'Should you be allowed to repay students loans more quickly?' poll discussion

emidee

Mr._H wrote: »

The message that University is still free up-front needs to be shouted much louder by the Media and sites like this.

I agree with you that there is certainly a lot of misinformation around regarding the new system - and you're absolutely right, preventing the upfront payment of fees would have solved the problem which I highlighted in my previous post.

I don't necessarily disagree with the new system, I appreciate that somebody has to pay for higher education. I do have a bit of a problem with the (potential) tripling of tuition fees twice in a decade though - before 2005, a whole years' fees were closer to £1200!

The issue that I am have a problem with is that fact that university is NOT always free up front. I decided (after my 2nd child was born) to return to education in 2008. I started a degree in Biomedical Science - which I will finish in summer 2012 - with a view to using that degree to apply to study Medicine (figuring a 3 year degree would be more useful/interesting than taking another 2 years to resit A-levels, which wouldn't necessarily have been good enough anyway).

My whole plan is in jeopardy now, as there are no tuition fee loans for second degrees (not even medicine or dentistry), and I will not be able to afford the £6000-£9000 per year in fees alone for the medicine programme - I could have begged or borrowed £13k approx. total before they changed the rules, but now I can't have the career I desparately wanted, because I am simply too poor to pay for it.

The kick in the teeth is that I'd already spent £250 on an admissions test & applied for the deferred entry programme (for 2012), before they announced the changes last Autumn, which are due to come into force in 2012 - I had to withdraw the application :mad:

I wish things were different.

Mr._H_2

emidee wrote: »

My whole plan is in jeopardy now, as there are no tuition fee loans for second degrees

Is there a process by which you can appeal? If not there should be (not that that helps you ). Alternatively, have you started looking for alternative forms of funding? If you get a first or high 2:1 in your current degree I would have thought there should be something out there for you, perhaps aimed specifically at mature students.

Oldernotwiser

XRAT wrote: »

Those who take a real degree are expected to pay for it, those who take a non degree are not! Those who go abroad will not pay either. Those who are bright enough (or have an accountant) work the system to get a grant and bursary which was intended for the poor! So all those unpaid loans get paid by the taxpayer..

What makes you think that? It certainly isn't the case at the moment.

AnnaV

If you get stung for repaying early, how is it not a tax?

Mr._H_2

AnnaV wrote: »

If you get stung for repaying early, how is it not a tax?

Did anyone say it wasn't a tax?

The way it is structured, this effectively is a graduate tax, with the bonus features of:

• Being limited to 30 years rather than the rest of your life after graduation.
• An efficient mechanism of ensuring that the money collected goes to pay for what it should pay for (higher education).
• Being progressive, whereby higher earners subsidise the system for lower earners (but only if overpayments aren't allowed or are penalised).

emidee

Mr._H wrote: »

Is there a process by which you can appeal? If not there should be (not that that helps you ). Alternatively, have you started looking for alternative forms of funding? If you get a first or high 2:1 in your current degree I would have thought there should be something out there for you, perhaps aimed specifically at mature students.

Thanks for your sympathy. I'm afraid there is no appeal process though, it's just the way it is. There is a student who is in largely the same situation as me who has commenced judicial review proceedings against Vince Cable regarding whether medicine is 'at an equal level' compared to other standard degrees; basically that is why there's no available tuition fee funding, the SLC percieve it to be at an equal level when compared to other degrees, when it clearly isn't (even the heavily oversubscribed graduate medicine programmes are an additional 4 years of study!).

If they were to admit that medicine & dentistry courses were at a higher level of study, then they would be forced, by their own rules, to provide funding for them. I'm not holding out much hope for this though, I'm sure they'll find just another loophole to get out of it.

To be honest it would help if the Government would say anything at all about the whole 'second degrees' subject - they've remained ominously silent about it since last years' announcement. I'd just like something concrete, so I know where I stand!

I am aware that there are a number of charities / organisations that may offer grants, etc - and it's something I certainly intend to investigate. The trouble is that I wouldn't be able to apply for any of this before at least gaining a firm place, and whether they'd be able to offer enough funding to make it viable for me is another issue entirely.

Thanks for your reply though - it is appreciated.

patman99

I reckon Student Loans should be paid-back regardless of income. I know several people who have taken degrees, and have student loans that they will never pay back as they don't earn enough (and have no intention of doing-so).

EmehEm2005

MSE_Lawrence wrote: »

Poll started 08 February 2011:

Should you be allowed to repay students loans more quickly?

Under the new student loans system, students' repayments are set at 9% of everything earned above £21,000 (e.g. earn £22,000 repay £90 a year) upon leaving university, and some will pay commercial rates of interest.

The govt's currently discussing a ban / extra fees on repaying more quickly as otherwise loans would cost higher earners overpaying relatively less, and wouldn't meet the test of being 'progressive'.

Which of these is closest to your view?

You should be allowed to pay more off student loans whenever you want
Allow overpayments but with early redemption penalties
Ban overpayments so everyone has to repay at the same rate

Please vote here, or click 'post reply' to discuss below. Thanks

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"Should you be allowed to repay students loans more quickly?"
"You should be allowed to pay more off student loans whenever you want."

Why ask me? I'm not a student (I didn't even go to university), even my university educated sons aren't students any more, I am 61 and I'm certainly not going to pay off any students loans more quickly or more slowly, if fact I'm not going to pay off these students loans at all, they can arrange that for themselves.

FATBALLZ

I agree it would not be 'progressive' to allow those who did a worthwhile degree that got them a good job (paying lots of tax) to pay off their loans at a fair price. They definitely need an extra levy to put them in their place. The poor art and media studies graduates on the dole are the victims all this, lumbered with a £40k debt they will never have to repay a penny of.

This extra charge in early repayment is nothing more than a political stunt to satisfy the jealously of those who couldn't be bothered to work hard for a well paid job themselves.

And anyone who uses the word 'progressive' should be shot.

Mr._H_2

FATBALLZ wrote: »

I agree it would not be 'progressive' to allow those who did a worthwhile degree that got them a good job (paying lots of tax) to pay off their loans at a fair price.

Getting a good degree is no guarantee of getting a well paid job, and it's only the very highest earners who would be likely to be able to afford to pay off their loans early.

FATBALLZ wrote: »

This extra charge in early repayment is nothing more than a political stunt to satisfy the jealously of those who couldn't be bothered to work hard for a well paid job themselves.

Nonsense. I work hard and have a well paid job (and am paying back a £16000 student loan), thank you very much. I guess you missed the part that 90% of people will not pay back everything they borrow under the new system? Are you suggesting that only 10% of people do a "worthwhile" degree?

FATBALLZ wrote: »

And anyone who uses the word 'progressive' should be shot.

How pleasant. Thanks for that. Is this just in the foot or are you proposing that you come over and murder me in front of my family?