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

ruggedtoast

IveSeenTheLight wrote: »

It is my intention that should my children aspire to go to university, I will fund them through their education.

I do not intend that they will have the burden of student debt.

I understand there will be some who think, "that's alright for you, but what about those who can't support their children".

To that I respond "I believe it's a parents responsibility to provide the best education and support through their childhood and into young adult life. To that end, I would do whatever is required to help fund their education."

You receive 10 forum kudos points for right wing self reliance.

But you lose 11 forum kudos points for having children at all.

Mr._Pricklepants

IveSeenTheLight wrote: »

To that I respond "I believe it's a parents responsibility to provide the best education and support through their childhood and into young adult life. To that end, I would do whatever is required to help fund their education."

Aha! Financial planning, prudence, self-reliance, responsibility...good stuff, ITSL.
Don't expect toastie to get it though, these terms don't feature too often in Mao's little red book.

paulmapp8306

The problem is education is now a buisiness. Ultimately we "over educate" far too many. students who go to uni just to go to uni. they do worthless degrees, that arnt needed by the country, and end up in careers that bear no resemblance to the degree they completed. As a consequence employers now want a degree for the most basic of work - its a way of weeding out applicants - which has the effect of forcing the next generation into education.

I have no problem with free degrees, for those that the country needs. So Engineering, Maths, Sciences (propper ones) etc - but they should be limited to the ammont we need. In no other area would it be encouraged to "train" more people than were needed for a certain role.

I actuially think we shold be reducing places available at uni, back to the few % that historically went to uni. We as a county used to thrive then so it wont be damaging. Tha vast majority of degrees currently taken are worthless. Either the students end up doing something totally unrelated, or there is silly subjects. Education for educations sake. If thats what you want fine - but pay for it.

I dont think the £8k per years is enough in truth. I think they should be cahrged the going rate - that is what it costs to provide the education. Hopefully that would put kids off going to uni for the sake of it - and they'd only go if the career they want needs one.

The exception is those degrees the country needs people to have (for research, development etc) but only in the numbers we need. They should be available free, on merit. Apply for those degrees, and those with the best aptitude for those get the places.

ruggedtoast

paulmapp8306 wrote: »

We as a county used to thrive then so it wont be damaging. .

We as a country used to thrive then because 90% of the rest of the world was illiterate.

movilogo

The problem is education is now a buisiness

Correct!

In many developing countries (e.g. China/India etc.) best universities are govt. funded. Only the most meritorious students are allowed entry via extremely competitive exams. Those who don't quality can then go to less well known private universities to do their degrees (if they still want to have same degree).

UK should have similar policy.

paulmapp8306

Dont think so. There just arnt the jobs available that truly need the ammount of education that is currently available.

In no other place in society would we train more than we need. Not holding a degree does not make you illiterate. In fact we as a country are short of many skills that education alone cant provide. Id also say that there are more "educated" people out there, who have "educated" themselves with the knowledge they need without ever setting foot in a place of higher education. And many of them actually know more usefull knowledge than those who did.

Ultimately, you dont need a bit of paper to say yo know stuff - nor does a bit of paper proove you do. If you want to know if someone has the knowledge to do a job - ask them. Set some questions etc. Replying on a bit of paper does not get you the best person. Having a degree does not make you the best person - or even more knowledgeable than anyone else - and thats kind of my point. If you need the underpinning knowledge of a certain degree to enable you to follow a certina career path (which will lead to you having much more knowledge than the degree gave you) then fine. If you dont need it - or dont intend to follow a career path that needs it - dont do it.

MrShazzyMan

As a student at 20 years of age, paying £8000 using a tuition fee loan from the student finance or what ever they call it now (since they keep changing these names quite often I've noticed) I've calculated if I graduate in 3 years I'm going to be in £2400 and that not including the student loan (excluding the student maintenance grant which is never paid back) with the student loan added on for three years in full (as I am living away from home) it comes to a grand, pain in the bum total of £40,492

After calculating this whilst in a class/lecture I said to a friend next to me ''Realistically, what does this country think? That its student will be able to pay off £40,000 before 30 years are up?'' Me and him both laughed and said they're flipping crazy!!!

The only reason why I came to university knowing I would be in a lot of debt with student finance was because there simply is no jobs as I have applied for a million and one jobs even my Dad said why go university just work I goes there is no work if there was I would happily work as I would just love to work and earn a honest weeks wage each week.

CLAPTON

MrShazzyMan wrote: »

As a student at 20 years of age, paying £8000 using a tuition fee loan from the student finance or what ever they call it now (since they keep changing these names quite often I've noticed) I've calculated if I graduate in 3 years I'm going to be in £2400 and that not including the student loan (excluding the student maintenance grant which is never paid back) with the student loan added on for three years in full (as I am living away from home) it comes to a grand, pain in the bum total of £40,492

After calculating this whilst in a class/lecture I said to a friend next to me ''Realistically, what does this country think? That its student will be able to pay off £40,000 before 30 years are up?'' Me and him both laughed and said they're flipping crazy!!!

The only reason why I came to university knowing I would be in a lot of debt with student finance was because there simply is no jobs as I have applied for a million and one jobs even my Dad said why go university just work I goes there is no work if there was I would happily work as I would just love to work and earn a honest weeks wage each week.

It used to be the case that 40,492 divided by 30 (years) was about 1,350.
I'm not sure why repaying such a sum per year is considered crazy. (and yes I know interest will be added which will add a little to the total)

ruggedtoast

movilogo wrote: »

Correct!

In many developing countries (e.g. China/India etc.) best universities are govt. funded. Only the most meritorious students are allowed entry via extremely competitive exams. Those who don't quality can then go to less well known private universities to do their degrees (if they still want to have same degree).

UK should have similar policy.

The best universities are government funded in the UK as are all the other ones. There are only two or three private universities in the UK, which have the same regulatory obligations as the state ones.

The reason students end up shunted into (usually terrible) private universities in China and India is because there is a shortage of decent universities. This is in fact the main reason the UK gets tens of thousands of Indian and Chinese students each year.

The UK should not have a similar policy.

Lokolo

In a very high level I see a few benefits and couple of downsides to university tution fees and loans.

Advantages

- It claws back some of the costs to the government for university education (in the past, those that went to university would most likely get higher pay and therefore pay more tax, making it viable. With the numbers now going to university, not sure this can happen).

- It enables poorer students, who may not be able to afford university any other way, to go.

- It forces students to learn about money, something which is severely lacking in this country

Disadvantages

- Those who screw about after university, don't get a job where a degree is required, have cost the tax payer money (although I suppose the same could be sent pre tution fees and loans)

- The interest now charged is not very nice

And the repayment terms I think are fair.