Government stuffing young people again, student loans

[Binjob118]

Great day to bury the news that from next year student loans will be repayed over 40 years instead of 30. This makes a massive difference. Hate this government and Tony bloody Blair for stopping free tuition. Of course, won't affect all the rich kids who never take out the loan. This on top of impossibility of young people ever being able to buy a home makes me want to scream. Totally screwed. Certainly don't think IABU!!

@Frankola i don't think you understand what is being said
It was to posters who said people should all pay the loans back in full and if they can't get a job to do that then don't get a degree
To be a teacher you need a degree so they have to go to uni
Then they will never pay back the full amount once interest is added
£10000 fees per year so thats £30000 plus if they have say even half the maintenance loan £5000 a year so thats £450000 add all the interest
So 39 years paying £90 a month is £32500 and 40 years £43200 obviously wages go up you pay a bit more bur interest keeps getting added too

@worriedatthemoment Thats the average starting wage in the UK. People obviously move through the ranks. You won't stay on starting wage forever. So your point means absolutely nothing.

You're working on the assumption that people have no ambition or never change jobs. Absolute rubbish.

Or should we just become a nanny state? Let's cancel all jobs infact and everyone can chase rainbows and get free money from the government

@Frankola still do he maths speak to teachers yes wages go up so does interest , the loan isn't 30000 and stays at that, many teachers will be women who have time off to have children so will have maternity pay and time where wages drop as well
Its not a nanny state and free money , no ones is saying nothing should be paid back
What about free money given to those who could work and choose not too ?
Also going up through the ranks as a teacher , not every teacher can do that there isn't enough posts plus yes maybe some want to stay just teaching and not become a head teacher etc
Your the one who doesn't understand

@Frankola and people aren't chasing rainbows if they go to uni to get a degree to become a police officer a paramedic a teacher etc are they
Lets see how life goes without any of the shall we
How much tax do you think you will save or get back if we start taking more at lower wage or higher amounts ,
What many are saying is maybe cheaper fees and less interest would help loans get paid back , loans that the government sell off to private companies who obviously only buy them to help the government as there is no profit in it

@worriedatthemoment but that wasn't what they were saying. Many posters were saying that university should be free.

That's what my whole history of posts on this thread have been in response to.

I have a student loan. I know the interest system on them is absolutely abhorrent and broken. But that has not been anything to do with my previous posts. You've just jumped on my comments and turned it into your own agenda/storyline.

You obviously haven't read my posts in the first place if you think I've made any comment about student loan interest. So why have you been trying to argue with me on points I haven't been making?

Yes. The interest system on student loans needs addressing. It absolutely does.

But should a student pay for their own uni education. Yes. They should.

@Frankola you addressed me first of all not the other way around
You states that of course a teacher would pay all the loan back
I haven't said it should be totally free either But that some countries do manage free or def a lot cheaper

I can't believe how low the the percentage of people paying it back actually is. I think we need to make it tough to get more people to repay. It's absolute madness that you can take out a loan, go to uni, then not pay it back.

I think the clue is in the title. Its a loan, and needs to be payed back. Extending this period is a good start

@Brieandcamembert but they prob are a lot paying back what was borrowed but not all the interest added which is high
Or we could make fees cheaper so not as much needs to be borrowed in the first place
There are other ways to do this

Most of the people who don't pay off their student loan actually pay back more than they borrowed, what they can never pay back is the compounded interest accrued on the loan. It's not that they're lounging about doing a couple of hours a week to avoid paying anything at all.
The vast majority of students make payments on their student loan at some point, but there's a world of difference between paying nothing and paying it all.

@Whammyyammy yes but why is it so high in the first place and why insist that jobs like teachers , police , nurses , paramedics etc need degrees when they will likely never pay enough to be able to pay the loan plus interest back apart from a few that go to the top and have no time off to have kids etc

@InMySpareTime

Most of the people who don't pay off their student loan actually pay back more than they borrowed, what they can never pay back is the compounded interest accrued on the loan. It's not that they're lounging about doing a couple of hours a week to avoid paying anything at all. The vast majority of students make payments on their student loan at some point, but there's a world of difference between paying nothing and paying it all.

