Comment on Students in England now graduate with average debt of £53,000, data shows

fox2263@lemmy.world ⁨1⁩ ⁨day⁩ ago

• boonhet@sopuli.xyz ⁨1⁩ ⁨day⁩ ago

  How’s that possible? Genuinely wondering, I’m from a country with free uni which is still cheap ish if you don’t qualify for free for some reason.

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  • fox2263@lemmy.world ⁨21⁩ ⁨hours⁩ ago

    Once upon a time university fees were fairly ok. Most people would leave uni with under 10k of debt and have it paid off within 10 to 15 years or so depending on wage.

    Then the liar that is Nick Clegg came along and instead of scrapping fees, tripled them along with his lord boss David Cameron.

    And for some reason I decided to go to university that year, 10 years after I should have (I skipped it in favour of a job when I was that age but decided to retrain).

    Left with £40k, paid off 2k due to a redundancy grant from my work, and now owe £42k. I don’t see the point of it coming out of my pay packet to be honest.

    The university got a load of new buildings though

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    • boonhet@sopuli.xyz ⁨21⁩ ⁨hours⁩ ago

      Damn. Does the debt get erased eventually?

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      • fox2263@lemmy.world ⁨21⁩ ⁨hours⁩ ago

        Eventually yeah I think written off in your 50s perhaps.

        Which doesn’t make sense to me either from the debt giver point of view. Not had enough time to pay it off even with a high paying job.

        Would love to know the thinking and rationale behind it all and the figures. I know some people that went back and did a masters or two and have student debt almost as £80k. They figure they’re never paying it off so why not 🤷

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  • Nighed@feddit.uk ⁨23⁩ ⁨hours⁩ ago

    Repayments are 9% of your salary above £26k. If that’s less than interest (inflation +3%!) then it goes up.

    It gets written off at 50 something (… probably)

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