Page 21 | Student loans- feel sick

DangerousAlchemy · 30/07/2025 22:01

ThisTicklishFatball · 30/07/2025 18:21

How can you claim my children won’t learn life skills just because they live at home, without providing any evidence? Are you being difficult intentionally? It’s 2025, and attending university is only necessary in specific circumstances. There’s a local university they could attend by commuting on the train, which might provide an eye-opening experience in observing how unpleasant human behavior can sometimes be—almost as if going to school or other places doesn’t already teach that lesson. Of course, whether they decide to go or not is entirely up to them. Moving away from home isn’t required to learn life skills unless the children are overly pampered or unable to stay home because their parents don’t want them there for whetever reasons, as might be the case for your daughter. There are many ways to gain qualifications, find jobs, and earn money while also developing essential life skills while living at home. My children will have the freedom to travel and live independently at any stage of life, not because I want them out of the house as soon as possible or because I can't stand them anymore. My children will manage everything without accumulating debt.

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Ha ha very funny. You sound deranged tbh 😆😆 have a lovely day. Did you even read my post? hilarious response

sussexman · 30/07/2025 22:09

Inthemidnighthr · 30/07/2025 20:43

Ok and that seems to affect 5.3% of students. 44% won’t pay it back and the value of outstanding loans is £267 billion or more than the whole NHS budget. It should be repaid. People who get degrees should look to earn decent salaries. Otherwise it’s a total waste of time and energy

You aren't comparing like with like. Student loans were introduced in 1990, so over the last 35 years, we've collectively accumulated £7bn a year. We've spent more than £267 billion on the NHS in just the last 2 years.

We are also charging a frankly ludicrous 8% nominal interest on these loans, but we also don't require them to be repaid. This was all financial engineering by Osborne to keep the cost of expanding HE off the government's books.

Judecb · 30/07/2025 22:13

That does seem like an usually high repayment and a very high interest rate. I would check.

Gotalotofdogs · 30/07/2025 22:17

As a mum of a post uni student...I'd advise 'Chill your beans!' Student debt is paid back so slowly. My daughter has a decent job now & doesn't even notice the deduction.

XenoBitch · 30/07/2025 22:19

Moonquarter · 30/07/2025 21:56

Mines over 100k student debt, but my degree has given me a lot better paid job - so far over 12k difference compared to minimum wage, and my salary will go up as I’m in an entry level position. So for me, going to university has been the best thing I’ve ever done. Mine is on plan 2, so I don’t think I’ll ever pay it off, but at least I can live a more comfortable lifestyle than living paycheck to paycheck as I did beforehand.

It got you into the job/career you wanted... and working in a job you like is priceless. Plenty of people don't have that pleasure.

Adrienne23 · 30/07/2025 22:22

It’s disgusting, the government should shut the loans company down. Criminal.

shuggles · 30/07/2025 22:29

@Lazy56789 OP, you haven't done anything wrong. Everyone is getting hit with high student loans sadly.

Word of advice; it is extremely unlikely that you will pay that money off. So your goal should be to minimise repayments as far as possible until the debt is wiped off.

To reduce debt repayments, look at salary sacrifice schemes in your workplace. Can you put more money into your pension each month for example? If you put more money into your pension by salary sacrifice, you will see the monthly student loan payment decrease.

That's more money going to you, as it should be.

Smurfette63 · 30/07/2025 22:35

Lazy56789 · 29/07/2025 07:15

I did a degree around 15 years ago, and a Masters around 10 years ago.
A repayment is taken out of my salary each month based on my earnings, but when I received a letter from student finance today I saw my balance was 41k! And over 2k in interest was added in the last tax year.

It's terrifying, I'm not in a position to pay off huge amounts, how does anyone do it? The figures are eye-watering, I feel like i must've done something wrong for it to be so high?

I personally believe they should not be allowed to charge interest on student loans. Legal scam! Worse than a mortgage!

WaryCrow · 30/07/2025 22:57

Shudacudawuda · 29/07/2025 08:08

"The way we were missold these loans is a national scandal."

Agree. It's a scam. A way of squeezing even more out of only the poorer kids from a generation that already have things far harder than their parents and grandparents generations when it comes to pensions, healthcare, housing and cost of living.
I'm not encouraging my kids to go to university unless it's vital for their chosen career path AND they fully understand the financial implications for their entire lives.

