Thread: Student Loan
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Unread 4 Apr 2007, 14:41   #19
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Re: Student Loan
Quote:
Originally Posted by Knight Theamion
A friend of mine did the following:

He lent the maximum loan ammount each year and only used half of it, he lent 800 and used 400 of it each month. The rest he put in a savings account earning 7% on it, while during the term you study, the loan is intrest free.

So the first year he makes 400*12*1.07= 5136
The next year he makes 5136+5136*1.07=10632
The year after is 10632*1.07+5136=16512
the last year it is 16512*1.07+5136=22803

While the total ammount he lent was: 800*12*4=38400 and half of it is 'granted' once you finish your college, he got a 4k graduation bonus of the state

Intresting? Yeah, worth it? Only if you can loan a decent ammount of money and it isn't 100 a year you safe...





*the figures might be a bit off, but you can still make a decent ammount of money


this is why the british student loans system is now means tested, to stop people who can afford to do this from making money off something that they really shouldn't, although now that our govt. is selling student loan debt to private industry, i say knock yourself out (plus as with everything, there are/were ways around it)
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