Free money for students!

[bomma]

just a quick thought ej and you may want to look into this. if you are getting living costs/allowance, then you can still have a part-time job. but as mentioned before there is a limit on how much you can earn in a year before you are required to make payments. if you do this right, you could do the same thing that patar's mate's doing and there is potential to save over $100 a week which will be deposited into your account while the part-time job can sustain you

[motorbyclist]

it's a piss poor idea. Not because of the "free money", but because you're abusing the system.

+1

You know an ASB Fastsaver account gives you 8.10% interest pa, plus you can withdraw money from the account anytime using there online banking system.

pwned!

some SERIOUS flaws in your argument...MAINLY you ASSUME that us taking money from the government and INVESTING into a bank is a BAD thing. Consider this, students do this and end up SPENDING the money on CRAP like food. This money spent is the reason there is such a large student debt owing. Considering what ACTUALLY happens, EJ saving the money that he has withdrawn from the government and being able to pay it back in full means that this idea is BENEFICIAL to the government.

to question the only relevant part of your rebuttal:

that money we are needlessly taking and holding for x number of years is money the govt would otherwise invest or hold onto themselves, either way earning the govt money which is then money they don't need to get off us.

do remember govt money is taxpayer money

by taking that money and giving it to a bank to invest, the bank makes the dosh while the govt is left with a debt.

so how is taking and holding govt money possibly beneficial to the govt?


and of course, there's the moral issue behind abusing a system built to help us (however shit it may be), and schemes (which do happen) like this give the whole student population a bad look in the eyes of the general public, especially when we're asking for an universal student allowance



besides all that, i'f you're going to do something you may as well do it properly:
once you've put all your money, including your coffee/beer budget into you raccount for 3 to 5 years, why not hold onto those funds and pay back the minimum amount on the loan? if you've saved enough the interest could be enough to cover the loan repayments

and if you think about it, just by banking the $150 per week living costs means once you graduate you can buy a brand new bike, with cash, interest free!

[EJK]

Uhh yeah it is indeed abusing the system...

and if you think about it, just by banking the $150 per week living costs means once you graduate you can buy a brand new bike, with cash, interest free!

I was thinking about that. Yes, if you can save all that above (which ain't really cool but doable), by end of your 3rd year, you can have $9,700 in your account, interest free.
Now, when you graduate, with your personal savings, plus this savings and when you trade in/ sell your bike, you may have enough money to buy a brand new CBR600RR when you graduate! Within 3 years! How will you pay it back? Well the Studylink will take your student loan bit by bit from your wage/ salary.

So:

• It's interest free
• Repayment is WITH the student loan so it will be Bike purchase + Study funds going off bit by bit.
• It's convinient!

just a quick thought ej and you may want to look into this. if you are getting living costs/allowance, then you can still have a part-time job. but as mentioned before there is a limit on how much you can earn in a year before you are required to make payments. if you do this right, you could do the same thing that patar's mate's doing and there is potential to save over $100 a week which will be deposited into your account while the part-time job can sustain you

Heh thanks but I already knew that. This thread was about what you can do with the government's money not ah I'm piss poor broke! I need to save up some money! thing. Thanks.

Ok I started this thread as a joke but some peoples are starting to get serious... Why? Are you guys afraid that my next thread will be about Tax Evasion or 4% vs 8% Kiwisaver? (Hmmm I think I could do some calculation for that!)

It's a joke, But totally doable thats all...

[Slyer]

A JOKE? ARE YOU SERIOUS?
Did you look at how long your post is? That is a lot of effort for a bad joke.
And yeah, taking advantage of the govt is pretty lame... I even chose not to the last time I had an opportunity. Ask Jafa.

[EJK]

A JOKE? ARE YOU SERIOUS?
Did you look at how long your post is? That is a lot of effort for a bad joke.
And yeah, taking advantage of the govt is pretty lame... I even chose not to the last time I had an opportunity. Ask Jafa.

Don't you just love maths?

[klyong82]

SECONDLY where do you think the money saved goes?? Where do you think banks get the money to lend?? How do you think banks are able to pay interest?? Look into it. The reason this country is in recession right now is because the NZ population as a whole is spending almost 20% (?) more than what they are earning. ie $1.20 spent for every $1 earnt. Saving money is one of the best ways to reduce inflation and curb this.

Over the years NZ'ers have been spending more than they earn and that is because of access to low borrowings from banks or other financial institutions. A high NZ dollar encouraging mass imports and a booming property market - finally the economic bubble has popped and the govt. has increased the OCR to make access to debt more expensive thus cooling the economy to curb inflation pressures. What has led to the recession was also the price of crude oil increasing to sky rocket levels as most industries require oil to power their activities, production, manufacturing etc.

+1




do remember govt money is taxpayer money

by taking that money and giving it to a bank to invest, the bank makes the dosh while the govt is left with a debt.

so how is taking and holding govt money possibly beneficial to the govt?


and of course, there's the moral issue behind abusing a system built to help us (however shit it may be), and schemes (which do happen) like this give the whole student population a bad look in the eyes of the general public, especially when we're asking for an universal student allowance



besides all that, i'f you're going to do something you may as well do it properly:
once you've put all your money, including your coffee/beer budget into you raccount for 3 to 5 years, why not hold onto those funds and pay back the minimum amount on the loan? if you've saved enough the interest could be enough to cover the loan repayments

and if you think about it, just by banking the $150 per week living costs means once you graduate you can buy a brand new bike, with cash, interest free!

