3 SERIES 93 Report post Posted February 9, 2009 mtech1 e30 is switched on! Take a leaf out of his book. Quote Share this post Link to post Share on other sites
mtech1e30 0 Report post Posted February 9, 2009 Bulk repayments on student loans may incur interest... they put that clause in just to try and stop you doing whhat you plan, so if you do go overseas and pay it off all at once it may not be interest free for youMeh, I don't actually plan on going overseas for more than their designated time limit thing to stop it being interest free. Quote Share this post Link to post Share on other sites
huff3r 347 Report post Posted February 9, 2009 Having lived overseas i would have to say thats a damn good idea. The grass is not greener on the otherside, in fact the only thing greener elsewhere is your wallet... but i'd rather be poor and have a life than be rich and Australian! no offense intended to any aussies, but i'm sure you understand Quote Share this post Link to post Share on other sites
deane30 30 Report post Posted February 9, 2009 Student allowence is what you can get if your PARENTS combined income is under $75,855.32 (and you live at home) or $85,237 if you live away from home. You can also get student allowence regardless of your parents income if you are over 24. You do not have to pay back a student allowence though there are limits on the amount of cash you can earn in a part time job. basically its free money. Student Living costs is something different. You can borrow up to $155 a week which is added to your student loan. There is no limits to what you can earn whilst studying. I live and study in a different city to my parents as my degree can only be earned in Wellington. My parents earn over 85K combined per annum so I am NOT eligible for the free student allowence and have to get the student living costs (even though my parents do not help me out financially at all). I also work part time as the living costs barely covers my rent. I think this is a very shitty system. I don't think parents should have to pay their kids way though uni and I don't see why the government expects them to. I think either everyone should be entitled to the allowence or everyone should have to get the living costs. Students should not be discriminated against based on what there parents earn. I will have to pay back an extra $15,000 over my 3 year degree than someone whosse parents earn below $75K Quote Share this post Link to post Share on other sites
mtech1e30 0 Report post Posted February 9, 2009 Student Living costs is something different. You can borrow up to $155 a week which is added to your student loan. There is no limits to what you can earn whilst studying.If you earn over $17,000ish (Might be $18k and change I can't remember exactly) you do have to make repayments on your loan. Its 10% of what you earn over the threshold. Also you must be studying "full time" to be eligible for the $155 a week. Quote Share this post Link to post Share on other sites
Mike 1 Report post Posted February 9, 2009 So your course is only for 12 weeks? in that case just start saving now, its what everyone else does during the holidays. Or just get a part time job? Seriously, think of it as a trial, if you cant handle 12 weeks now your going to be screwed when it comes to 3 years of uni or whatever Quote Share this post Link to post Share on other sites
Nobimmer 694 Report post Posted February 9, 2009 Sell the bimmer and buy a corolla. You'll have heapsa money from that and you can alway buy another one after your done. Been living on $75 disposable income a week and pretty much don't do jack sh*t. Do cash work. Learn how to DJ it pays well and gets the bitches. But seriously, sell the car and get a shitter for a few months. Quote Share this post Link to post Share on other sites
antony 0 Report post Posted February 9, 2009 (edited) Already been said, but work hard during your holidays and you'll live comfortably whilst you study. Whilst your at home try and cut expenses to bare minimum, and save save save. Try and avoid big purchases (like wheels, and engine rebuilds). Edited February 9, 2009 by antony Quote Share this post Link to post Share on other sites
tire 10 Report post Posted February 9, 2009 Student allowence is what you can get if your PARENTS combined income is under $75,855.32 (and you live at home) or $85,237 if you live away from home. You can also get student allowence regardless of your parents income if you are over 24. You do not have to pay back a student allowence though there are limits on the amount of cash you can earn in a part time job. basically its free money. Student Living costs is something different. You can borrow up to $155 a week which is added to your student loan. There is no limits to what you can earn whilst studying. I live and study in a different city to my parents as my degree can only be earned in Wellington. My parents earn over 85K combined per annum so I am NOT eligible for the free student allowence and have to get the student living costs (even though my parents do not help me out financially at all). I also work part time as the living costs barely covers my rent. I think this is a very shitty system. I don't think parents should have to pay their kids way though uni and I don't see why the government expects them to. I think either everyone should be entitled to the allowence or everyone should have to get the living costs. Students should not be discriminated against based on what there parents earn. I will have to pay back an extra $15,000 over my 3 year degree than someone whosse parents earn below $75K I was wondering about this as I am in the same boat as you, my parents earn over 85k combined but have informed me that they are not going to help me financially at uni, nor can I live with them. Sounds like im staying ozside for uni Quote Share this post Link to post Share on other sites
kingkarl 136 Report post Posted February 9, 2009 Cars are NOT an asset, they are a liability. Which is even more reason to sell it/downsize. No. Car's are assets, in both economic and accounting terms. I'm sure you can adjust to life as a student. You will have to. If it comes down to choosing between food or a new pair of jeans with what's left in your bank account for the week, your basic survival instinct should kick in. Unless your anorexic maybe. Quote Share this post Link to post Share on other sites
