To get a loan/go to university?

[creepywoman]

Bit of a weird one. I was always quite academic in school and got good graces. I went to university and studied psychology in 2015 but dropped out after my 1st year due to problems at home. I don’t have any credits for that period.

Fast forward to now, I’m 28 and on £40k.

It’s complicated but I now need to leave my job (due my manager being inappropriate with me, asking me out etc).

So I’m just reflecting on everything. I’m not sure if I can get a job on the same income or not as my confidence is shot. However equivalent jobs do actually pay more than what I’m on, so I could potentially secure something better without a degree.

However I’m kind of regretful I don’t have a degree and wonder if this could open up my prospects. I look at the open university and I could do a 6 year part time course, but then I’m thinking that’s a long time and I’m not sure if it would get me a better job. Aibu

Here is proof
https://www.gov.uk/government/news/student-loan-interest-rates-capped

Capping the interest rate to RPI down from RPI +3% was a retrospective change that affected graduates.

The Gov equally has the power to change it back to RPI+3% or higher if need be.

But the repayment amount and salary threshold and loan term won't change - they're the things that make the difference!

Exactly - the govt can do whatever they want. The changed the benefits system, pensions will be next. Student loans after I reckon as they can't afford to write it all off.

Do as you wish - Best of luck OP.

@creepywoman my masters is in Voluntary Sector Management, but I'm sure that other courses would be as flexible - I looked at short courses at Birkbeck recently - they were very encouraging that I might as well look at doing a masters.

Borkbeck well worth looking at - all part time courses.
I will say that one of the biggest benefits of the course I did was the interaction with other students - I'm not sure that would come from online.

Do the ou degree. I did.

Oh, but you’re wrong, they can change those bits too.

The salary threshold was originally promised to increase each year with inflation….but ooops guess what? The Gov has frozen the salary threshold when it pleases it to do so and can do so whenever it wants to.

https://www.moneysavingexpert.com/news/2022/01/government-to-freeze-student-loan-repayment-thresholds-leaving/

The above 2022 freeze affected even students who started their degree in 2012.
So yes a DECADE after taking out the student loan, the Gov can retrospectively change the terms and conditions. Even the important bits that really matter.

But it really doesn't matter because the vast majority of people are never actually going to pay it all back. I still work in a job I wouldn't have if I didn't have a degree, and I still earn more than I would without so my bit of 'student tax' every month that I view the same way I view PAYE and NI was well worth it.