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Post by northlondon83 on May 23, 2023 9:28:32 GMT
www.thetimes.co.uk/money-mentor/article/student-finance-uk-latest-news-2023-changes-england-wales/From September 2023, people going to university will face major changes to their student loans: Repayment threshold is set to lower from £27,295 to £25,000 The student loan will be written off after 40 years instead of 30 Interest rate will go down to inflation rate rather than RPI + 3% Thoughts? I think that this is very disadvantageous for those going to university, they'll definitely end up paying more debt, and will end up paying for almost their entire working life. The article suggests that the amount that people pay on average will almost double from £243 a year to £450 a year. With inflation rates still high university is becoming less affordable, although inflation is predicted to fall by next year.
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Post by WH241 on May 23, 2023 9:59:23 GMT
www.thetimes.co.uk/money-mentor/article/student-finance-uk-latest-news-2023-changes-england-wales/From September 2023, people going to university will face major changes to their student loans: Repayment threshold is set to lower from £27,295 to £25,000 The student loan will be written off after 40 years instead of 30 Interest rate will go down to inflation rate rather than RPI + 3% Thoughts? I think that this is very disadvantageous for those going to university, they'll definitely end up paying more debt, and will end up paying for almost their entire working life. The article suggests that the amount that people pay on average will almost double from £243 a year to £450 a year. With inflation rates still high university is becoming less affordable, although inflation is predicted to fall by next year. I’m sorry but if people think paying off £450 a year is affordable then I am lost for words. You know what you are getting into when you apply to university. I appreciate my reply will seem harsh. I know we can have off topic threads but some of these type of topics are only going to cause more friction and very likely to end up with differing views. |
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Post by Eastlondoner62 on May 23, 2023 10:16:33 GMT
www.thetimes.co.uk/money-mentor/article/student-finance-uk-latest-news-2023-changes-england-wales/From September 2023, people going to university will face major changes to their student loans: Repayment threshold is set to lower from £27,295 to £25,000 The student loan will be written off after 40 years instead of 30 Interest rate will go down to inflation rate rather than RPI + 3% Thoughts? I think that this is very disadvantageous for those going to university, they'll definitely end up paying more debt, and will end up paying for almost their entire working life. The article suggests that the amount that people pay on average will almost double from £243 a year to £450 a year. With inflation rates still high university is becoming less affordable, although inflation is predicted to fall by next year. Shouldn't they be paying it off if its a loan? I think people need to realise that while the rates going up are probably unfair, the point of getting a degree is to get the higher paying job which will allow you to pay it back. |
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Post by southlondon413 on May 23, 2023 10:27:19 GMT
www.thetimes.co.uk/money-mentor/article/student-finance-uk-latest-news-2023-changes-england-wales/From September 2023, people going to university will face major changes to their student loans: Repayment threshold is set to lower from £27,295 to £25,000 The student loan will be written off after 40 years instead of 30 Interest rate will go down to inflation rate rather than RPI + 3% Thoughts? I think that this is very disadvantageous for those going to university, they'll definitely end up paying more debt, and will end up paying for almost their entire working life. The article suggests that the amount that people pay on average will almost double from £243 a year to £450 a year. With inflation rates still high university is becoming less affordable, although inflation is predicted to fall by next year. Shouldn't they be paying it off if its a loan? I think people need to realise that while the rates going up are probably unfair, the point of getting a degree is to get the higher paying job which will allow you to pay it back. True, but then that raises the question of whether universities are offering the best courses. For example they are a requirement for areas like sciences, engineering, law etc. But some subjects like media, journalism, computing, teaching etc could be taught in more cost effective apprenticeships. Perhaps we need more specialised universities that only do course catered to careers that require university degrees due to the large scale complexity of the job with vocational colleges offering courses in things like journalism that require you to get placements or be mostly active out of classroom learning. |
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Post by northlondon83 on May 23, 2023 10:37:11 GMT
www.thetimes.co.uk/money-mentor/article/student-finance-uk-latest-news-2023-changes-england-wales/From September 2023, people going to university will face major changes to their student loans: Repayment threshold is set to lower from £27,295 to £25,000 The student loan will be written off after 40 years instead of 30 Interest rate will go down to inflation rate rather than RPI + 3% Thoughts? I think that this is very disadvantageous for those going to university, they'll definitely end up paying more debt, and will end up paying for almost their entire working life. The article suggests that the amount that people pay on average will almost double from £243 a year to £450 a year. With inflation rates still high university is becoming less affordable, although inflation is predicted to fall by next year. I’m sorry but if people think paying off £450 a year is affordable then I am lost for words. You know what you are getting into when you apply to university. I appreciate my reply will seem harsh. I know