Would these be the same student loans that were first implemented under New Labour by any chance?Student loan interest rate to hit 12% in England
The rate will rise this autumn, the Institute for Fiscal Studies says, before falling back next March.www.bbc.com
And I thought the US was bad with interest rates as high as 8% on government loans.
Education only for the rich - fuck this bunch of elitist pricks they will never ever get voted in again. Country is going downhill quick
Student loan interest rate to hit 12% in England
The rate will rise this autumn, the Institute for Fiscal Studies says, before falling back next March.www.bbc.com
And I thought the US was bad with interest rates as high as 8% on government loans.
Education only for the rich - fuck this bunch of elitist pricks they will never ever get voted in again. Country is going downhill quick
I'm sure when loans came in they were sold as being linked to inflation before being sold off, but can't be bothered to check!Student loan interest rate to hit 12% in England
The rate will rise this autumn, the Institute for Fiscal Studies says, before falling back next March.www.bbc.com
And I thought the US was bad with interest rates as high as 8% on government loans.
Education only for the rich - fuck this bunch of elitist pricks they will never ever get voted in again. Country is going downhill quick
Sadly , as the thatcher era proved , they will be voted in again and again..
This country loves to be shafted
The student loan is a tax on future earnings - it’s not prohibitive to the poor
I'm sure when loans came in they were sold as being linked to inflation before being sold off, but can't be bothered to check!
But it's hardly enticing those worse off in society into higher education.The student loan is a tax on future earnings - it’s not prohibitive to the poor
But it's hardly enticing those worse off in society into higher education.
Of course when you were uni age, tuition was free, grants were available and signing on was possible. As usual, anything that becomes available to the 'lower orders' that was once the preserve of the privileged, they make sure they either put them off or fleece them at every given opportunity.
The scheme was changed in 2012 which was when interest above RPI was introduced.Would these be the same student loans that were first implemented under New Labour by any chance?
The scheme was changed in 2012 which was when interest above RPI was introduced.
But if they're not going to earn enough to pay back the loans, what's their incentive for going onto the course in the first place? It's a waste of time and effort.Most won't have to pay it back so what is the block for people going?
When I was uni age only a small percentage of people went - The blair push created this as its unaffordable and not productive
This even by your standards is nonsense
So the choice is remain a low earner so you don't pay or earn more money and we'll take loads off you.The likes of Martin Lewis deem this a much fairer system and it is as my oldest fell under the old scheme and is paying whereas under the new would not be
But if they're not going to earn enough to pay back the loans, what's their incentive for going onto the course in the first place? It's a waste of time and effort.
So the choice is remain a low earner so you don't pay or earn more money and we'll take loads off you.
He’s right it doesn’t make the interest right much like sisu charging high interest on their loans but it’s not prohibitive to the poorThe student loan is a tax on future earnings - it’s not prohibitive to the poor
He’s right it doesn’t make the interest right much like sisu charging high interest on their loans but it’s not prohibitive to the poor
I could've sworn originally it was guaranteed not to go above inflation. Doesn't bother me personally as I paid mine off(!) but I'd still like to check my memory without being bothered to Google.The article states that interest is calculated as 3% above RPI - that’s why it’s hitting 12%.
The scheme was changed in 2012 which was when interest above RPI was introduced.
Thought Martin Lewis was spawn of Satan?The likes of Martin Lewis deem this a much fairer system and it is as my oldest fell under the old scheme and is paying whereas under the new would not be
Thought Martin Lewis was spawn of Satan?
The interest levels were much lower. Admittedly if a person was a lower earner then it would take them longer to pay back and so interest would accrue anyway. Although the amount of time before debts were written off was slightly shorter (and current plans suggest it will be increased again to 40 years from graduation)The Labour policy was to take it off you even if you were a low earner WTF are you on about?
The interest levels were much lower. Admittedly if a person was a lower earner then it would take them longer to pay back and so interest would accrue anyway. Although the amount of time before debts were written off was slightly shorter (and current plans suggest it will be increased again to 40 years from graduation)
Student loans should never be above that of the basic borrowing rate at the time it was borrowed. IMO it should be interest free and just the capital should be paid back.
Let's say someone is a low earner for the first ten years after graduating. They're not paying it back, but it's accruing interest.The Labour policy was to take it off you even if you were a low earner WTF are you on about?
Let's say someone is a low earner for the first ten years after graduating. They're not paying it back, but it's accruing interest.
After that time they start earning money, so now are liable to pay it back. Only now it's a much bigger debt because of the interest and eats into that higher pay, and will continue to do so for many, many years. It's basically designed to hold back those that can't afford to fund higher education without financial help. Rich daddy paying everything for you - you've not got an issue as you've got no debt.
It's basically a similar system as SISU use for us. Which you think is grossly unfair and puts the club at a huge disadvantage.
You never had it to lose.You are losing it
Let's say someone is a low earner for the first ten years after graduating. They're not paying it back, but it's accruing interest.
After that time they start earning money, so now are liable to pay it back. Only now it's a much bigger debt because of the interest and eats into that higher pay, and will continue to do so for many, many years. It's basically designed to hold back those that can't afford to fund higher education without financial help. Rich daddy paying everything for you - you've not got an issue as you've got no debt.
It's basically a similar system as SISU use for us. Which you think is grossly unfair and puts the club at a huge disadvantage.
Did you miss the bit where the plans are to extend that 30 year period to 40 years? Or that interest on the loans became linked to be above CPI? Why is an interest rate linked to the inflation rate at all, let alone set above it? If anything it should be linked to the borrowing rate and should never be in excess of it otherwise it's just profiteering (although if the desire is to get people into higher education it should be interest free).You’ve not quite got this - the debt only remains for 30 years post-graduation and repayments are fixed at 9% above the income threshold. So if I graduated with a debt of £50k and was in a job below that income threshold for 29 years, then moved to a job paying £250k p/a I’d only be paying back around £20k in that last year regardless of the additional interest that had accrued in that time.
The system is fine. Numbers and rates are scary but, as I said, will make little to no difference for the majority of graduates.
Would these be the same student loans that were first implemented under New Labour by any chance?
You’ve not quite got this - the debt only remains for 30 years post-graduation and repayments are fixed at 9% above the income threshold. So if I graduated with a debt of £50k and was in a job below that income threshold for 29 years, then moved to a job paying £250k p/a I’d only be paying back around £20k in that last year regardless of the additional interest that had accrued in that time.
The system is fine. Numbers and rates are scary but, as I said, will make little to no difference for the majority of graduates.
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The system is fine. Numbers and rates are scary but, as I said, will make little to no difference for the majority of graduates.
They weren't written off, the pre 2012 loan books were sold to dodgy debt collection companies with no provision for the existing terms to be maintained which resulted in aggressive pursuit of money owed. The companies involved were regularly in trouble with the ombudsman for dodgy practices.What's the point in student loans as the govt essentially writes them off after a few years
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