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  1. #1
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    Calculator Tool, very tricky!!!

    Ok well basically:

    I want to create a tool where visitors can use sliders to calculate the size and repayments of their UK student loan.

    Heres the numbers:
    Tuition loan: up to 9000 a year
    Maintanence loan: up to say 20,000 a year
    Interest is at a rate of 3% + inflation p.a.
    You only start paying it back once you earn over 21,000 and you pay back 9% of the difference of what youre earning and 21,000.

    Lets do an example:

    I do a three year course, borrow 9000 for tuition and 6000 for living each year. I then come out with a debt of 45,000 but get a job that pays 25,000.

    So each year I will be paying 9% of 25,000-21,000 which ends up as 360 over the year. However, if we assume inflation is about 3% when i graduate the interest rate on the loan would be 3%+3%=6% and so the interest for that year would be 2700.

    After 30 years the loan gets wiped..

    This is a good example of what i mean:

    http://www.thecompleteuniversityguid...ent-calculator

    Please quote!!

  2. #2
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    What would you like to code this in? PHP/javascript/etc?

    Plus, your link is broken. So I can't view the example.

  3. #3
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    Quote Originally Posted by hershey. View Post
    What would you like to code this in? PHP/javascript/etc?

    Plus, your link is broken. So I can't view the example.
    Apologies the link is http://www.thecompleteuniversityguid...ent-calculator

    Which would you recommend?

  4. #4
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    Quote Originally Posted by codeseeker View Post
    So each year I will be paying 9% of 25,000-21,000 which ends up as 360 over the year. However, if we assume inflation is about 3% when i graduate the interest rate on the loan would be 3%+3%=6% and so the interest for that year would be 2700.
    If the interest per year is at 2700 and you're only paying back 360, you go 2340 further in debt each year. This loan will never be paid off.

    Or did I miss something here?
    Having said that, I've probably told you more than I know.


 

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