we can have off topic threads but some of these type of topics are only going to cause more friction and very likely to end up with differing views. I don't see what's wrong with having differing views. The whole point of posting on a forum like this is to discuss your views on something and you will come across people who disagrees with you. Anyway back to the topic, I wonder whether this will make people reconsider other options like degree apprenticeships which are valuable to an employer as you learn a skill whilst earning money and you don't end up in debt. But there's also the fact that student loans are really graduate taxes as the majority of students don't fully pay back their loans. Some people don't even get a graduate job after university (the whole point of going there in the first place is to get a graduate job) and the reason why these changes are being made is because not enough people are paying back their student loans |
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Post by SILENCED on May 23, 2023 11:16:17 GMT
www.thetimes.co.uk/money-mentor/article/student-finance-uk-latest-news-2023-changes-england-wales/From September 2023, people going to university will face major changes to their student loans: Repayment threshold is set to lower from £27,295 to £25,000 The student loan will be written off after 40 years instead of 30 Interest rate will go down to inflation rate rather than RPI + 3% Thoughts? I think that this is very disadvantageous for those going to university, they'll definitely end up paying more debt, and will end up paying for almost their entire working life. The article suggests that the amount that people pay on average will almost double from £243 a year to £450 a year. With inflation rates still high university is becoming less affordable, although inflation is predicted to fall by next year. £450 a year is £37.50 a month. Is that really a killer if you are doing a course that will further your career. If you are doing a course which is unlikely to lead to anything, then yes it is a problem, but university should not just be about a jolly, but ending up with something useful. Don't get your last part. If you have debt, inflation is a benefit, as the real term value of what you owe diminishes. Last period of high inflation was the 80s, yes it was tough at the time, but everyone seemed to be better off when things normalised. |
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Post by Green Kitten on May 24, 2023 6:29:08 GMT
www.thetimes.co.uk/money-mentor/article/student-finance-uk-latest-news-2023-changes-england-wales/From September 2023, people going to university will face major changes to their student loans: Repayment threshold is set to lower from £27,295 to £25,000 The student loan will be written off after 40 years instead of 30 Interest rate will go down to inflation rate rather than RPI + 3% Thoughts? I think that this is very disadvantageous for those going to university, they'll definitely end up paying more debt, and will end up paying for almost their entire working life. The article suggests that the amount that people pay on average will almost double from £243 a year to £450 a year. With inflation rates still high university is becoming less affordable, although inflation is predicted to fall by next year. Poor peeps. It’s making university even less accessible to people. Hopefully the inflation rate falls making things a little more bearable for these new students. I started uni on the first year where student fees were increased to £9,000 a year. It’s hard enough as it is. It feels like I’m emptying a bath with a mig whilst the tap water is still running. Don’t think this thing will be paid off in 30 years. I swear, you probably need to make above 6 figures to have any chance of paying off this thing. It wasn’t a surprise when the majority of people in my course were privately educated. Secretly cursing all of you who had the privilege to go to uni when courses were cheaper, or heck, completely free! I don’t think having a degree should be promoted as the be-all end-all and there should be more encouragement towards other ways to get a career - apprenticeships etc. |
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Post by southlondon413 on May 24, 2023 6:56:17 GMT
www.thetimes.co.uk/money-mentor/article/student-finance-uk-latest-news-2023-changes-england-wales/From September 2023, people going to university will face major changes to their student loans: Repayment threshold is set to lower from £27,295 to £25,000 The student loan will be written off after 40 years instead of 30 Interest rate will go down to inflation rate rather than RPI + 3% Thoughts? I think that this is very disadvantageous for those going to university, they'll definitely end up paying more debt, and will end up paying for almost their entire working life. The article suggests that the amount that people pay on average will almost double from £243 a year to £450 a year. With inflation rates still high university is becoming less affordable, although inflation is predicted to fall by next year. Poor peeps. It’s making university even less accessible to people. Hopefully the inflation rate falls making things a little more bearable for these new students. I started uni on the first year where student fees were increased to £9,000 a year. It’s hard enough as it is. It feels like I’m emptying a bath with a mig whilst the tap water is still running. Don’t think this thing will be paid off in 30 years. I swear, you probably need to make above 6 figures to have any chance of paying off this thing. It wasn’t a surprise when the majority of people in my course were privately educated. Secretly cursing all of you who had the privilege to go to uni when courses were cheaper, or heck, completely free! I don’t think having a degree should be promoted as the be-all end-all and there should be more encouragement towards other ways to get a career - apprenticeships etc. It’s a bit unfair, I went in 2009 so my loans don’t increase by RPI, they don’t affect my credit and the interest is still far less than I pay off each year. |
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