Why not just make it a lifetime tax? The vast majority of people who take out student loans will never repay it in full, and many more will never even reach the threshold to start repaying it!
I think the 40 year repayment period is probably necessary if the current setup is staying, but the repayment percentage should be dropped to compensate.
In a very much best case scenario given the cost of houses and having children, let’s say a student graduates at 21, buys a house at 30, has kids at 35 and the kids leave for uni when they are 18. At 53 they have no dependents, are in an advanced stage in their career and probably have the most disposable income at any point in their lives, but won’t pay towards their loan because it got written off when they turned 51.
They did however have to pay the loan while they were saving for a deposit and raising kids. The financial burden needs to be shifted from earlier to later in life.
So when are we gonna go after that huge part of the population that went to uni for free? When are they gonna pay up?
I honestly don’t understand why they think saddling young people with lifetime debt before they even begin work is a good idea. They will then have lifetime lower earnings to spend on other goods and services as most will never pay off their debt.
We all knew this was coming. A loan which can be indefinitely changed, mutated and extended, for all of time until we are dead.
Well technically, at this point they deserve it…they don’t vote and don’t talk to their parents about voting in their interests… So 🤷♂️
There needs to be more help while at school to help leavers decide what is the best path for them to take.
With hindsight, I would much rather have gone down the apprenticeship route or chosen a different degree where there was more practical learning.
I, and I suspect others too, only went to university because they were smart enough to meet the entry requirements and didn’t know what they wanted to do next. University makes that decision easy because you don’t have to think about it for another 3 years.
Good, I hope this will change the “enjoy free money for a few years” system that currently a lot of people take advantage of. Looking at at you my fellow Easter Europeans.
Why the downvotes? I’m Easter European as well and I’m just disclosing all the shady shit my countrymen do here. Let’s not even get started with covid loans and furlough or the benefits cheats.
is this for new graduates or retroactively applying to all student loans?
It’s so crazy to me how many policies are being introduced which disproportionately affect young people. It’s bordering on hard to believe. I really wish young people would make their voices heard, both in the ballot box and on the streets given how bad things have gotten.
[removed]
Young people are already not having children… we already cannot afford a home.
Fuck Tories. *Fuck* Tories and *anybody* who has *ever* voted for them; you fucking idiots. I cannot emphasise enough how *fucking thick* you have to be to keep voting for people like the bitch thatcher, the pigfucker and this clown twerp.
A nation ruled by wanker bankers and paedophile royals. Pathetic.
Do your degree here then fly somewhere else, and never pay back the loan.
I’m in a pretty privileged position to have graduated and started earning £40,000 on my graduate scheme. Even with this salary, I will never pay off my student loan, even with the extra ten years added on.
The generation currently in power benefited from free education and now current young people will be even worse off after the national insurance tax hike and increased student loan repayments. People less lucky than me are really going to struggle and it’s horrible.
I remember when Martin Lewis said he would riot in the street if the Gov messed with student loans.
*Looks out of window*
hope they don’t invest in international reclaims… the amount of professionals leaving the UK is amazing 🙂
Come on wankers, why’d you vote for this shower of shite then?
It feels fucking unfair. I just paid mine off fully 2 years back aged 30, I went to uni starting in 2009 so I just missed the “plan 2” in which case I’d still have a load left.
It is not right that just being born a year or two too late can make you 100ks poorer over your life (which it is considering the compounding value of money saved in 20s). And now they wanna make it even worse? We are just shitting on young people.
Took on nearly £60,000 debt to study medicine to become a doctor for the NHS and now they want to shaft us more. I get doctors are paid well and people might think why should I cry but it is frustrating that our salaries haven’t changed in years, the hours are long, we have additional exams and courses we have to pay for ourselves and now this.
So less money for the universities, significantly more money for the company with a monopoly on the loans…
Is this for current graduates or for future students?
Aaaand thats how the money is made 😂 all of it is DEFINATELY not about getting people ejucated.
I wish they’d just wipe the student loan debts for everyone up to a certain date.
Uni definitely wasn’t worth it for me. I only finished it so I’d have a degree. Now I’m stuck with a huge loan to repay which just keeps going up.
Surely the country would be better off if people weren’t struggling to just get by and having thousands to pay in student loans. Having that extra bit of cash could be benefiting the economy rather than the loan companies.
Lol 25k?
I’m on plan 1 and have 260 quid a month being leeched from me 🙁 I can only dream of a 25k threshold.
We need more funding and respect for vocational education. Degrees aren’t everything.
The rate is RPI+1.5%ppts right? And RPI is 4.9% right now, so 5.4%? Which is more than I’ve ever paid on any loan.
What do the refugees crossing the channel do with their boats when they are done? Asking for a friend.
The student loans company already takes monthly payments from salaries but only applies those payments against the loan at the end of the tax year, AFTER charging you interest every month through the year. So you literally pay interest on money that you don’t owe. It’s absolutely criminal.
