It's daft to pay off student loan

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with inheritance when you are SAHM? friend says they did this...can't help thinking it is a shame as they could do with the money. they are in their 40s and surely student loans get wiped off after a certain number of years.

I wonder if the people commenting are those who are having to pay theirs back who are not happy. Maybe they don't understand some of us would love to be in that position.

Only in part.
I paid back 30k of loans over 10 tears but went through before tuition fees.
We need public debate about this. The country can't afford the status quo with ££££ of unpaid student debt.

10 years. Freudian slip.😂

Nothing, NOTHING could make me repay my student loans on a voluntary basis. I will get it up to a round £115k and that makes me happy.
I am never going to be able to work full time so may well never even make a single repayment.
So no, I do not feel bad for not repaying the debt. Education is a right, and it should be free for everybody at all times, at all levels.

That is insane. What the heck is the point of all that studying if you're you're never going to be able to work full time? How have you been able to study? I'm not sure why you think the money has been better spent on you than it would have been on someone who would work FT, passing on the benefits of their knowledge.

And HOW are you psoposing that education at all levels should be free for everyone?? D you know how much it costs to run a uni department, with the cost of lecutureres, buildings, maintenance, etc? Where do you think that money will come from?

I just don’t get the whole “I plan to never pay it back mentality” I went to University in early 2000s and paid mine off just over a year ago.

Started paying a nominal amount as soon as I was earning over 10k which was my first job. So happy to have paid it off. I realise loans these days are far bigger but why go and get a University educatiin if you don’t hope it will get you an above average paying job in the future?

If they're from the 90s, they won't be wiped until she's 55 (or is it 57?)

Of you started before 98 it's 50 or 25 years.

I went on student loans site and logged in, it says balance under 4K, seems they maybe have wiped some off. I guess it is around 25 years ago. So that is not so bad.

I wouldn't have used the money to pay it back personally. I mean unless they have really sat down and done some sums over what they are likely to pay back once they are in work (if they are ever planning on?). Student loans are like others point out are like a tax rather than a debt that keeps you awake at night. When we bought a house and they asked us about outstanding debts when I mentioned we both still had some student loans to pay off, our mortgage broker just said "oh that doesn't count".

I'd have probably invested the money to give myself a pension pot if I was this person (I sound like fun haha). The student loan would eventually be wiped anyway after many years and if they had no intention of ever working they'd need something to live on in their old age.

"Education is a right, it should be free..
How are you proposing to fund that?"

The same way the government fund college places for people that are doing their first level 3 course. There was a time, not long ago where anybody could be in part time college education. You got the education free or heavily subsidised while supporting yourself with with work or as a condition of benefits. I did my first level 2 in 2000 and then an access course and despite it taking me from 2000 to 2018 I made it to MA level. College and University should be free for part time study so people can retrain while working (or heavily subsidised at least). A very interesting thing happens in countries where education for adults is free and easily accessible, it affects the entire population in a positive way. It also leads to increases in minimum wage jobs as people become upwardly mobile and less people are available to do those jobs.

"Free education would lead to more educated people. More educated people in the society leads to overall improvement in the quality of life in the society. Through better employment and elimination of the struggle for basic needs, people would concentrate on the higher aspects of life, such as improving administration and management of issues that impact the society in general. Therefore free education would have a very positive impact on the overall quality and thinking in the society.

More educated people would mean better governance from the grassroots to the national level. Educated people would make better choices in electing their representatives and are better equipped to question corruption and misuse of power. Therefore, education is not only the remedy for the ills of unequal wealth, but also the remedy for the ills that plague our administration and governments. By making education free, we prod our society towards the path of better governance."

Started in 1994, so 25 years brings us to...2019.. I guess need to ring them and check. It says it is called "honours student loans' take it this is one of the companies mentioned.

I needed an extra years due to health which they gave an extra grant for (shoot me). So had an extra loan as well.

25 years from the final loan you received. It says if you are unfit to work they write it off?

If education should be free, how are the educators to be paid? Do you propose they work for free? As a school governor, I assume you have to make decisions on budgets? how well does your 'this should all be free, so let's not bother our heads about priorities!' line go down in those meetings?

