
    so in "real" terms the value of the money you pay back should be basically the same as that you borrow - they're just not charging you for the ability to borrow money from them as commercial banks do but taking into account that the value of money changes!

  4. #4
    Aaah, yeah, that sounds more like how I understood it to be.

  5. #5
    I knew about the interest but I assumed they would start charging once I graduated not from the first installment.

    Also yes bank overdraft must take priority over the student loan, I am very lucky to have so far not managed to used my overdraft and by some miricle I have saved some money and I can now start my business without owing the bank a penny

 

 

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