'Tough Choices' Going to Deter Many Students !!

Students could face a triple blow of higher fees, bigger loan repayments and fewer grants in new plans to be outlined by business leaders.

Cuts to "generous" levels of student support are needed to preserve the quality of teaching and research at the country's Universities, the Confederation of British Industry (CBI) claims.

Following a year-long study into the relation between business and university in the face of a global recession, the CBI says it has concluded that "tough choices" must be made.

The report notes that 25% of public funding going to higher education is spent on student support, and the UK has one of the most generous levels of support in the world.

The Government has asked English Universities to make £180m in savings between 2009 and 2011 - and the CBI suggests undergraduates should foot the bill.

It recommends that students pay higher interest rates on their loans rather than the 0% they
currently enjoy.

Maintenance grants should be reviewed - a tougher system would see only those who really need them to get them, it says.And it claims a rise in tuition fees is "inevitable": the fee cap of around £3,000 could rise to £5,000 or more.

The report has prompted outrage from the National Union of Students (NUS), which said the
suggestions would come as a bitter blow.

NUS president Wes Streeting said: "At a time of economic crisis, when many hard-working families are struggling to support their offspring through university, I am astonished that the CBI should be making such offensive recommendations.

"Students are already leaving university with record levels of debt, while graduate job prospects
are at an all time low.Instead of recommending that students are fleeced even more than they already are, the CBI should start looking at how they might put something back into the system themselves."

The CBI says the focus on university education must be on quality rather than quantity, and suggests that the Government's target for 50% of 18-30-year-olds to go on to higher education
should be dropped.

For law student Tom Collins, a move to bump up the tuition fees would certainly block any chance of reaching the university education target.

"There are a huge number of people now who are taking wafer thin decisions given the graduate job market on whether it is financially viable for them to go to university," he told Sky News.

"I think stepping up the fees to £5,000 a year is going to deter many people."






Source: sky news

Top 10 Tips - How To Buy A Used Car ?

Buying a used car can be a minefield. But 13above.com can help you through it.

There are a few simple things to remember and steps to take, that will make the experience easier, and assist you in avoiding being ripped-off.

1. Set your budget

Work out how much you can afford to spend, and don’t forget to include registration, insurance and regular maintenance and running costs. Both for insurance, and if you’re going to get a loan, shop around to get the best rate.

2. Do your research

It's important to have a thorough look at what’s out there before buying a used car. To get an idea of a model’s current market price, spend some time searching our used car ads online or in your local newspaper. Also check out our price guide to help you avoid paying too much.

Be wary if you find a used car where the price is much lower than the market suggests it should be. If you’re determined to take it further, have the car checked thoroughly. If something seems too good to be true, it probably is.

3. Find the right car
Browse cars by body type, make or price to find out which make and model might suit you
Go window shopping by make and model, age, location… and all kinds of other helpful details
Read our expert reviews of the car you’re looking for
Check the latest car news to see if a new model is coming -- which can reduce the price of previous models when it arrives.

4. Contact the seller

And when you do, don’t be afraid to ask lots of questions…

- how long have they had the car
- why are they selling it
- has it ever been damaged
- what condition is it in
- will it meet a RWC
- does it have any `bad habits’

5. Looking at the car

If the seller is a private party rather than a dealer, always go to their home address. Don’t arrange to meet them somewhere. Check that the home address is the same as the one on the registration certificate. Take a printout or copy of the seller’s advertisement with you to check that details like the odometer numbers are accurate.

6. Check the car’s history

No matter how genuine the seller seems, you should check the history of the car to make sure it’s not stolen, encumbered by an outstanding loan, or even a previous write-off. Get the car’s VIN number and check against the databases in the state in which it’s registered. For a small fee (free in some states), this simple step could save you a lot of money and problems.

New South Wales, ACT and Northern Territory

Victoria and Tasmania

Queensland

South Australia

Western Australia


7. Checking the car

Make sure you have a thorough look over the car yourself, and best of all, have an independent mechanic or automotive centre check it out properly on a hoist. It could save you thousands by revealing mechanical problems and previous damage.

- always look at the car in full daylight, never in the dark or in rain that could conceal body marks, dents, rust and other defects
- check under the car, the bonnet and the interior carpet for rust and signs – such as welding marks -- which may show the car has been in a crash
- under the bonnet, look for signs of oil leaks on top of the engine, and underneath. Use the dipstick to check the amount of oil. If the level is low, the owner hasn’t been looking after the car properly
- look around the oil filler cap for a white mayonnaise-like substance - this is an indication of a damaged head gasket which can be very expensive to put right
- take a look at the tyres to make sure they’re in good condition with plenty of tread
- get down in front of each front wheel and look along the length of the car. Both front wheels should be directly in front of the rear ones – if they're not, it could mean the car has been in a crash and ended up with a slightly twisted or `crabbed’ chassis
- check the gaps between the body panels are equal – if they're not, the car could have been refitted badly, or may have been in a crash
- inside the car, make sure the seatbelts work correctly, the steering wheel and dashboard are bolted on correctly, the front seats move properly and all switches work
- start the car with a cold engine, which will make is easier to reveal problems like poor starting or too much smoke.