I"m glad you're getting so much personal value out of your education, I'm all in favour of lifelong learning and I do the same. I can achieve that, however, through funding myself through adult education classes (languages A levels, and dance currently) at the cost of a less than £2k a year which I fund myself. But you can surely see that universities need an income stream to carry on providing education?

@kingfisherblue33

That is insane. What the heck is the point of all that studying if you're you're never going to be able to work full time? How have you been able to study? I'm not sure why you think the money has been better spent on you than it would have been on someone who would work FT, passing on the benefits of their knowledge.

How rude (and ableist) are you? I can not work full time as I am seriously disabled. But despite being trapped in a shit body my brain works just fine and my IQ is very high. I occasionally forget that knuckle dragging mouth breathers like you exist..."don't waste money on the cripples and the genetic rejects, they can go into a home together and watch paint dry. Don't waste money on their education!!"

And did you miss the bit where it took me EIGHTEEN YEARS to do
FIVE years of study? I bet it would really make your pizz fiss if you knew how much I got in disabled students allowance to enable me to actually achieve what I have done free laptops with voice recognition software and all sorts, even desks and chairs. I made the choice to get the chair to match my char lift !

I hope it keeps you awake tonight knowing I am doing a second degree in science and then a part time PhD and its all for the gloriousness of "because I can"......and then not pay a bean because I am a cripple whose body hates them.

Passing on the benefit of their knowledge....so teaching kids doesnt count because it is voluntary?

Your friend has made a poor financial decision. Like others say it's a tax, the money would be far better spent on other debts such as mortgage or credit cards and just pay back the loan when working.

Oh God this thread is depressing!

1. A more educated populace benefits everyone. Not just those receiving the education. That is why it should be funded via taxation.

1. Educated people tend (not all but a lot) to earn more and therefore pay more tax.

1. Education is not just about getting a better job. It can make a person more well rounded and generally fare better in life.

There is no moral or philosophical argument that can justify tuition fees.

@MyNewtMyFrogMyLittleRedDog you're fabulous, for so many reasons. 😁😘

If enough people don’t even attempt to pay them off,then how will will loans be funded in the future ? No one is going to invest if they never get anything back .

sort of off topic, but because degrees are so common place now, if people dont earn above the threshold (I mean lots of people) surely the whole loan would collapse? (Maybe it will eventually but then off course you would be back to it only being for those with the means to pay).

I always wonder if we are on a ticking timebomb with the student loan thing. I pay mine back, as I've always earned above the threshold (although I don't know what that threshold actually is - I was told it wasn't super low though).

Ah, I see its 18,330 upwards. I presume (hope) they don't take much from that though as that is not a high income.

www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678490&_dad=portal&_schema=PORTAL So, if you were on £19,000 you would pay back £5 a week. I wonder how many of them get paid back in total? I imagine they must, or they would keep offering them.

I'm just relieved I was able to go to university, because I could never have afforded it myself, so I am glad to be paying it back as I have a degree I wouldn't have any other way.

Perhaps we can't afford free uni education but 9k is too much, the previous 3k was more affordable and of course, it got repaid!

Also, many who go to Uni, earn more, pay more in taxes and do the jobs we need to be done - its good for society to have an educated workforce.

I had 3 student loans from uni totalling about £4,000. From 92,93 and 94.
Have been a teacher for 23 years in various countries but have worked back in the UK for over 15 years. Had DC and 14 years later managed to be able to go f/t early last year (quite hard to do in my kind of teaching). So had to start paying it back. Had never earned enough before. It will be written off this December (although they originally told me this March and then changed their minds )

I was at university 1999-2003.

I earn 21k and have been paying it back since I graduated and earned less.

It does not get wiped out as I rang up to ask once!

There are a lot of myths about student loans and it depends what the terms of yours were as to what happens.

My good friend is a little older than me and his loan dictates he doesn't need to start paying it until he earns 25k, so he's never paid a penny - a situation I'd also be in if I went to uni when he did.