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Student loans are becoming insane. My own loan was initially government issued with a reasonable interest rate, but a year after finishing uni, it was sold off
by osrec 9y ago
Student loans are becoming insane.
My own loan was initially government issued with a reasonable interest rate, but a year after finishing uni, it was sold off to a private fund that decided to jack up the interest rate to nearly 7%! In the UK, education used to be free. Now kids are leaving 3rd grade universities with 50k GBP debt, a ridiculously high interest rate and no quality job prospects. That's a lot of pressure on young shoulders (my sibling is going through this currently, and I can see how distressing it is).
And they wonder why young people can't get on the property ladder! The ignorance on behalf of the government is astounding! I'm not sure I'd want my kids to go through that, even if it means missing out on the social experiences of university.
- pjc50 9y agoThe UK system has the weird and politically contingent "forgiveness at retirement" element, which means that theoretically it has a lifetime cap and behaves a bit like an income tax on graduates. The catch is it's something like a 9% income tax! The worst thing is that the three big national parties(+) all have their fingers on this, so I'm not sure who you could rely on to fix it. And whether it might have to come with rationing to a certain fraction of the population being able to get free university. Not to mention that education is a vital export industry which the Home Office keeps trying to destroy. (+) The third largest party by MPs is the SNP who only stand in Scotland, where they have ruled out tuition fees