JiB 0 Report post Posted February 9, 2009 No. Car's are assets, in both economic and accounting terms. I'm sure you can adjust to life as a student. You will have to. If it comes down to choosing between food or a new pair of jeans with what's left in your bank account for the week, your basic survival instinct should kick in. Unless your anorexic maybe. How are cars assets? They require spending with no return? Especially with a BMW - they have high running, maintenance, insurance, depreciation. Perhaps my non-financial background prevents me from seeing them as assets? What am I missing? Quote Share this post Link to post Share on other sites
huff3r 347 Report post Posted February 9, 2009 you're missing the fact that they are actually worth something in the first place, which makes them an asset.... but they are an asset with mega high expenses on them.... and mega high depreciation.... Quote Share this post Link to post Share on other sites
kingkarl 136 Report post Posted February 9, 2009 In economics, an asset is anything in which wealth can be stored. Your car is a store of wealth, because you have money tied up in it. Cars are usually depreciating assets, so their value goes down over time (unless you own an e30 m3!). Which gives the false impression of it being a liability. Liabilities and depreciating assets are different things. Or in accounting (in a business sense), an asset is an object in which you have ownership of, and will provide you benefits in the form of revenue in the future. This may not strictly apply to personal vehicles, but without motor vehicles, how would most people get to work to earn an income. In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. BMW's don't put you at a disadvantage. Tell the kid's in africa your at a disadvantage to them because you have a BMW and they'd laugh at you. It could be argued either way i guess. No one want's a liability if they can avoid it ( no one want's a mortgage if you have cash up front). You can avoid buying your bad ass bimmer but the happiness it brings to your life outweighs the expenditure on keeping it maintained. Or at least thats what your supposed to think before you buy it. Liabilites = bad Asset = Good BMW = good BMW must be an asset! Quote Share this post Link to post Share on other sites
Nobimmer 694 Report post Posted February 9, 2009 But surely it would be easier to just sell your 7k+ car and get a 1k corolla for a bit. would be an instant 6k that would easily be more than enough to live on. Quote Share this post Link to post Share on other sites
huff3r 347 Report post Posted February 9, 2009 Definitely, selling the car would help... before i built my racecar i'd never owned anything close to $7k, when i went to tech last year i only had a shitter so i couldn't downgrade to pay costs..... so you've got a mega headstart already.... (get an old e30... you know you want to ) Quote Share this post Link to post Share on other sites
Venatus 2 Report post Posted February 9, 2009 I wish I could do some of this stuff haha, but I get about 4 weeks of holidays a year, and I really do need the holiday when they come around haha. Doing Bachelor of Aviation at massey in palmy, My student loan is currently at about 38k, for the first year of study, and Im just starting second year now...damn I hope I get a good job after I graduate haha... Quote Share this post Link to post Share on other sites
Forrest 35 Report post Posted February 9, 2009 I wish I could do some of this stuff haha, but I get about 4 weeks of holidays a year, and I really do need the holiday when they come around haha. Doing Bachelor of Aviation at massey in palmy, My student loan is currently at about 38k, for the first year of study, and Im just starting second year now...damn I hope I get a good job after I graduate haha... If your doing something you love, dont worry about the debt man, thats awesome. Quote Share this post Link to post Share on other sites
BLACK DORIS 9 Report post Posted February 9, 2009 .... I think this is a very shitty system. I don't think parents should have to pay their kids way though uni and I don't see why the government expects them to. I think either everyone should be entitled to the allowence or everyone should have to get the living costs. Students should not be discriminated against based on what there parents earn. I will have to pay back an extra $15,000 over my 3 year degree than someone whosse parents earn below $75K I finished my studies about ten years ago (moved down to welly) and the system was rubbish then. I did a 6 month foundation course to get an idea of what the degree studies required. My parents had divorced when I was about 7, mum raised us solo and had part time work/dpb. Student loan/allowances couldn't process a solo parent income so I had to get my grandmothers income for the purposes of having two incomes for means testing!!! If this wasn't shyt enough it took them about 4 and a half months (remember this is a 6 mnth course) to process the first payment, in the meantime I had to get food vouchers from student association and keep telling the hostel manager that the payment was coming through. F**kin embarassing to say the least. I borrowed the full amount for the degree course which prob added around another 20k on top of fees and that's not including interest that has been adding up. Thing that really piss' me off with the whole paying for education bullsh*t is that the politicians who passed the bill had studied free of charge. Mthrfckrs. Quote Share this post Link to post Share on other sites
