To think people are unaware on how much the government has SHAFTED students with loans

[SucksToBeMee]

This brings me so much anger to this day, and I took out my student loans from back in 2012 when 9k tuition fees were introduced.

I did a 3 year undergrad and I left with a 50k debt. I can live with my 50k student loan. Fine, the government wants to pass the cost on to students (not that I agree you they should be doing that) but fine.

But the interest rates are so unbelievably outrageous I have no NO CLUE how they've gotten away with completely shafting the whole (especially poorer) student population.

Do people realise the interest rate on student loans is 3% + RPI? It's currently at 6.6%

6.6% interest this year on a 50k loan. That's at least £3300.

I earn a £45k salary and I still won't cover the interest this year. I have been earning a fairly decent salary since graduating and I have never covered the yearly interest.

My outstanding debt goes up and up each year even though I'm paying them thousands in the year. I now owe them £55k after giving them around £6k since I graduated.

They will carry on taking 9% of my salary over 25k and 9% of all my bonuses for the next 30 years.

Anyone who took out max loan (aka from a poorer background) and ended up breaking the barrier through to a better life is fucked over the most.
The wealthier families get away mostly scott free.

I think it's absolutely outrageous, and I'm not sure people realise how fucked over we're actually getting with interest rates. I have a debt that I can never even start to pay off. I will pay them probably double what I initially owed them over the next 30 years.

Honourable mention: they also charge max interest rates on your outstanding loan for the duration of your study.

What are you talking about?

You say there is no basis for any of it. If that is the case why are top lawyers saying completely different including from the EU?

My kids both have jobs and work work for their maintenance. One works all the holidays and the other works term time. Their loans are minimal because of this.

Thanks @mathanxiety

On the wider strategy, you won’t get any arguments from me.

Your post suggested (to me anyway!) that the desire to increase student numbers was a front purely to raise loans in order to sell them, which I didn’t agree with, but I don’t think that’s what you were saying?

In fact, to add to your post, the ONS has confirmed the change to treatment in the national accounts (although different to economic value of a sale, and partly reflects the fact the loans were overvalued upfront in the national accounts)

I hadn’t realised the scale of the loan book sales. Quite an education.

There you go, OP. Your interest rate is set at a level that will make your loan attractive to buyers. Are you comforted by knowing that your loan will be a highly rated asset? Thought not

Plan 2 loans like the OPs have not been sold.

Yet.