How much is/do you reckon your total student debt will be?

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After some maths (and getting my statement through from SFE) I will have roughly £103,000 of student loan debt when I graduate in 2020. That equates to having to average at 60k a year over 30 years to repay the original amount. Probably has to be closer to 70k with the huge amount of interest 100k would generate.

At 63 I will finally get to keep all my post tax earnings 😂 hope I'm healthy well into my 70s

Reply 81

nexttime

Original post by Axion

Edit :P

I think the debt interest has to be high. Most people will get theirs written off, so at least, for the debt provider, 3%+inflation enables them to recoup some of their losses elsewhere on those who do eventually earn enough to pay it back. After all, if I have 45k of debt, and do go into a high-paying career, I'll probably pay back at least 60k after interest accrues.

Currently the government gets 9% over 21k and some people pay it off early. We're saying charge 7-8% for the next 30 years (or forever). The amount of interest is irrelevant in this system.

Would probably raise more, eliminates the idea of 'debt', simpler so will save a bunch of work for SFE. Plus those who benefit from their degree more, pay more. Which seems fair.

I presume the graduate tax would cease once the entire debt is repaid?

No. That's a debt not a tax, and would be exactly the same as the current system. You don't stop paying income tax once you've 'repaid' that do you? :p:

Presumably, such a 'tax' could be 'dodged' by moving overseas in any case

No of course not. The current system for enforcing payment would apply.

Reply 82

username1342947

Well 9000x3= £27000 for tuition
Then around £5500x3= £16500 for maintenance loan
The loan is approximate as I have only just done my first year and so basing it off of this year and the amount I am being given next year.
I am thankfully getting quite a large grant too so that is a sizeable chunk i will not have to pay back.
So undergrad i'll be looking at a debt of around £44,000

Then if i go on and do a masters i'll have
nearly £7000 tuition
and then however much maintenance loan on top of that, lets say 5500 like my undergrad (or have i got this whole Masters/postgrad funding thing wrong?)
so all in all i'll be looking at £56,000 at least in student debt if these masters figures are right.