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Why do people complain about 'student debt'? watch

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    I have heard a number of times either people saying they do not wish to go to university because they do not want to be stuck in debt and others who have left university complaining about the debt. I finished university last June with something like £20,000 debt. I do not have a job yet. I am on JSA. However, I worked out on listentotaxman.com that if I was earning, say, £20,000 per year I would only have to pay £8 per week towards my student loan. It does not seem a great deal to me or am I missing some point?
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    (Original post by yozzo)
    I have heard a number of times either people saying they do not wish to go to university because they do not want to be stuck in debt and others who have left university complaining about the debt. I finished university last June with something like £20,000 debt. I do not have a job yet. I am on JSA. However, I worked out on listentotaxman.com that if I was earning, say, £20,000 per year I would only have to pay £8 per week towards my student loan. It does not seem a great deal to me or am I missing some point?
    you are blessed with extraordinary foresight.
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    I always wondered why people think it's a crippling debt. of course I'm still university, so I haven't experienced life afterwards when I have to pay off my debts, but from what I've been told in the past, with the way it's worked out the cost isn't that much.

    Obviously it's going to get a lot more when fees start to be up to £12,000 a year.
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    Because a tax rate of 41% isn't fun...

    And neither is paying £115/month for the next 7 years...
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    (Original post by ash-corbett-collins)
    with the way it's worked out the cost isn't that much.

    Obviously it's going to get a lot more when fees start to be up to £12,000 a year.
    Eh? Its going to be less onerous when fees go up, not more.
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    I don't understand either, those who earn more pay more. Its not like its going to make you bankrupt. University was profitable I believe and probably still will be, so its not really a debt
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    (Original post by sbarron)
    The annoying thing about it though is you only pay say £8 a week off it but the interest is maybe £12 a week so you would never pay it off! (this is a guess but i know minimum you pay off is less than the interest accumulated for lower salarys).
    Not sure if this is actually a big deal but people complaint about student debt is that they may always be in debt.
    I like you have £20,000 debt and come April i will be paying £80 a month off my student debt.
    But it doesn't matter in the slightest because it gets annulled when you're 50 or whatever and remains at 9% of income or whatever it is and doesn't count as a debt when applying for loans etc (that's why it's paid back like it is, so you can do that in the future).

    It's never going to cripple you.

    And whoever said it would get worse with the fees, it'll actually get better, certainly in your first job, as the threshold is raised from 15,000 to 21,000 - a significant leap given most entry-level graduate jobs are 17,000 - 20,000 a year.
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    Because complaining about the weather is old

    :p:

    As a country we like to complain
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    Its the length of time you will be paying it off.

    It may be little amounts coming out of your wage every month, but it seems a never-ending deduction.
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    (Original post by Quady)
    Eh? Its going to be less onerous when fees go up, not more.
    I don't understand how by fees rising, and thus total student debt rising, the burden on graduates would decrease?
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    (Original post by ash-corbett-collins)
    I don't understand how by fees rising, and thus total student debt rising, the burden on graduates would decrease?
    Because the repayment threshold would be £21k not £15k.

    So sitting on my salary repayments would be just below £70/month rather than £115/month. The repayments are easier.
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    (Original post by Quady)
    Because the repayment threshold would be £21k not £15k.

    So sitting on my salary repayments would be just below £70/month rather than £115/month. The repayments are easier.
    Ah right okay, I wasn't aware of that fact.
 
 
 

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