£100,000 of student loan debt. Young crippled by debt burden

ruggedtoast

According to this article in the Independent the true cost of a loan repayment will equal £100k for today's students.

Graduates now face a lifetime of loan penury and insecure renting , just so that they can pay enough tax back to fund the pensions, healthcare and public services of the generations above them. Generations whose first port of call in the drive to save money was student grants, then tuition fees.

With a bachelors degree now the pre-requisite for a job filing in an office, real wages falling year on year, massive youth unemployment, no chance of ever owning a stable home or being a stakeholder in their community, and the prospect of working until 70 with no pension in sight; how many young people will say 'thanks but no thanks', and what will this do to our cultural landscape; and what will become of the generations who intend to rely on the fruits of their labours to carry them through their own retirements?

http://www.independent.co.uk/news/education/education-news/revealed-how-the-cost-of-a-degree-is-now-100000-8395989.html



Young people now face a virtually insurmountable debt burden gain a degree

chucknorris

I'm not sure where I stand on this issue. On one hand I tend to agree that those who read for a degree should pay (more) for it (rather than every tax payer). On the other hand I also think it is a high price to pay. (I don't necessarily agree that the cost is £100k but it is high).

Maybe they should have found a compromise by maintaining a subsidy but increasing the percentage that the student pays.

ruggedtoast

Tuition fees are one of the biggest cons that have been perpetrated in recent years. We pay hundreds of billions of pounds to bail out bankers who just before they all went bust due to their own incompetence, hated regulation and state intervention.

But we won't pay one red cent to educate our children to the level we need to sustain our country in the future.

BertieUK

ruggedtoast wrote: »

Tuition fees are one of the biggest cons that have been perpetrated in recent years. We pay hundreds of billions of pounds to bail out bankers who just before they all went bust due to their own incompetence, hated regulation and state intervention.

But we won't pay one red cent to educate our children to the level we need to sustain our country in the future.

Banks should be made to repay in part their bail out millions back to the tax payer, many of them have probably got rich at our loss and banked their money offshore somewhere.

Thrugelmir

ruggedtoast wrote: »

Tuition fees are one of the biggest cons that have been perpetrated in recent years. We pay hundreds of billions of pounds to bail out bankers who just before they all went bust due to their own incompetence, hated regulation and state intervention.

I'm sure many graduates became bankers as that's where the money was to be made. Rather than lower paid professions.

THE_DEZERVING_BOOMERZ

University? :rotfl: Most boomers left school at 14-15 and went straight into work. Proper work - not mincing about on media studies type courses until we were 21.

Today's yoof should learn to appreciate just how lucky they are.

michaels

BertieUK wrote: »

Banks should be made to repay in part their bail out millions back to the tax payer, many of them have probably got rich at our loss and banked their money offshore somewhere.

Eh - The banks - welll rbs and ltsb are owned by the taxpayer so anything they 'pay back' is like us writing a cheque to ourselves. Barclays is worth about 30bn if we nationalised them without compensating shareholders (ie pensioners and isa holders), HSBC is worth real money 120bn but this is only about 1 years deficit. So explain again how the banks will pay it back or what the it was in the first place?

Zekko

THE_DEZERVING_BOOMERZ wrote: »

University? :rotfl: Most boomers left school at 14-15 and went straight into work. Proper work - not mincing about on media studies type courses until we were 21.

Today's yoof should learn to appreciate just how lucky they are.

Perhaps the high cost will make people think twice about what kind of career they would be able to command after 3+ years of costly further education.
An apprenticeship or vocational course may be more appropriate for some and should be encouraged.

ruggedtoast

Zekko wrote: »

Perhaps the high cost will make people think twice about what kind of career they would be able to command after 3+ years of costly further education.
An apprenticeship or vocational course may be more appropriate for some and should be encouraged.

An apprenticeship or vocational course to do what?

The kind of careers these lead to simply don't exist in large numbers anymore in the UK.

Meanwhile everywhere else in the EU educates their people to degree level for free, and China and India are scrambling to increase their HE provision.

A degree at the University of Delhi, one of the best universities in Asia, costs £100 a year.

Thrugelmir

ruggedtoast wrote: »

An apprenticeship or vocational course to do what?

In engineering perhaps?

sheffield_lad

I think students actually have a great deal, instead of calling it a loan maybe it should be seen as a tax on having a great career. There is so much nonsense about it being a debt if you have not looked check out
http://www.moneysavingexpert.com/students/student-finance-calculator

If lets say they earn £31k not bad? repayment in a year = £75per month.

Whats the problem?