How long have they been charging us 6.5% on Student loans? 🫣😂

[jacknorth]

@hall If you're not expecting your income to increase then the debt will be written off before you have paid back as much as you received.

 

[aibbycatalan]

@jacknorth Everybody's income will increase in the next decade, what are you on about

 

[jacknorth]

@aibbycatalan If you adjust salary for inflation then you should also adjust the initial amount borrowed when comparing the two. I was ignoring inflation, since it can be applied to both sides of the equation equally (amount borrowed vs amount repaid). What are you on about?

 

[aibbycatalan]

@jacknorth Very strange way to phrase that. You said "if you don't expect your income to increase" when what you meant was "if you don't expect your income to increase by more than inflation". That's what you're on about.

 

[jacknorth]

@aibbycatalan It really isn't strange at all. I think that given the context it's quite obvious.

 

[cp115]

@hall How much more are you earning or will earn because of your degree though

 

[hall]

@cp115 Not any more than I would have with an apprenticeship.

 

[cp115]

@hall What industry?

 

[paulamasu]

@cp115 Probably the same as someone on a plan 1, or someone that went to uni in Europe, or someone who's parents paid for their course, and a lot more (including paying a lot more) than someone that did a useless degree that'll have their debt written off at 30.

Very fair system, really cool!

 

[theropod]

@cp115 For a lot of people? Jack shit all.

I have two degrees. Love them both. Wouldn’t have done anything differently. But I would be earning roughly the same had I stopped in retail and worked plenty of overtime.

For some roles, such as nursing, then the degree gets you the job, you can’t do it without.

For many others, it’s blind luck that they land in the right job at the right time. I have colleagues earning twice what I do without a degree. I have staff working under me that have degree classes well above mine.

 

[wiscmichalt]

@cbmiller Wtaf Im on 85k balance

 

[elisemable]

@wiscmichalt Same, it’s increasing by about £3k more per year than I’m paying off… I’ve not started paying it off yet, beginning this April, and I’m earning £45k. Otherwise feel like I’ve done well for myself, I’d love to pay it off but I’m not loving this interest. It’s a bit rough.

 

[tran2904vipii]

@cbmiller Well plan 2 was capped at 12% last year so think of this as a half price discount.

Lib dem came around last week. Wasn't too interested in discussing that point though...

 

[helping]

@hall Bloody hell! I will fully admit I didn’t understand any of this when I signed up.

I just took my dads advice when he said it was an incredibly low interest rate and I would only pay it back when I was earning good money. I suppose that was correct at the time

 

[jerryargot]

@helping Yep. I was always told it would be cheap enough and you wouldn't miss it. Now earning into the high 40s and I'm losing 200+ a month. Not the end of the world, and because you get used to it you don't miss it as such.
But it's shit knowing it's paying off next to nothing and the likelihood is it will run for the full 30 year limit.
Unless I start contracting and pull in funny money to pay it off early.

 

[heartnsoul19]

@jerryargot

But it's shit knowing it's paying off next to nothing and the likelihood is it will run for the full 30 year limit.

And that the generations before you never had to pay this, received higher wages relative to the cost of living, paid lower taxes and now receive a non-meanstested £200/week for their trouble.

 

[hall]

@jerryargot It’s very infuriating. I don’t see how £9250 is justified for one year considering the level of education you get (especially during the pandemic). I guess people earning 40-100k basically pay for everybody else’s tuition as an education tax- people under £27k pay nothing, and people from rich backgrounds paid it off in full.

 

[tran2904vipii]

@hall In a sense. But debt was sold off. So government don't make nay money off it... their mates do

 

[paulamasu]

@hall You're penalised for doing a good degree basically, I'm going up pay massive piles of money in interest and principal because I studied something marketable and consequently got a decent job and happened to be born at a specific time.

More fool me I guess.

 

[heartnsoul19]

@paulamasu The foolish part is staying in the UK if you're so marketable.