Student loans are 'income contingent' loans. You repay 9% of everything you earn over £26,900 a year. So earn £28,000 and you’ll repay £99 a year; earn £30,000 and it’s £279 a year.
Unlike normal borrowing, which requires payment regardless of your situation, with student loans you don't need to repay them unless you're earning over a set amount. This applies even if you have started paying and then your income drops.
Going to uni is really worth it but it doesn't absolve anyone from thinking! There are programmes like vocational degrees these days - worth exploring. You can get paif while learning
I have 2 young kids. There's no way I'd recommend they go to university. I had a great time there and it wasn't so bad for me on plan 1 but it just doesn't make sense for young people now.
Universities got greedy and they ruined a good thing and the government just let them do it. Other countries don't have this problem because universities can't just do whatever they want.
I really feel for young people in this country and realise how lucky I was to benefit from grants, affordable housing, a working NHS, clean water, etc.
Going to University is just used as a delay mechanism for finding a job after leaving school. By the way, you can thank Labour for introducing student fees.
The open university is brilliant. Got my degree from there. Able to work while studying . Did relevant volunteer work Stayed at mumAnd dads. No debt!!!!!!!! So many think they miss out by not going. Who wants all that extra stress partying rent. Paid mum and dad enough to cover food and a bit extra. Got a job in my field. Just 20 hours a week but it’s a start. Several friends are now enrolling. It’s way cheaper and the courses are fantastic.
International students pay around 2–3 times more and depending on your home country, you may need to take a government loan that requires repayment as soon as the course ends even if you don’t have a proper job yet. I honestly don’t know why I decided to do that 🙂
It was never meant or intended to be paid back. It was meant to be a new higher rate of income tax done on the sly by a political establishment too cowardly to admit they are putting another 6-9% on income tax.
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Unlike normal borrowing, which requires payment regardless of your situation, with student loans you don't need to repay them unless you're earning over a set amount. This applies even if you have started paying and then your income drops.
Anything else is a waste of money.
Universities got greedy and they ruined a good thing and the government just let them do it. Other countries don't have this problem because universities can't just do whatever they want.
If you make £52k it’s still only 4.5%, or £22.5 a week.