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    Being a mature student the prospect of circa 40k debt at 34 is putting me of Uni.

    How much should I really be worrying about this? I've always been debt averse (due to witnessing it screw people up) but student debt is very different. It's nothing like a bank loan/credit card debt (though who knows that could change.) So it should not mean I can't get a mortgage or whatever later on.

    What have others done to overcome this psychological barrier?
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    Think of it as a graduate tax - 9% of anything you earn over £21,000 pa. That's only £90 pa if you earn £22,000. Repayments stop if you become unemployed, or your income drops below the threshold. It's wiped off after 30 years or on death, so you won't be carrying the debt into retirement, or leaving it for your family to deal with.
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    (Original post by Schadenfreude65)
    Think of it as a graduate tax - 9% of anything you earn over £21,000 pa. That's only £90 pa if you earn £22,000. Repayments stop if you become unemployed, or your income drops below the threshold. It's wiped off after 30 years or on death, so you won't be carrying the debt into retirement, or leaving it for your family to deal with.
    You forgot the mention the part in the contract which states they can change how you repay anytime and the fact that they are already making changes which will put most people in further debt

    http://wire.novaramedia.com/2015/10/...e-your-income/
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    (Original post by driftawaay)
    You forgot the mention the part in the contract which states they can change how you repay anytime and the fact that they are already making changes which will put most people in further debt

    http://wire.novaramedia.com/2015/10/...e-your-income/
    Don't get me wrong: I think tuition fees were a terrible idea. However, on average, people are still better off financially with a degree + debt than without. If anyone is contemplating higher education, they need to take a realistic view of how that debt will affect them in the long run.
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    (Original post by driftawaay)
    You forgot the mention the part in the contract which states they can change how you repay anytime and the fact that they are already making changes which will put most people in further debt

    http://wire.novaramedia.com/2015/10/...e-your-income/
    Yes, this is probably my greatest concern. That they could dramatically lower the threshold at which you start paying or hike the interest rates.

    And 21k may seem reasonable now but in 20 years that will be like earning 14k. Imagine paying 10% over anything you earn on that?
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    (Original post by Schadenfreude65)
    Don't get me wrong: I think tuition fees were a terrible idea. However, on average, people are still better off financially with a degree + debt than without. If anyone is contemplating higher education, they need to take a realistic view of how that debt will affect them in the long run.
    Tuition fees in principle seem ok. Problem is more the execution and mitigation required. If you look at Scotland for example, which did not implement tuition fees, they are really struggling to stop the widening gap of uni being only for the rich.
 
 
 

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