Are student debts the biggest con around?

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NullDrone
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They say that the student debt is not "bad debt" because you don't have to pay it off until you are earning like £21,000 a year. But in my opinion if you don't pay off a debt, it continues to grow worse, the quicker you pay it off, the better.
Let's say you have a student debt of £15,000, and it's at an interest rate of 9%, that debt will double after 8 years. So in 8 years you will have £30,000 of debt, then think about the next 8 years, that turns to £60,000. They emphasise that it's good debt because you don't have to pay it off, but to me it's just a big scam that banks are using on naive students, enslaving them into debt, and the whole thing about how they will cancel it if you don't pay it off after 40 years, I just bet the policies will change by then anyway.
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AccountingBabe
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Technically it's more like a tax than debt. And if you are unhappy about it then pay for your education out of your own pocket.
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AccountingBabe
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Also banks don't supply the loans... You seem confused and financially illiterate.
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NullDrone
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Well not really, you haven't earnt the money yet, you aren't entirely sure you are going to be earning a good salary, it's a debt as much as they make it out to be just a "student debt" as if that's any different. Shame students have this kind of attitude where they just let the government screw them then they just say "oh well, we'll bend over because we're suckers", students here just seem to accept it that they're getting screwed, it doesn't bother them.
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AlphaCenturion
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Yes and given that you are trying to make yourself more employable, when literally hundred thousands of other people have a degree, it's pretty pointless, unless you get a first and not in some Mickey Mouse course.
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Klix88
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Your rant misses a trick. The banks don't loan the money, the government does. So all of these student loans are coming out of the taxes you pay. Have fun with that.
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jamesthehustler
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(Original post by AlphaCenturion)
Yes and given that you are trying to make yourself more employable, when literally hundred thousands of other people have a degree, it's pretty pointless, unless you get a first and not in some Mickey Mouse course.
that why I'm doing gemology from the best guys in the business
the globally respected brand in the field
as they put around the world less than 400 a year through the course
you can walk into any jewellers in the world for a job interview show that certificate and you're hired or go into business yourself and make even more
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AccountingBabe
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(Original post by NullDrone)
Well not really, you haven't earnt the money yet, you aren't entirely sure you are going to be earning a good salary, it's a debt as much as they make it out to be just a "student debt" as if that's any different. Shame students have this kind of attitude where they just let the government screw them then they just say "oh well, we'll bend over because we're suckers", students here just seem to accept it that they're getting screwed, it doesn't bother them.
Id rather free healthcare than free education... So what ever the government feels is needed to fund our education then I would pay it.
The system is generous you can't expect everything handed to you on a plate.
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mliela
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(Original post by NullDrone)
They say that the student debt is not "bad debt" because you don't have to pay it off until you are earning like £21,000 a year. But in my opinion if you don't pay off a debt, it continues to grow worse, the quicker you pay it off, the better.
Let's say you have a student debt of £15,000, and it's at an interest rate of 9%, that debt will double after 8 years. So in 8 years you will have £30,000 of debt, then think about the next 8 years, that turns to £60,000. They emphasise that it's good debt because you don't have to pay it off, but to me it's just a big scam that banks are using on naive students, enslaving them into debt, and the whole thing about how they will cancel it if you don't pay it off after 40 years, I just bet the policies will change by then anyway.
You really have missed the point. I know money saving expert has a good article on student loans so you should read that. Firstly, it is cancelled after thirty years if not paid back. Secondly it does not have any effect on your credit score. It is removed from your salary the same was as tax. Either deducted by your employer or paid by yourself. It's not like a normal bank loan where if you don't pay it back they will send bailiffs and all that. Even when you are paying it back it's still a very small amount if your salary. Some people as little as £100 a year.
Don't let it scare you. Surely it'll be worth it if you do a good course and hey a good job in the end.


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Tootles
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(Original post by NullDrone)
Well not really, you haven't earnt the money yet, you aren't entirely sure you are going to be earning a good salary, it's a debt as much as they make it out to be just a "student debt" as if that's any different. Shame students have this kind of attitude where they just let the government screw them then they just say "oh well, we'll bend over because we're suckers", students here just seem to accept it that they're getting screwed, it doesn't bother them.
Students are mostly just interested in drinking and ****ing, they're not thinking about their financial futures.

However, that doesn't mean you have a clue what you're talking about either, because it very much looks like you don't. The student finance system doesn't claim money back until a certain wage threshold is met and (IIRC) the debt is cancelled if it's not paid within so-many years (or it's that way on the system I'm on anyway).

Basically no, student loans aren't a con. The price of a degree is a con.
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NullDrone
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(Original post by Tootles)
Students are mostly just interested in drinking and ****ing, they're not thinking about their financial futures.

However, that doesn't mean you have a clue what you're talking about either, because it very much looks like you don't. The student finance system doesn't claim money back until a certain wage threshold is met and (IIRC) the debt is cancelled if it's not paid within so-many years (or it's that way on the system I'm on anyway).

Basically no, student loans aren't a con. The price of a degree is a con.
That's kind of what I was saying. If you don't pay it off in 30 years it gets cancelled, but I can just imagine that would change in the future, how do you even know the policies aren't going to change or if they can or not? I can just imagine loads of students still having to pay their debt off later in life. They say it will be cancelled now, but in the future I just see them changing their minds, it's like how people take loans out initially with a low interest rate, then years down the line the interest rate increases.
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miless090
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(Original post by NullDrone)
That's kind of what I was saying. If you don't pay it off in 30 years it gets cancelled, but I can just imagine that would change in the future, how do you even know the policies aren't going to change or if they can or not? I can just imagine loads of students still having to pay their debt off later in life. They say it will be cancelled now, but in the future I just see them changing their minds, it's like how people take loans out initially with a low interest rate, then years down the line the interest rate increases.
Unless you're a psychic and know that the policies will change there's no point talking about what ifs. Currently it's a good system, yes it would be good if it wasn't so expensive but it is so deal with it.
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Tiger Rag
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it's one of the best loans you can get. As others have said, it's written off after 30 years or when you reach 60. You also don't pay anything back if your income is below £21k per year. Is it so bad for students to pay for their education? You've already had 13 years of free education.
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Klix88
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(Original post by NullDrone)
That's kind of what I was saying. If you don't pay it off in 30 years it gets cancelled, but I can just imagine that would change in the future, how do you even know the policies aren't going to change or if they can or not? I can just imagine loads of students still having to pay their debt off later in life. They say it will be cancelled now, but in the future I just see them changing their minds, it's like how people take loans out initially with a low interest rate, then years down the line the interest rate increases.
Yes, the rules might change. Inflation might go through the roof and make the interest rates rocket. Another recession might make the interest rates rocket. Russia might invade and enslave us all. North Korea might dump a nuke somewhere critical. Sea levels might rise and drown our major cities...

Anything could happen in the future. You can't make life decisions based on a fear of what might happen in some hypothetical future, otherwise you end up taking no risks at all and living a pointless and joyless life. "NullDrone": that's what you'd be.

Bear in mind that governments can only properly control a population which is afraid of something.
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dawnmain
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(Original post by jamesthehustler)
that why I'm doing gemology from the best guys in the business
the globally respected brand in the field
as they put around the world less than 400 a year through the course
you can walk into any jewellers in the world for a job interview show that certificate and you're hired or go into business yourself and make even more
Which company w0uld that be?
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