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.

The whole way the government funds most things is a ticking time bomb!!!

Want to get angry look at the housing benefit bill, most goes to professional private landlords they gain assets via the tax payer...

Would you fund people up to PhD level,

Actually most science PhDs ARE publicly funded via Research Councils.

Wonder where all the money comes from? The money tree

Taxation. Same as it did before.

This annoys me. Surely the student loan enabled someone to ‘gain’ something they wanted. It should be paid back in full.

it's ok that the rest of us paid for your degree then?

Well you always used to, still do to a large extent and that's exactly the way the scheme was designed to work.

Are you happy about everything the government spends its money on?

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?

Do you know how much it costs? The money comes from general taxation, same as it always did, now with the occasional lump sum received from selling the loan book.

Titchy is correct - generally PhDs are funded by externals or self funded. Mine was funded via a research council, as was my Masters. They have started recently offering post grad loans though, and I heard talk of Doctoral loans but I down this will transpire.

I wonder if the PG loan thing has started because so many people are getting degrees and therefore the thinking is you have to do a PG?

The £9k fees don't cover the costs of a lot of courses anyway

https://www.slc.co.uk/stakeholders-partners/stakeholder-partner-latest-news/student-loans-company-service-updates/201819-sfw-postgraduate-doctoral-loan-application-service-now-open.aspx

Doctoral loans are here now!

I am perfectly happy for my taxes to fund FE and HE.

Maybe if we didn't have a government who fails to tax big business/their mates it could easily be financed that way now.

I'm 42yo. Got my annual deferment letter today and for the first time ever I will have to start paying it off. I don't think that I'll repay it all though before they're written off. Took my first loan out in 94 and the last one in 96. They're written off after 25 years. Just need to find out if it's 25 years for each one or 25 years from the date of the last loan, but they seem to be three separate loans so I'm hoping one will be written off this year! Then one next year and one the year after.

Oh I see someone has said it's 25 years from the last loan. Bugger. Oh well I will have to pay for the next three years then. But I think instalments are spread over 60 payments so guess I will pay just over half back.

@purpletigers
I had no student loans
I got a grant
I got benefits
because higher education is a public good

honestly its daft to pay it off in almost any scenario, people who do often don't seem to understand how it works properly

That's a waste of an education, and as the loan book is sold off, you may find that those who buy the debt will come after you

Those who buy rights to the repayments in more recent sales cannot contact borrowers. Collection is still done by Government, same as unsold loans.

@thatmustbenigelwiththebrie it does get wiped out after I think 30 years

@titchy is that not just for Wales at the moment? If not my place is slow to mention it. We are encouraged to push people to go down the postgrad masters level with loans. I'm sure this will put pressure on us (people working at universities) to get people to apply for further loans.

Nope, I'm a twit. It seems they have been rolled out - I'm surprised we aren't having the powers above have us promote the backside out of this.

If I got a big chunk of money, paying them off would be on my list but not at the top. Mine get written off at age 65 and repayments start at a lower threshold than plan 2 loans. They're not as much debt though. I just view it as another tax.

Doctoral loans U.K. wide - see here on UCL's website for example (scroll down):

https://www.ucl.ac.uk/students/funding/fund-your-studies/postgraduate-research#Doctoral%20loan

thatmustbenigelwiththebrie spot on. Some of us exist in the in between years where our loan doesn't get written off until were 65 and payments started at a lower threshold. I'm a band 5 nurse earning 26k a year and my repayments are over £100 a month (from a previous degree, I got my nursing for free thankfully).

@puppy23

Nigelwiththebrie is correct...there’s a certain bank of loans 98-2005 England only that don’t get written off until 65.

The same bank of loan years gets written off after 30 years if you were resident in Scotland.

And if you started in 2006 it gets written off after 25 years.

And if you were pre-98 on the old style loans it was also written off after 25 years.

I don’t know why more attention isn’t being drawn to the inequality in payment lengths.

I don’t mind paying my loan back - even though I’ve never really used my degree.

I do mind being stuck with the repayments for an additional 17 years because I started in 2005 rather than 2006 though...

I agree the 98 to 2005 loans are utterly brutal

The repayment threshold is so low, is it equivalent to MW?

I'd never bother paying mine off! I pay about £60 a month and probably will do for as long as I work. It's fine by me, it's as cheap debt as you can get, and I just think of it as the tax I pay for my degree, really.

I believe it's around 18k.

Someone on a plan 2 loan would have to be earning 40k a year (14k more than me) to be paying the same amount as me. It's a disgrace.