8. Test drive the car

- before you set off, turn the steering wheel from one lock to the other to make sure there is no screeching, banging, or knocking
- to test the handbrake, pull it on and then try to drive off very gently. It should hold the car back
- listen for strange noises from the engine, and don’t let the seller distract you by talking or turning up the radio
- drive on as many different roads surfaces as possible
- use all the gears, and check the gear change is slick and smooth
- make sure the clutch pedal 'bites' between the top and middle of the pedal's travel

9. Negotiating the price

The price is the price, but there’s often leeway for bargaining.

- Make a list of any faults you found with the car, or any work that might need doing, and calculate how much this could add to the price.
- From this position, negotiate the price with the seller.
- Ask the seller what their best price is, make a lower offer and then say nothing. They can only either turn you down, accept your offer or name another price closer to yours.

10. Paperwork and payment

- Make sure all the paperwork is in order, and that you have original versions (never photocopies) everything … registration papers, service history and logbook
- If you’re making a payment or even just a deposit, get a receipt and make sure the seller’s full details are on it

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Time To Fix - Proper Utilization Of Your Mortgage

WITH interest rates low, 13above.com takes a look at what that means for your mortgage, your savings and the prospect of dipping your toe back in the share market.

Interest Rates Dice : Low rates ... Use extra cash from interest rate cuts to keep paying off your mortgage, say financial planners.


Mortgages :

The Reserve Bank left interest rates unchanged at 3.25 per cent at today's meeting.

The decision surprised economists, who were tipping a cut of between 25 and 50 basis points. With rates on pause, is now the time to lock in a fixed rate mortgage?

Give it a few more months, since rates could fall further, says Prescott Securities chief economist Daryll Gobbett.

"I think we’re looking at a cash rate of 2 per cent or 2.25 per cent. Not tomorrow, but maybe by May,” says Mr Gobbett.

Existing fixed rate deals don’t hold great appeal anyway, says Count Wealth financial planner Desiree Fraser.

She advocates using fixed rate mortgages to shield yourself when you know you can’t afford a bigger monthly repayment – not for second-guessing the future.

"If you know you can’t afford interest rates to go up another 3 per cent, lock it in now. So use it as a protective mechanism,” she says.

"Do it on the basis of what is affordable to you, rather than what you think will happen in the future."

Keep putting extra cash from a rate cut towards your mortgage.

"The best advice to give when interest rates are falling is to maintain your payments at the high interest levels,” says Heraud Harrison private client adviser David Marasea.

"Don’t reduce the payments just because interest rates have gone down. You’d be surprised at the compounding effect."

Paying down a mortgage at 6 or 7 per cent is a better deal than socking it away in cash and earning just 3 per cent interest, says Mr Gobbett.

"Keep chipping away at that mortgage,” he says.

Savings :

People who yanked money out of the haemorrhaging share market last year now face dwindling returns on their cash as interest rates tumble.

Term deposits that paid 7-8 per cent late last year have fallen to around 3 per cent – less than the inflation rate of 3.7 per cent.

Australians have upped their savings from zero to 4 per cent of income as nerves about the economy dampen the urge to spend, but are hardly earning anything on that cash. So should they consider investing that money instead?

"It depends on why they’re saving,” says Mr Gobbett.

"It really comes down to if people are saving for a house or something for the next 12 -18 months, (or) keeping that money (as) savings or term deposits because of the risk."

Those looking to the longer term should consider shares offering good dividends (some give an 8 per cent return), instead of tiny interest returns, says Mr Gobbett.

"If saving for retirement or lifestyle, they should start looking at bank shares where they will get a better level of dividend, even with cuts we’ve seen with ANZ lately,” he says.

Ms Fraser says things are tough for savers.

"They’re getting hit quite hard,” says Ms Fraser of people who parked cash in what used to be high-interest accounts.

Rates will stay low, so look at your spending and consider if you need the income from savings to live on. Ask yourself what your priorities are. If protecting your capital isn’t important, you might be better off spending the money and rebuilding savings later, Ms Fraser says.

Shares :

Low interest rates discourage savings, but with the ASX at five-year lows, is it a good time to invest in shares? What about borrowing to invest now that rates are low?

"Obviously there is still so much concern in the general public about what’s going to happen and when it’s going to occur,” says Ms Fraser.

"There is no end goal. No one can tell them when the market is going to recover."

Few clients are showing up with a pool of cash to get into the market, she says.

Mr Gobbett urged caution with margin loans: they can burn you if you pick the wrong market bottom.

"Just be a bit careful at the moment,” he says.

"The problem is that if the market falls further, you have to tip more money in."

If you do invest, focus on companies paying good dividends or consider buying into new share offerings by big companies, often at a discounted price.

Commbank invited retail investors to buy in with just $1000, and Wesfarmers offered shares at a few dollars discount. Many banks are still paying good dividends, he says.

"Twelve or 18 months ago, it would have been quite risky, but now all shares are down, even ones that are good value. So it may be time to buy into some share offerings that are offered at discounts," he says.

The market is always a good long-term bet, says Ms Fraser.

"I think it’s appropriate as always for people with a long term horizon, say seven years, who don’t require it for income and don’t need the capital,” she says.

"It depends largely on your risk tolerance and your investment time horizons. If you’ve got the next 20 years to invest, then you’ve got to accept the share market represents value, even if it goes lower," says Mr Marasea.

Source

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