harvey19 Posted November 12, 2010 Share Posted November 12, 2010 Even if you're paying back £30 per month, it's a lifetime debt if we consider that degrees are likely to cost up to and above £27,000 (working on the higher limit proposed by Browne of £9000 per year in tuition fees: living costs on top of that and we're talking an extra couple of grand at least per year) to undertake. With variable rates of interest on top of that kind of debt, if you're close to the threshold you're starting your working life lumbered with a basically un-repayable amount of loan. It is about £1 a day for someone on £25K per year. Honestly is this too much to pay to gain a degree and the opportunity to gain an high paying job. Just trying to bring some reality into the situation after reading alarmist posts. Link to comment Share on other sites More sharing options...
alas_alas Posted November 12, 2010 Share Posted November 12, 2010 My post wasn't alarmist, just realistic. Honestly, how long is it going to take a graduate to pay off a loan of around £30,000 paying off £30 per month at, say, 2% interest per year. I'm no mathematician, but this sounds like a lifetime, and more, of debt to me! Link to comment Share on other sites More sharing options...
harvey19 Posted November 12, 2010 Share Posted November 12, 2010 My post wasn't alarmist, just realistic. Honestly, how long is it going to take a graduate to pay off a loan of around £30,000 paying off £30 per month at, say, 2% interest per year. I'm no mathematician, but this sounds like a lifetime, and more, of debt to me! Sorry if you thought I was referring to your post but I wasn't including you in the alarmist catagory. If you read some of the other posts you may appreciate what I was referring to. Link to comment Share on other sites More sharing options...
llamatron Posted November 15, 2010 Share Posted November 15, 2010 My post wasn't alarmist, just realistic. Honestly, how long is it going to take a graduate to pay off a loan of around £30,000 paying off £30 per month at, say, 2% interest per year. I'm no mathematician, but this sounds like a lifetime, and more, of debt to me! they will probably get promoted and pay more. However if they don't the debt will be written off after 25 years so how is it a lifetime of debt? Link to comment Share on other sites More sharing options...
alchresearch Posted November 15, 2010 Share Posted November 15, 2010 My post wasn't alarmist, just realistic. Honestly, how long is it going to take a graduate to pay off a loan of around £30,000 paying off £30 per month at, say, 2% interest per year. I'm no mathematician, but this sounds like a lifetime, and more, of debt to me! Do the student loan company give a timescale to pay back the money? Do they send the bailiffs round? I've done a straw poll of some recent graduates at my work and nobody is worried about paying off their student debt. Link to comment Share on other sites More sharing options...
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