I had an idea when I was still studying and that was at the end of 3 years after you have saved all that money to use it as a deposit to purchase a property . Back those years the returns on property average about 10-14% and if I rented out the property it would have just about cover the interest payments. Flick the property off in 2 or 3 years for a capital gain.... pay off the loans and maybe use the proceeds as equity to purchase 2 more properties...(remember back then it wasn't interest free yet but it was do-able).

Don't you just love maths?

Yup I love using my HP10BII calculator!!

[HungusMaximist]

I had an idea when I was still studying and that was at the end of 3 years after you have saved all that money to use it as a deposit to purchase a property . Back those years the returns on property average about 10-14% and if I rented out the property it would have just about cover the interest payments. Flick the property off in 2 or 3 years for a capital gain.... pay off the loans and maybe use the proceeds as equity to purchase 2 more properties...(remember back then it wasn't interest free yet but it was do-able).

Good point there mate but you'll be surprised now is just as a good as ever to purchase property (just look at all the mortgagee auctions that's available at the moment) or invest in a company.

There's a lot of wisdom in buying when the economic trend is down because when the market is up, friends and family talk about it and plus there's a lot of hype instigated by parties who has vested interest (real estate agents, share brokers.. etc) all add to the nose/hype. However when the market is down, people get rattled and get so affected by the 'noise', they eventually sell.

Pretty much, buy in economic down turn and sell when the market is up but key is, spread your eggs across different baskets.

[HenryDorsetCase]

"Free Money" is a genius Patti Smith song.

carry on.

[avgas]

then when you graduate go on the dole because your overqualified and lazy.
This will complete your training to becoming an asshole that abuses the system.......some of us actually had to BUY BOOKS with that money because of assholes like you.
FYI your an ASSHOLE

[Timati]

3K in 3 years...don't have that kind of patience and rather invest in something that has better returns - commodities and options. Once the dosh rolls all you need to do is take a seat back and enjoy the luxuries of life.

[bomma]

to question the only relevant part of your rebuttal:

that money we are needlessly taking and holding for x number of years is money the govt would otherwise invest or hold onto themselves, either way earning the govt money which is then money they don't need to get off us.

do remember govt money is taxpayer money

by taking that money and giving it to a bank to invest, the bank makes the dosh while the govt is left with a debt.

so how is taking and holding govt money possibly beneficial to the govt?

how much of your student loan would you be able to repay the moment you finish your studying?? read my first post again and you will see that i emphasised SAVING the money as that is the whole point of this thread. the govt may be losing the money in the short run but the fact that there is potential for that borrowed money to be repaid in lumps puts EJ (although he isnt actually doing this) in a class above most students!! if you borrow this money just because you can or for real expenses, it's money that you will never see again coz IT WILL BE SPENT!! how does that benefit the govt?? imho if there was any scheme that the govt should promote, it should be this. they lose nothing out of it and it is to the student's benefit.

and of course, there's the moral issue behind abusing a system built to help us (however shit it may be), and schemes (which do happen) like this give the whole student population a bad look in the eyes of the general public, especially when we're asking for an universal student allowance

as you urself have said andrew, we are the future so it would be wise to invest in us there is no moral issue, it is there for us provided by the govt. if they wanted to minimise our borrowings, they wouldn't offer living costs where anybody is eligible. they wouldnt have made the loans interest free which would encourage us to pay it back quicker. this country is a pile of horse shit (no offence to the residents, im talking about the political scene). we are more than happy to GIVE money away to people who sit at home, enjoying luxuries the person DEFINATELY does not DESERVE, living off welfare and popping out kids for extra dosh. my mate's dad has it right. he suggests that instead of social welfare free monies, get the able bodied to do courses that are paid for by the govt. this increases their skill base and will prepare and enable them to get work and generate their own income. (he later revealed that this was done in one of the countries he used to live in)

some of us actually had to BUY BOOKS with that money because of assholes like you.
FYI your an ASSHOLE

i dont get it, you are angry because you ACTUALLY had to spend govt money that has been allocated for your course-related expenses on.........course-related expenses?? and you're calling EJ and myself and all others who borrowed the same money assholes because we dont have to??

[HenryDorsetCase]

3k in 3 years...don't have that kind of patience and rather invest in something that has better returns - commodities and options. Once the dosh rolls all you need to do is take a seat back and enjoy the luxuries of life.

bullshit 10 characters later its still bullshit

[Jahdafario]

Nice calcs man,

I spend my $150 a week living costs on shit for my bike tho :P

[Jahdafario]

ps.

It sounds like a lot of you guys go/went to University *chuckle*

[R6_kid:Me]

Q: It's course related cost, can I just claim it?
A: Yes you can! Just fake it! Say you have to buy 4 text books, or you catch bus 2 times a day. Or just say you are going to buy a laptop and some Microsoft Office software. They will simply give you the form, fill it out and $1000 will be in your account within 2 weeks.

[i]This is fraud. You are getting the money because they legitimately believe you will be taking the bus/getting text books/buying a laptop. When in fact you are simply using it for your own benefit - at the cost of the tax payer - a fair few of which are on KB reading this.[/i[

Q: Don't you get caught?
A: So far none. You may be the first if you are unlucky but truely it's your money when it is in your account. You can do whatever you want when it comes in.

If you get caught having used the money for purposes other than that stated they will probably want it back, like i said, it is fraud - which is illegal.

Q: Cops may read this on KB. What should I do?
A: Quick! Change your name and your personal details on your profile! But hold on, it is your money. This is not money laundrying nor fraud..... is it?

Yes, it is fraud.

The only 'legal' way to do this, is to take the $150/wk allowance and save that, you then pay it back at the end of your studies and take the interest earned. Sure it's no different in principle to what you're doing here, but it's not illegal as you are not saying that the money is going to be used for purposes other than what you are intending to do with it.