This whole country has become nothing but a scam. Work, learn achieve… ‘no one forced you to go to uni’… except low wages which barely allowed us to live, thanks to the older generations screwing us over on private rent and buying up all the housing stock, destroying all possibility of working for a living.

20 years ago.

That bloody generation told us all our work would be worth it, WHEN???

Velmy · 30/07/2025 23:01

Zonder · 29/07/2025 07:43

Oh yes. That's what they want. 🤔

Can you just remind me who they is, and why they would want "everyone broke and struggling to repay it"?

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It's a conspiracy, it has to be! It can't be anyone's actual fault that they're skint.

The System just wants to keep them broke and unable to...erm...buy loads of stuff, pay into private pensions, take care of their own healthcare, live in their own home...

Much better that as many of us are kept penniless and reliant on the state 👍

Juniperberry55 · 30/07/2025 23:01

shuggles · 30/07/2025 22:29

@Lazy56789 OP, you haven't done anything wrong. Everyone is getting hit with high student loans sadly.

Word of advice; it is extremely unlikely that you will pay that money off. So your goal should be to minimise repayments as far as possible until the debt is wiped off.

To reduce debt repayments, look at salary sacrifice schemes in your workplace. Can you put more money into your pension each month for example? If you put more money into your pension by salary sacrifice, you will see the monthly student loan payment decrease.

That's more money going to you, as it should be.

Edited

I don't think increasing pension contributions etc actually effects the student loan repayment value each month. Increasing pension contributions does reduce the income tax but not the student loan repayments

shuggles · 30/07/2025 23:07

@Juniperberry55 I don't think increasing pension contributions etc actually effects the student loan repayment value each month. Increasing pension contributions does reduce the income tax but not the student loan repayments

It worked in my case.

I greatly increased the amount of money I am paying into my pension by salary sacrifice. Now my student loan repayments are much lower.

ShesTheAlbatross · 30/07/2025 23:12

shuggles · 30/07/2025 23:07

@Juniperberry55 I don't think increasing pension contributions etc actually effects the student loan repayment value each month. Increasing pension contributions does reduce the income tax but not the student loan repayments

It worked in my case.

I greatly increased the amount of money I am paying into my pension by salary sacrifice. Now my student loan repayments are much lower.

Yes, I think it only works if your pension is done through salary sacrifice.

Teasloth · 30/07/2025 23:14

Mines about £85,000 as was 4 year course plus the full amount of maintenance loan I have to repay
Finished 2023

Haven't even started earning enough to begin to pay anything back yet and I'm 42 so it's never going to get paid back.

I literally don't even really ever think about it

I remember Martin Lewis once saying something like unless you walk out of a degree at about 23 on a £75k starting salary then its probably never worth trying to pay back anyway as you'll never clear it

I don't consider it 'debt' as such. If they didn't charge such stupid fees then people wouldn't have to borrow in the first place

When I first looked into doing the degree about 8 years before I actually did, it was £550 a year. My fees were £9,850 and now they're even more

I think I probably had about 5 hours actual contact time a week with tutors for that so don't feel bad not paying it back in the slightest

Fetaface · 30/07/2025 23:28

Juniperberry55 · 30/07/2025 20:41

You being financially irresponsible is not my fault. Dont blame me because you took the path of least resistance at the time and now do not like the outcome.
Pretty sure if you check my posts I never blamed you. Path of least resistance would surely be sitting on my arse and never working surely?
I am also not financially irresponsible, I have a mortgage, I pay my bills on my own. I could be accused of many things but financially irresponsible is not one of them
I do however think the student loan system is flawed and think the government needs to do something to make it a fairer system
I could have worked for years to save enough to pay £27k of tuition fees and then continued to work part time. But that would have meant I would have left home later, house prices and interest rates would have meant I was unable to afford the same house as what I currently live in.
I imagine you'll come back with I should work every hour of the day and get 2 hours of sleep to earn more money, but the point is, you didn't have to, so it was comparatively easier for you to be debt free through uni than someone who started just a few years later.
I also nearly burnt myself out that year trying to work and go to uni as I was undiagnosed and living with an autoimmune condition, if I tried to work anymore at the time I'd have landed myself in hospital more than I already did.
There are plenty of reasons someone doing the exact same thing as you, doesn't necessarily result in the same outcome. But I don't think you're humble enough to admit it. I can say you worked hard and achieved a positive outcome, well done, but you seem to find it impossible to accept that someone could work just as hard as you did and not achieve the same thing.

