The Truth About Student Loan Repayments for 2012 Applicants

So, yesterday, whilst waiting anxiously for university offers, I came across this:

http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes

http://www.thecompleteuniversityguide.co.uk/student-loan-repayment-calculator

These sites spell out what we're going to face next year. Just thought I'd share it - any comments??

Reply 1

Triggster

It isn't all bad news. Essentially, we will actually be paying in smaller installments ("Repayments will be £540 a year lower than now") than under the current system, but be paying it off for longer and of course paying a much larger sum overall.

Reply 2

master roflcopter

Original post by Triggster

the bad far outweighs the good though

Reply 3

Triggster

Original post by master roflcopter

the bad far outweighs the good though

Just trying to make a positive out of a pretty dire situation. :wink:

Reply 4

username418231

Original post by master roflcopter

the bad far outweighs the good though

I understand. It's still massive debt. It's horrible to think that the current younger generation will be saddled with the debt. But I'd like to think of it as investment. I would have been under the previous system but I didn't get into university. Yet I have still decided to go next year. I also think some people and the media spread around the myths about the rise. I hate the rise in tuition fees, but I understand why they happened and some of the myths surrounding it are ridiculous.

Are you planning on going to university? Or has the debt put you off?

Reply 5

master roflcopter

Original post by Dee Leigh

Are you planning on going to university? Or has the debt put you off?

Ah, I'm in my second year, actually, so it doesn't directly affect me, but it's still a big issue anyway, and some of my friends/family are going to be affected. I probably would've gone anyway, but would definitely have worried a bit more about money etc (it's an awful lot of money anyway!)

What irritates me a bit about the whole fees thing, is that the people who didn't have to pay fees at all when they went are often the ones saying that it's not a big deal. Despite the fact that you don't have to pay fees upfront, you still have a hefty debt after all. It definitely is an investment, but I think it might make people less likely to go to uni, especially for courses that don't necessarily have the best scope for graduate jobs.

I also think that with fees being higher, universities might start to get more complaints about standards of teaching and things. Some of our lecturers are kind of hard to understand because English isn't their first language, and others just seem as though they can't be bothered- I think because their main job is research, not lecturing. It doesn't matter too much, because mostly we just need the notes, but it's still not great, and more people would probably complain if we were paying higher fees

Reply 6

Hammyster

The only real problem with the new fee structure is that there will be a massive gov debt similar to the pension deficit. Students themselves will by and large be better off under this deal but sadl can't see that as they see the big number. Also bear in mind you only repay according to what you earn. The less you earn the lower your repayments etc.

If you within 2 yrs of leaving are earning 50k (largely a fantasy) you will be paying more towards your debts if earning less you pay less toward your debt.