27 comments
Why not just make it a lifetime tax? The vast majority of people who take out student loans will never repay it in full, and many more will never even reach the threshold to start repaying it!
I think the 40 year repayment period is probably necessary if the current setup is staying, but the repayment percentage should be dropped to compensate.
In a very much best case scenario given the cost of houses and having children, let’s say a student graduates at 21, buys a house at 30, has kids at 35 and the kids leave for uni when they are 18. At 53 they have no dependents, are in an advanced stage in their career and probably have the most disposable income at any point in their lives, but won’t pay towards their loan because it got written off when they turned 51.
They did however have to pay the loan while they were saving for a deposit and raising kids. The financial burden needs to be shifted from earlier to later in life.
So when are we gonna go after that huge part of the population that went to uni for free? When are they gonna pay up?
I honestly don’t understand why they think saddling young people with lifetime debt before they even begin work is a good idea. They will then have lifetime lower earnings to spend on other goods and services as most will never pay off their debt.
We all knew this was coming. A loan which can be indefinitely changed, mutated and extended, for all of time until we are dead.
Well technically, at this point they deserve it…they don’t vote and don’t talk to their parents about voting in their interests… So 🤷♂️
There needs to be more help while at school to help leavers decide what is the best path for them to take.
With hindsight, I would much rather have gone down the apprenticeship route or chosen a different degree where there was more practical learning.
I, and I suspect others too, only went to university because they were smart enough to meet the entry requirements and didn’t know what they wanted to do next. University makes that decision easy because you don’t have to think about it for another 3 years.
Good, I hope this will change the “enjoy free money for a few years” system that currently a lot of people take advantage of. Looking at at you my fellow Easter Europeans.
Why the downvotes? I’m Easter European as well and I’m just disclosing all the shady shit my countrymen do here. Let’s not even get started with covid loans and furlough or the benefits cheats.
is this for new graduates or retroactively applying to all student loans?
It’s so crazy to me how many policies are being introduced which disproportionately affect young people. It’s bordering on hard to believe. I really wish young people would make their voices heard, both in the ballot box and on the streets given how bad things have gotten.
[removed]
Young people are already not having children… we already cannot afford a home.
Fuck Tories. *Fuck* Tories and *anybody* who has *ever* voted for them; you fucking idiots. I cannot emphasise enough how *fucking thick* you have to be to keep voting for people like the bitch thatcher, the pigfucker and this clown twerp.
A nation ruled by wanker bankers and paedophile royals. Pathetic.
Do your degree here then fly somewhere else, and never pay back the loan.
I’m in a pretty privileged position to have graduated and started earning £40,000 on my graduate scheme. Even with this salary, I will never pay off my student loan, even with the extra ten years added on.
The generation currently in power benefited from free education and now current young people will be even worse off after the national insurance tax hike and increased student loan repayments. People less lucky than me are really going to struggle and it’s horrible.
I remember when Martin Lewis said he would riot in the street if the Gov messed with student loans.
*Looks out of window*
hope they don’t invest in international reclaims… the amount of professionals leaving the UK is amazing 🙂
Come on wankers, why’d you vote for this shower of shite then?
It feels fucking unfair. I just paid mine off fully 2 years back aged 30, I went to uni starting in 2009 so I just missed the “plan 2” in which case I’d still have a load left.
It is not right that just being born a year or two too late can make you 100ks poorer over your life (which it is considering the compounding value of money saved in 20s). And now they wanna make it even worse? We are just shitting on young people.
Took on nearly £60,000 debt to study medicine to become a doctor for the NHS and now they want to shaft us more. I get doctors are paid well and people might think why should I cry but it is frustrating that our salaries haven’t changed in years, the hours are long, we have additional exams and courses we have to pay for ourselves and now this.
So less money for the universities, significantly more money for the company with a monopoly on the loans…
Is this for current graduates or for future students?
Aaaand thats how the money is made 😂 all of it is DEFINATELY not about getting people ejucated.
I wish they’d just wipe the student loan debts for everyone up to a certain date.
Uni definitely wasn’t worth it for me. I only finished it so I’d have a degree. Now I’m stuck with a huge loan to repay which just keeps going up.
Surely the country would be better off if people weren’t struggling to just get by and having thousands to pay in student loans. Having that extra bit of cash could be benefiting the economy rather than the loan companies.
Lol 25k?
I’m on plan 1 and have 260 quid a month being leeched from me 🙁 I can only dream of a 25k threshold.
We need more funding and respect for vocational education. Degrees aren’t everything.
The rate is RPI+1.5%ppts right? And RPI is 4.9% right now, so 5.4%? Which is more than I’ve ever paid on any loan.
What do the refugees crossing the channel do with their boats when they are done? Asking for a friend.
The student loans company already takes monthly payments from salaries but only applies those payments against the loan at the end of the tax year, AFTER charging you interest every month through the year. So you literally pay interest on money that you don’t owe. It’s absolutely criminal.