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It wasn't easy. If you think doing a full time degree and working almost full time is easy then you maybe haven't tried it.

Oh I can accept people work hard and not achieve the same thing. Why lie?

WaryCrow · 30/07/2025 23:46

The Economist has had a couple of good articles on Uni finances and financing recently. ‘Britains bankrupt universities are hunting for cheaper models’ not only showed that the U.K. charges more than any other country, wherever the money is being spent it is not on anything useful. ‘Too many British universities are obsessed with being world class’ also questioned the future of education with AI on the march.

Nowadays qualifications don’t even last very long - a nursing qualification is useless 2 years later if you haven’t got a job, for teaching it’s 5 years. Yet you have the debt for life. It is a scandal.

Juniperberry55 · 30/07/2025 23:48

Fetaface · 30/07/2025 23:28

It wasn't easy. If you think doing a full time degree and working almost full time is easy then you maybe haven't tried it.

Oh I can accept people work hard and not achieve the same thing. Why lie?

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I never said what you did was easy, read my post again. I said that you worked hard, achieved getting through uni debt free, but someone a few years later could have worked just as hard and not been able to achieve the same thing what part is the lie?
I worked while I was at uni at least 18.5hours per week, I also had an undiagnosed and therefore untreated autoimmune condition and would've been in hospital more often than I was if I worked more hours and wouldn't have been able to attend lectures if I was physically in work monday- Friday 9-5.
I won't bother speaking to you any further as I don't think you can possibly accept that not every person who took a student loan is lacking common sense and just needed to get a job alongside uni.

hcee19 · 31/07/2025 01:26

This country treats young people so badly. Uni debt, massive deposits to buy a home, stamp duty increased, along with car insurance, council tax etc...Shameful..

OonaStubbs · 31/07/2025 03:06

Young people need to start voting. Posting on social media doesn't change anything.

GabriellaFaith · 31/07/2025 04:49

It's awful. I took on additional hours for a few years and increased my monthly repayments as much as I could because mentally I just wanted it gone!

LGBirmingham · 31/07/2025 06:33

PeonyPatch · 29/07/2025 13:46

Yeah, I’m dubious of it as a system too! Yes, HE is an industry.

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For a lot of subjects it's really a pyramid scheme.

Mittleme · 31/07/2025 07:02

I don't think it's about judging anyone
it's a good point made because I believe Student loan is a blessing in this country and an individual should only take it if it's going to be worth it I.e earn enough salary so it doesn't become a burden
I grew up in a country that has no such thing and I would be grateful if I had such opportunity of a student loan .

paranoidnamechanger · 31/07/2025 07:26

I don't think it's about judging anyone
it's a good point made because I believe Student loan is a blessing in this country and an individual should only take it if it's going to be worth it I.e earn enough salary so it doesn't become a burden

A lot of us, with varying jobs and salaries, have said we don’t feel burdened. Also, there’s no requirement to pay it off, so it’s fine.

Waitfortheguinness · 31/07/2025 07:50

WaryCrow · 30/07/2025 22:57

This whole country has become nothing but a scam. Work, learn achieve… ‘no one forced you to go to uni’… except low wages which barely allowed us to live, thanks to the older generations screwing us over on private rent and buying up all the housing stock, destroying all possibility of working for a living.

20 years ago.

That bloody generation told us all our work would be worth it, WHEN???

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Oh dear god, I wondered when a prize BBB (Boomer Bashing Brigade] plonker would wheel all this f’ing rhetoric out again. Blaming poor 78 year old Mavis at no 104, who’s barely managing on her shitty SP, for all their post uni woes. You decided to go to university and signed on the dotted line but now you’re pissed off because you’ve got to pay it back?

PeonyPatch · 31/07/2025 08:07

LGBirmingham · 31/07/2025 06:33

For a lot of subjects it's really a pyramid scheme.

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True…. Sad, but true…