How does paying off student loans work?

By the time they/re done with uni, most students will have a debt of at least 50k pounds and making around 23k a year. 50k is huge, how much of your 23k a year are supposed to be going to paying off loans? Let's assume 5k, which if far from negligible. It would take you 10 years to pay off your loan which is a very long time. Is this really how things work in UK? Putting people in debt slavery for years right after they graduate?

The earnings threshold is:You pay 9% of anything you earn over the threshold.

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678490&_dad=portal&_schema=PORTAL

So if you earned £23k forever, and assuming no interest on the loans (though i think the effective interest rate is currently like 1.5% p.a.), it would take you 98 years to repay £50k of debt.

ofc the key assumption is that you won't be making £23k forever.

https://en.wikipedia.org/wiki/FileK_Income_by_Age_and_Gender.png

^Looking at this chart, it suggest for most people the peak salary they earn over their career is around 2/3rds higher than the salary they started on as a graduate (20-24 age band). So a very rough assumption if you assume average salary over their career is roughly 1/3rd higher than their grad salary, if you earned 23k upon graduating, than means average salary over your career would be roughly £31k, under which assumption it would take about 40 years to repay 50k of debt - which is pretty much how long people work for.

Long story short, current level of tuition fees suggest that most people are going to be paying student loans off for the rest of their career :O

I paid mine off after I qualified. They were taking off so much a month out of my salary. I celebrated when they took my last payment 👏🏼

Mind if I ask how much you were earning and how long it took to pay the whole thing off?

At the time I was earning 24K (15 years ago) but I managed to pay it off within 8 years. Not bad hey. it was an achievement but it all depends on how much loan you have taken out. I took 9k I think. I can't seem to remember now.

Putting people in debt slavery for years right after they graduate?

Yeah nowadays it's 36k just for tuition. Well f*ck.

Yeah nowadays it's 36k just for tuition.

Debt slavery? It's the most generous form of financial lending you'll ever receive. Indeed the terms of repayment are uniquely accommodating to your financial situation and the loan gets written off after a set time anyway.

A more accurate portrayal would be to consider it a 'Graduate Tax'.

Tuition is free in a lot of countries less developed than UK.

Also 9k a year is way too much.

I wouldn't mind it if I was done with it after 5 years, but having your salary maimed for 30 years? I won't enjoy that.

I feel sorry for students now. It's so unfair. Vote labour. The leader wants to get rid of student fees and replace it with grants. What do out think about that?

So he can tax us through the roof so we aren't making any net gain, while ruining the economy at the same time. I don't think too highly of that at all :L

Why are you on a discussion forum if you're unable to enter into discussions?

Ok. So "you don't like it here, so go away." is discussion? Obviously I like UK and want to stay here. I just think the student loans system could use improvement and it's far from impossible. It't what the new leader of labour is suggesting. Everyone got this, but you. Idk why.

Are you some kind of bleeding heart patriot and won't admit when something is imperfect about your country.

Education is a human right

and it is in interest of humanity as a collective to educate as much people as they can so we can all keep progressing. It should be free, as many civilised EU countries have recognised.