And in that vein, these changes are welcome because the interest will only be RPI, not RPI+3.

@InMySpareTime many can't grasp on here plus they also are less likely to be getting universal credit top ups etc as well so all in all could be costing the tax payer money
But the government just say that only 45% pay or whatever and x amount of millions is not paid back without all the finer details considered
Prob be fair to say that all that go even if on benefits or low income should pay something even £5 a month rather than nothing forever .
But to word it the way the goverment do makes it sound like many go and never pay a penny

@DdraigGoch rpi but not the same They use to calculate benefit changes etc , no the one that can go up more, thats still a lot of interest

@TrueBuys

University education is not necessary other than for a few careers. Doctors, dentists etc will be unaffected by this. Those affected will probably be doing pointless courses which never result in a decent salary. Why should everyone else subsidise pointless degrees?

What a truly miserable way to view education and life in general

[quote DottyHarmer]@Fernhurst - European degrees are very different. Italy, for example, has a pyramid structure; if you don’t pass the first year (and many don’t) you’re off the course. No cuddly diddums I can’t manage excuses (and the institution wanting to keep all the fee paying students no matter how crap they are).[/quote]
It's actually the opposite. In Italy you can usually stay at university as long as you like, as long as you keep paying the annual taxes. Students can take their exams generally as often as they want and when they want. It's not unusual for people to stay at university repeating exams over and over until they are well into their thirties. It's only universities with scholarships, or where you have to pass specific entrance tests to get in where you could "fail". Most universities however don't operate like that and are "open" literally to everyone who wants to go, they only need to have finished high school. Most law degrees are like that- it's another anomaly, in Italy, if you're not that brilliant or don't really know what to study, you do law. So you get the situation whereby when courses start in October, or November in some cases each lecture will have 600 kids. By Christmas that will be down to 300 and so on. Not because they've failed, just dropped out. Attendance isn't compulsory a lot of the time. Lots of students only go into university to do the exams. Never bother the rest of the time.
Things are changing a bit and more and more courses are becoming "closed numbers" with commensurate expectations of attendance and exams completed promptly, but they're still not going to kick people out while they keep paying to be there.

@TrueBuys and teachers , police officers , nurses , paramedics etc yes all useless careers, lets see if you can live without them all

@Geamhradh thanks for clarifying the actual truth its funny how people post something about other countries to suit their agenda as they don't expect someone to come along and call it out

But there is the pyramid structure whereby loads start and few finish. If you don’t present yourself for enough exams you leave. That is how the “lawyers” are whittled down so you don’t have untold numbers graduating.

Incidentally being an “educated graduate” doesn’t mean any more in Italy than it does here. You’re still scrabbling round for a job in a hotel or sitting in your childhood bedroom at 38 asking Mamma what’s for dinner.

@worriedatthemoment - I hope you’re not posting about me: I have absolutely no agenda

@DottyHarmer so is what the other poster said untrue as that is quite different to what you put
And pretty sure you have to pass here to stay on the course
Mn in general re: agenda as often you get a poster say in xxx they do this then someone who lives there calls it out

But should a student pay for their own uni education. Yes. They should

If the loan its self was repaid, then sure but they charge interest rates way over commercial loan terms, so as this is compounded, few students can ever repay.

We also have very large skills shortages in this country, from health to science to teaching, these aren't on the whole, high paying jobs, so if you want students to pay back for their education, pls don't complain when you can't get an operation or your kids are in a class of 50 or medical test results take months to get done.

Very short sighted policy.

@DottyHarmer plenty of graduates also get jobs better paid ones than nmw like hotels etc
Infact many low paid industries like hospitality rely in students as a good percentage of the workforce as do leisure industries etc

@Alexandra2001 its amazing that people can't see this isn't it
I don't think many are saying it should be totally free , just fair

I'm just saving all the child benefit now and trying to top it up so I'm saving £100-150 per month probably won't be enough but it's a good start

I'll also be telling mine that as they actually spend so little time in university they can go to a local university and live at home and there will be an expectation to have a part time job - not dosa around for 3 years when to be honest it could be done in 2 years!!! Saving people a fortune