Yorkiechef

But on the UK you do not HAVE to pay.

Secondly, I'm not trying to get out of it, as you put it, those would be our circumstances, would you deprive a young adult of the chance of a university education because the parents could not afford it. It's a shame that predict text does not also rephrase, your posts would be less offensive to me.

Yorkiechef

Hi, it is likely to be temporary, but if I like it.....

Tirytory

You do have to pay in most of the UK apart from Scotland. Where do you get the idea that you don't have to from?

Those who are not able to afford it, should obviously be helped, but given that you gave us a lot of financial history further down the line, this doesn't really apply, you're just choosing not to. But your money, your call.

rivingtonpike

I think that with a 17 year old daughter, you'd struggle on a fixed income of $30k a year. Other costs might be municipal water or well maintenance, heating, ferry to mainland, cable TV, etc etc etc. As has already been posted many times, it depends what your lifestyle expectations are. As a family we don't particularly indulge in the more expensive pursuits like skiing or off-roading, but we would definitely struggle to make ends meet on $30 k.

yogiBC

I don't think your allowed to apply for immigration as a retiree...
I may be wrong in saying this but you have to come as a skilled worker or entrepreneur.
Also the whole process of immigrating takes many years.
Check out with the CIC

Yorkiechef

I have PR and yes you can retire, you just need to be able to afford it.

beckiwoo

They don't but they don't take off the entire debt!

What you have to understand is a student loan is not the same as commercial debt (bank loans, overdrafts, credit cards)

I got a mortgage offer last year with £20k of student loan debt. They only take off my repayments on what I can afford to pay each month.

If banks took off all debt then hardly any young people would be able to afford to get on property ladder - think about it!

Ideally I would prefer not to have it hanging over me.
Could I pay it off it one lump sum? Just about but that would be all my savings for Canada, my house deposit and would leave me nothing.

On a British website called moneysavingexpert (a well used website in the UK I might add) the financial guy advises not to pay it off whole as there is no reason to and much better to just have the contributions taken off through up work wages (it's very little for me about £25 a month and I am over the minimum threshold of £15k a year) (my loan was between 2003-2007 so it might be different to the newer style ones now)

Shard

If I recall correctly, the latest UK government student financing scheme is structured such that if you are not earning £21K+ (maybe £23K as Yorkie states) then you do not have to make any loan repayments. Once the student does start earning £21K+ there is a progressive scale of repayments. If the student never finds work at £21K plus, after 7-10 years the loan is written off. The idea is that the government is underwriting the risk of obtaining a "decent job" post graduation.

Yorkiechef

My bad, just checked the gov. UK site it is £21k. Even if they get a job of £30k per year they only pay back £67 per month. Some leave uni and never work for more than minimum wage, I can see why many parents refuse to fund uni education when it is underwritten by the govt. when we pop our clogs, if the kids are so inclined, they can pay it off from the inheritance.

Shard

It's not just that (clog popping). Past generations had the benefit of grants (those in need) and the new system seems to be attempting to restore that support avenue.

Student debt is not necessarily a bad thing. It focuses the mind of a youngster and his/her parents on whether the course is worthwhile.

dbd33

There is cause for nervousness about moving to Canada with an outstanding student loan. The Student Loan Company (or whoever holds the debt this week) may well translate your Canadian income to a vast number of pounds and want large repayments. Depending on exchange rate shifts making the payments could be problematic.

Yorkiechef

These are the figures that I have come up with, please say if I am way out

Car maint ins and fuel 3000 a year

Heating elec. 3600
House ins. 1500
Prop tax. 4500
Decorating & maint. 2000
Water and well. 2000

Msp. 1600

Balance for food and clothes and treats 12000 or 1000 per month

Is there anything else except holidays and travel to the mainland?

Thanks

Jingsamichty

TV, phone, internet
Medical, dental

I think $1000/month for a family of 3, or even 2, for ALL food, clothes, treats, trips, unexpected bills etc. is cutting it way too fine.

Tangram

We spend that easily just on food.

R I C H

Your insurance premium could conceivably be half of that amount, leaving not much more than $100 p/mth for maintenance and fuel. That's barely a tankful of gas per month for an SUV.