deane30 30 Report post Posted February 9, 2009 I finished my studies about ten years ago (moved down to welly) and the system was rubbish then. I did a 6 month foundation course to get an idea of what the degree studies required. My parents had divorced when I was about 7, mum raised us solo and had part time work/dpb. Student loan/allowances couldn't process a solo parent income so I had to get my grandmothers income for the purposes of having two incomes for means testing!!! If this wasn't shyt enough it took them about 4 and a half months (remember this is a 6 mnth course) to process the first payment, in the meantime I had to get food vouchers from student association and keep telling the hostel manager that the payment was coming through. F**kin embarassing to say the least. I borrowed the full amount for the degree course which prob added around another 20k on top of fees and that's not including interest that has been adding up. Thing that really piss' me off with the whole paying for education bullsh*t is that the politicians who passed the bill had studied free of charge. Mthrfckrs. Its a very very poor system at the moment. Labour were toting a universal student allowence at the election but only to try and grab votes at the end. If they really wanted to do it they had nine (?) years Quote Share this post Link to post Share on other sites
deane30 30 Report post Posted February 9, 2009 BTW i agree with most other people: 1. Consider selling your car 2. Try to work in your holidays and save as much as possible 3. Remember most other people are in the same boat. Most uni students can't afford flash clothes or to eat out all the time. People (that I know) grow up a lot while they are at uni and generally get new priorities etc Lastly, GOOD LUCK with what ever you decide! Quote Share this post Link to post Share on other sites
aliluya 0 Report post Posted February 9, 2009 I got told I can get done for fraud if I earned about $200 a week and had it put into another bank account (like a family member's). Any help?? Thanks! Back to one of the questions... you wouldn't be able to get anyway with it unless your employer is some dodgy character, because in general employers needs to fill in the PAYE stuff and it lists all your pays etc. So no matter what bank account you put it in it won't work unless it's under the table payouts, then in that case it makes no difference. Quote Share this post Link to post Share on other sites
aliluya 0 Report post Posted February 9, 2009 Also i disagree with just selling the car to get the extra money. My reasoning for that is she is more than likely want to buy back another fancy car and put some chromies onto it etc, so then she will need to some how fork up that money again after however long it takes her for her studies (probably in 12weeks time). In my opinon i think just keep the car, find a reasonable part time job that the pay isn't too bad and forget about trying to milk the system of the entire sum on money. Also the student allowance is partially calculated by parents combined income aswell, if they earn over certain threashold doesn't matter if you dont earn enough you still will get less amount or nothing at all if they earn too much. (unless your parents work partially under the table and it doesn't reflect on their 'income') I'm not trying to be rude or offend you, but i think you have just become too used to living at home and using parents money (I've been there done that). Once you get out there you will find how much harder things are, and inorder to be successful you need to look/plan a lot further than just whats directly a head of you. " This year, from march till about june-ish I'm doing a C.U.P course (Certificate of University Entrance), which is pretty much getting my University entrance, it's a bit costy, but I hate school now, bitches scratch up my cars and stuff." If you are worried about these little things you'll find it even harder in the "real" world. "Was just a Joke, can’t take anyone seriously that drives round in a flashy car and has the audacity to claim a student allowance at tax payers’ expense.-APEX" Fully agree there! Cars = Assets ! Keeping things in perspective, she is just planning for the next 12 weeks at the moment, who knows what she is going to do after that? Overall i'm am fully with Glenns comments! My sister in-law did pretty much the same thing now she's an acturist(spelling?)(some one who calculates stuff for insurance companies etc) in Australia and earning $200K+ and she's not even reach top level yet. When she does she'll be earning anything in excess of $600K+ a year. But ofcourse this come with other 'costs', she is always stressed out, worried about making mistakes, she'd be lucky to spend more than couple hours with my brother a day. Will not consider starting a family for another 5-10 years atleast. and there are others too. But it does mean she has a sh*t load of money to spend. Where as i choose to go down a different path, i dont earn near as much money as my sis in-law but have decided to live a more humble lifestyle, we'd be lucky to go out and dine once every couple of weeks. Usually go shopping once a month (exculding essentials, ie supermarket etc). And have choose to get into a large mortage for a house and have 2 kids already (probably intend to have either 3 or 4 in total, family always came first for me and my wife). Some times you'll just have to make do with what is avaiable to you. And i'm only 25years old! Anyway i'll just shutup now Quote Share this post Link to post Share on other sites
aliluya 0 Report post Posted February 9, 2009 On a last note, you need to save up for what you really want to buy ! Quote Share this post Link to post Share on other sites
yng_750 247 Report post Posted February 9, 2009 Definitely, selling the car would help... before i built my racecar i'd never owned anything close to $7k, when i went to tech last year i only had a shitter so i couldn't downgrade to pay costs..... so you've got a mega headstart already.... (get an old e30... you know you want to ) cant beat the economy on a 12 valve telstar Quote Share this post Link to post Share on other sites
yng_750 247 Report post Posted February 9, 2009 as a side note to anyone going to university unless you are rich dont bother trying to make your car stand out at the uiversity its near impossible, everyman and his dog have usuall mods of big muffler bodykit big wheels etc and then the only real stand out cars are owned by the rich exchange students and you would be looking at mega bux to get any car up to their standard Quote Share this post Link to post Share on other sites
