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Student Loan Interest Rate 10/11
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Fantastic post, You have summed up how I think most people will feel about this situation and pointed out the strange world we live in where the government wants us to do well, but once we start to do so keeps pushing us down.
I'll second that. My experience is similar in some respects, butI've managed to get myself into a reasonably well paid job with pretty good career/pay prospects by doing a professional qualification post uni. However my degree was not a requirement to do this qualification, nor has it been for any of the jobs I have had and it is unlikely to be for any future positions as my prof. qual. will mean far more.
Had I started studying for my prof. qual. at 18 instead of going to uni I could potentially be 4 years further on in my career and on significantly more money. That said I am glad of the experience of uni, even if the degree isn't worth as much as it could be.0 -
Oh cool, so not only have I been shafted by my loan remaining the same while deflation was taking place, now I shall be getting even more into debt next year, while inflation is rising and rising, oh and my wage is staying exactly the same because my company can't afford to pay me any more.
What did I go to university for again?
I get poorer and poorer every single year in this country. I thought I would have a better life for myself, which is why I went to uni in the first place!! To get out of this trap.
So lets see, anybody my age who left school and got a job straight away will have bought a house in the early 2000s and seen its value double, while I'm getting into debt to get an education. Then when I come out of uni with 15k of debt (7.5k student loan) house prices are ridiculous, so I start saving for a deposit to get myself on the ladder (I'm 26 now after all, about time I moved out of my old man's place) then as soon as I've finished working 60-70 hours a week and paid off my debts, I suddenly need at the very least 10-15% deposit, Ideally 20-25% and can't get a mortgage anyway. Let alone for anything close to the value of a house despite the 'crash' which some think is over. Houses are still unobtainable, and will have to come crashing down one hell of a lot before people like me can afford to stop being live at home kidults and flee the nest.
So I'd have been better off going straight into work after school.
Most in the older generation have ridden out one or 2 HPI booms and have seen their assets increase 3 fold, so they are ok. And my generation will be paying to fund their pensions, yes very good. Meanwhile when I get to pension age (probably80/90 for my generation) there won't be a state pension left. Wohooo, more poverty.
Oh and then there's the really poor, who can't aford anything. The government pays for them to live in a house, ok. Pays them to do nothing if they don't have a job. And pays them, uncapped, for any amount of kids they have. Oh, so more babies = more £££, why didn't I think of that? 'cos I'm not a scrounging layabout.
So if you're really rich you're ok, if you're really poor you're ok, but if you are in the middle then you're screwed, and getting screwed harder and harder year upon year.
The older generation are mostly ok, my generation are pretty much all shafted, I'd hate to be somebody at uni now, unless this country and its people do something drastic to sort it out.
How long can this mounting pressure go on before something blows????
Who do I vote for again to get this sorted out?
#Things... can only get better...#
That's exactly how I feel. Graduating soon, completely shafted. No idea who you should vote for, but I know I'm voting for Labour's nearest competetor here.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Pensions are a hot topic that affects the old, house prices are a hot topic that affect the middle aged, so students are the easy target. I'm starting to wonder if the repayment % will be increased, it will be politically far easier to hike student loan repayments from 9% to 15% or so and claim it is not a tax increase.
Quite a wheeze this student debt thing, easy way of releasing large amount of tax income a few years down the line - simply make up some number as a 'tuition fee', transfer the money from one goverment department (central government) to another (government funded universities), and tell the student they owe you that money.0 -
It is the cheapest loan we will ever have pretty much tho, and it can be paid off over many many years.
I'm still voting for Lib dems as i'm not voting for the toffs = Conservatives, and I voted Labour last time but think we are due a change:T:T :beer: :beer::beer::beer: to the lil one
:beer::beer::beer:0 -
Tuition fees are very heavily subsidised and students pay only a small percentage of the actual cost; the money has to be repaid even if you emigrate. With interest rates at the rate of inflation, the amount you borrow remains the same in real terms .0
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I'm not denying that. It's just annoying how layabouts my age who seem to choose 'having babies' as a career option are better off than me, people my age who chose to work hard in jobs straight from school and work up the ladder are better off than me, and me getting into debt and working hard towards an education, where am I now? I'm at the bottom of the ladder, where my vocationally inclined school friends were some 10 years ago. Although I now have a shedload of debt.
I suppose I just feel a little sold out at the promise of a better, brighter future, studying hard and paying money to get there, only to find that once I reach my destination all I've been doing is holding myself back and everyone else has taken off into the distance leaving me behind. It's cold and lonely back here.This is WAY more fun than monopoly.0 -
Sums up what a lot of people think.Oh cool, so not only have I been shafted by my loan remaining the same while deflation was taking place, now I shall be getting even more into debt next year, while inflation is rising and rising, oh and my wage is staying exactly the same because my company can't afford to pay me any more.
What did I go to university for again?
I get poorer and poorer every single year in this country. I thought I would have a better life for myself, which is why I went to uni in the first place!! To get out of this trap.
So lets see, anybody my age who left school and got a job straight away will have bought a house in the early 2000s and seen its value double, while I'm getting into debt to get an education. Then when I come out of uni with 15k of debt (7.5k student loan) house prices are ridiculous, so I start saving for a deposit to get myself on the ladder (I'm 26 now after all, about time I moved out of my old man's place) then as soon as I've finished working 60-70 hours a week and paid off my debts, I suddenly need at the very least 10-15% deposit, Ideally 20-25% and can't get a mortgage anyway. Let alone for anything close to the value of a house despite the 'crash' which some think is over. Houses are still unobtainable, and will have to come crashing down one hell of a lot before people like me can afford to stop being live at home kidults and flee the nest.
So I'd have been better off going straight into work after school.
Most in the older generation have ridden out one or 2 HPI booms and have seen their assets increase 3 fold, so they are ok. And my generation will be paying to fund their pensions, yes very good. Meanwhile when I get to pension age (probably80/90 for my generation) there won't be a state pension left. Wohooo, more poverty.
Oh and then there's the really poor, who can't aford anything. The government pays for them to live in a house, ok. Pays them to do nothing if they don't have a job. And pays them, uncapped, for any amount of kids they have. Oh, so more babies = more £££, why didn't I think of that? 'cos I'm not a scrounging layabout.
So if you're really rich you're ok, if you're really poor you're ok, but if you are in the middle then you're screwed, and getting screwed harder and harder year upon year.
The older generation are mostly ok, my generation are pretty much all shafted, I'd hate to be somebody at uni now, unless this country and its people do something drastic to sort it out.
How long can this mounting pressure go on before something blows????
Who do I vote for again to get this sorted out?
Not sure any one of the parties can sort it out but certainly a vote for Labour will keep it similar.0 -
Oldernotwiser wrote: »With interest rates at the rate of inflation, the amount you borrow remains the same in real terms .
But thats the point - the amount hasn't stayed at the rate of inflation! Last year rpi was -0.4% but we 'benefited' from 0%. So our loans have grown more than inflation!0 -
But thats the point - the amount hasn't stayed at the rate of inflation! Last year rpi was -0.4% but we 'benefited' from 0%. So our loans have grown more than inflation!
And unless Interest Rates go upto 4.4% by September, we will benefit from the reduced rate as the maximum can be Base Rate + 1%.
Obviously thats 5 months away yet!0 -
And unless Interest Rates go upto 4.4% by September, we will benefit from the reduced rate as the maximum can be Base Rate + 1%.
Obviously thats 5 months away yet!
Depends if you choose to take RPI as the figure of actual inflation... Although I believe most economists dont.
I think the actual figure quoted for inflation was 0.2%, much below what we are actually paying for our debts.0
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