Brian Fantana
Well-known member
I graduated in 2009 and finished paying mine off last year. I earn a decent amount but certainly not a really top job.
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[Help] Student loans
- Thread starter Garry Nelson's Left Foot
- Start date
I graduated in 2009 and finished paying mine off last year. I earn a decent amount but certainly not a really top job.
chimneys
Well-known member
- Jun 11, 2007
- 3,590
In the same way Nat West/
What, just like RBS/HBOS/Lloyds weren’t until the
hit the fan?!seagull_si
Active member
I would say I earn a decent wage, but nothing spectacular. I have just checked my latest statement from SLC. In the 22/23 tax year I repaid £1400 but £1200 interest was added, so my loan amount only decreased by £200 for the year. I graduated 8 years ago this year and at a net payment of £200 per year I will not be paying off the balance in the next 17 years.
Different people will need/are entitled to different amount of loans which could explain how you managed to pay your off and I never will.
mile oak
Well-known member
- May 21, 2023
- 685
i think you will find the government keeps changing the goalposts here.
keaton
Big heart, hot blood and balls. Big balls
- Nov 18, 2004
- 9,664
Of the recent student loans yes. But I graduated just after the OP and have 18 months to go, and I'm well below a top job
deletebeepbeepbeep
Well-known member
- May 12, 2009
- 20,961
My loan will be paid off by the end of next year. Can't wait, suddenly £2500 a year better off.
It has taken me 18 years to do it but I received full whack (including retaking a year) and was poorly paid for at least my first 10 years worth of employment.
It has taken me 18 years to do it but I received full whack (including retaking a year) and was poorly paid for at least my first 10 years worth of employment.
seagull_si
Active member
I have just been looking into this further. despite me being in full time employment since the day I graduated in 2016, my student loan has actually increased by 10% due to the interest being added to my balance. In the last tax year the interest added was more than I paid in 5 of the 12 months.....which is madness.
BenGarfield
Active member
Tax doesn’t pay for student loans nor do the payments to the students loan company as they’re not loans, but another type of tax.
JOLovegrove
Well-known member
- Jan 30, 2012
- 2,008
I am shocked that there are people on here that seem to be pro paying it back. It is ludicrously expensive, I joined Uni in 2012, so was the first batch to get hit by the 9k a year.
That, plus how expensive it is to get on the housing ladder, and my generation (and I am sure every generation thinks this) feel like it has been hit the hardest.
That, plus how expensive it is to get on the housing ladder, and my generation (and I am sure every generation thinks this) feel like it has been hit the hardest.
I have to fill in their form online every year to confirm I'm still poor and will have to keep doing so until I'm 65.
My partner, 5 years younger than me, only has to do it until she's 46 (this is the case for plan one loans taken out after 2006, which are written off 25 years after the first repayment was due).
@Garry Nelson's Left Foot Use this for an idea of what your repayments might be
My partner, 5 years younger than me, only has to do it until she's 46 (this is the case for plan one loans taken out after 2006, which are written off 25 years after the first repayment was due).
@Garry Nelson's Left Foot Use this for an idea of what your repayments might be
Does seem unfair to let people who move abroad have it for free. Every chance somebody made a right cock up up telling you that 20 years ago
chimneys
Well-known member
- Jun 11, 2007
- 3,590
“We are a non-profit making government-owned organisation that administers loans and grants to students in colleges and universities in the UK.”
If it fails it will be the British tax payer that bails it out/balances the books!
Probably those here who own their home and have/had a student loan, have more than decent household income. Starting on the housing ladder in southern England in the last 20 years is expensive, to do that whilst making repayments to SLC, takes a good salary.
Or huge deposit from the bank of Mum and Dad.
- Oct 17, 2008
- 10,712
I really resent paying mine back, as I only took the leap to study as a mature student due to Clegg’s “non-negotiable promise” about freezing student loans to get in government (which I voted for). Which he then backtracked on.
I know the Tories forced him into it, but a promise is a promise. This is why I will only begrudgingly engage with SLC and never vote Lib Dem again - ever.
The single biggest direct cost a government ever has or likely ever will directly cost me on a false promise.
I know the Tories forced him into it, but a promise is a promise. This is why I will only begrudgingly engage with SLC and never vote Lib Dem again - ever.
The single biggest direct cost a government ever has or likely ever will directly cost me on a false promise.
Jimmy Grimble
Well-known member
Yep. I’m in a very similar position. Would probably have to earn close to 100k a year to pay it all off. It’s just another tax and means young people have less money to spend on things which might actually help the economy.
It’s just a reflection of the average age on this board. If this was a thread on Twitter/X, there’d be hundreds of young adults sharing their stories of being shafted. There’s no doubt that generation Z/millennials have had it far worse than their previous generation in terms of cost of university and housing.
Pretty much everyone in my peer group of youngish adults who has managed to get on the housing ladder has done so through some kind of financial help, or through staying living with parents until their late 20s and beyond.
Strange policy given there were relatively few unemployed 18 year olds with good A level results…
Just as well the benefits of Brexit wasn’t sold on a pack of lies.
I’ve seen clients make substantial gifts to their kids for that, six figures a pop.
- Oct 17, 2008
- 10,712
I’m a remainer. Brexit hasn’t DIRECTLY cost me the student loan fees I now owe. Relevance?
Helps with IHT planning/avoidance providing the parents survive 7 years……..
£200 billion in student loans outstanding and £20 billion a year being added, with supposedly around 25% expected to be repaid (increasing to 60%+ over time but can’t see that happening personally).
Particularly daft that anyone studying to become a doctor, nurse or similar ends up with student loans. Should be written off providing they give sufficient time back to the NHS through employment.