Reality bites for gradiuates!

[dx4100]

He should have word with his Tory voting parents....

My student loan was mis-sold, says graduate - BBC News

EDIT: ah crap... Typo in the title And I went to university and everything thing... init

[scooterscot]

What are gradiuates?

[The_Equalizer]

If I'm not mistaken you basically paying it off with 9% of your income above £21K (although there is variation on this). After 30 years any remaining debt gets kicked into touch. From back of the fag packet calculations with a debt of say £45K, there's a good chance you just have to treat it as an additional tax for the majority of your working life.

For the lad in question, this looks to be an expensive lesson learnt early.

I'm surprised it hasn't focussed young minds about going to university a bit more, or at least what to study and where. Should the little Equalizers think about it I'm going to try my best to make them think about the implications of what they'll study. Then again, at 18 does anyone really have a clue about anything?

[VectraMan]

I think people like this should have their interest refunded, if that's the bit they were "mis-sold", but then having shown that they're not able to handle adult responsibilities should be banned from ever having a bank account, having a job, owning property, voting, driving, having a passport etc. etc.

That'll learn em.

[MrMarkyMark]

I paid mine off ASAP, I didn't wait until I was earning 21K.

The terms were / are clear, you just have to read them.

In addition, anything offered by the government is likely to be cr@p, so that should be taken to consideration

[Pondlife]

I paid mine off ASAP, I didn't wait until I was earning 21K.

The terms were / are clear, you just have to read them.

In addition, anything offered by the government is likely to be cr@p, so that should be taken to consideration

How do you expect them to pay off £42K of debt when earning less than £21K?

[MrMarkyMark]

How do you expect them to pay off £42K of debt when earning less than £21K?

I wasn't talking about their personal situation, just that I paid off my lot smaller loan before I reached the threshold...

[eek]

I wasn't talking about their personal situation, just that I paid off my lot smaller loan before I reached the threshold...

Which was possible when the amount a student starts off owing is not twice their starting salary...

The advice I have (from friends at Student Loans) is Germany, Holland, Canada or the USA... And that is what we will be doing....

[LondonManc]

How do you expect them to pay off £42K of debt when earning less than £21K?

How do you amass 42k of debt from 27k of fees? Sounds like he's funded a three-year p1ss up on top of his fees.

[The_Equalizer]

How do you amass 42k of debt from 27k of fees? Sounds like he's funded a three-year p1ss up on top of his fees.

Living costs at £5K/year?