Why do people complain about student debt? Watch

Lolly-88
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#1
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I keep hearing on the news and other students complaining over how much debt they will graduate with and how they're being forced into owing huge amounts of money and how unfair it all is.

As far as i know the student loan is good because:

You don't pay the loan back until you're earning over 15,000.
After 25 years if not payed off it gets written off
If you die it gets written of so debt doesn't get transmitted to relavtives etc
It doesn't affect your credit rating

If i get into my firm choice I will probably graduate with a minimum of 20,000 worth of debt maybe even 24,000 yet i'm not bothered at all becuase if it wasn't for the student loan company i wouldn't stand a chance in hell of going uni and being able to persue my dream job.

Therefore why do people complain so much...in my opinion i think they're just being incredibly ungrateful. Is it just an entitlement complex that some people have? Or am I missing something really big about the student loan (yes i know about the interest being in line with inflation...but i think that's fair)

I just wanted to know your views...and if you're one of the complainers...why do you complain?
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*Sparkle*
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I don't know either.

If all goes according to plan with the student loan I should have at least £18k worth of loan debt.

I think it's the excess of that like overdrafts and credit cards that people worry about. All of my teachers have told me not to worry about the loan debt because it comes straight out of your wages, you'll never actually see the money in your account so you won't really notice it leaving.

The finance options for next year seem SO much better though
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sopheeb
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I'm doing music, and want to go into teaching or academicky research stuff, so I'm always going to be in debt. Yay.
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713
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(Original post by Lolly-88)
I keep hearing on the news and other students complaining over how much debt they will graduate with and how they're being forced into owing huge amounts of money and how unfair it all is.

As far as i know the student loan is good because:

You don't pay the loan back until you're earning over 15,000.
After 25 years if not payed off it gets written off
If you die it gets written of so debt doesn't get transmitted to relavtives etc
It doesn't affect your credit rating

If i get into my firm choice I will probably graduate with a minimum of 20,000 worth of debt maybe even 24,000 yet i'm not bothered at all becuase if it wasn't for the student loan company i wouldn't stand a chance in hell of going uni and being able to persue my dream job.

Therefore why do people complain so much...in my opinion i think they're just being incredibly ungrateful. Is it just an entitlement complex that some people have? Or am I missing something really big about the student loan (yes i know about the interest being in line with inflation...but i think that's fair)

I just wanted to know your views...and if you're one of the complainers...why do you complain?
I believe it's just fair that students pay for a part of their higher education, and here in the UK they even got a fairly good deal when taking out a student loan, compared to other countries.
So, yes I do agree with you and I believe there is being made too much fuss in the media.
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Jonny Fezro
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I asked my Dad this, its because they never used to have to pay! However, from where i see it, the Labour governments great with the way its reasonable with paying back this debt..there was someone, i don't know who it was, says 'student debt is good debt'..sounds like a paradox i know but you can see what they mean i guess!! xxx
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Chiba_Revolution
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I'm doing music, and want to go into teaching or academicky research stuff, so I'm always going to be in debt. Yay.
XD.
We probably won't know why people complaining untill we actually start to feel the pinch of money...plus to think that you will get a debt of 3 grand every year for trying to get a degree is quite depressing...
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34253
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The average student earns 400k more in their life time. If you cant see the oppourtunity in spending 21k and 3 years of your life for 400k then you're too stupid to go to university. Although it is questionable if the government should pay more, mostly due to the fact they'll tax a good 200k of that away from you...
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devils_nose
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Whilst the debt isn't a bad deal at all, its still a bit deflating to start your adult life with a deficit of £20,000 or more.. especially when your older siblings may not be in the same boat!! I suspect that people will whinge less the older this scheme becomes (although you know the government will change it as soon as people start getting used to this idea) I think its right that we should pay for our education but I can certainly understand why people don't enjoy the idea of being in so much debt so young.
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username81904
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is this a trick question? Why do people complain about student debt? hahaha.


troll
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Hop-along
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actually I think its more intresting then a trick question, I think that people complain beacuse when our parents were at uni they didnt pay for it they got a grant and secondly beacuse the intrest rate is 2.4% meaning evrey year your loan amount goes up a bit which makes it diffcult if say you had 3 kids and were on 15K a year,
I dislike the loan system and the university reform beacuse uni isnt right for 50% of the population
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devils_nose
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(Original post by Hop-along)
actually I think its more intresting then a trick question, I think that people complain beacuse when our parents were at uni they didnt pay for it they got a grant and secondly beacuse the intrest rate is 2.4% meaning evrey year your loan amount goes up a bit which makes it diffcult if say you had 3 kids and were on 15K a year,
I dislike the loan system and the university reform beacuse uni isnt right for 50% of the population
It wasn't that long ago that fees were introduced!! People in their mid-late 20s will have gotten out of paying them too
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713
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(Original post by wesetters)
It's not *that* good a deal, when fees across the channel are about £400 a year.
I was actually meaning the conditions to which you could take out a loan, but coming back to what you appear mean: are you taking all non-monetary factors in account when judging whether it's a good deal or not?
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louisedotcom
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People think its so bad and complain so much because the people who have implimented this change and introduced fees are the exact people who benefitted from free education.
Essentially- its not very fair!

Also, its hardly a great prospect starting your adult life in £20,000+ in debt.
Being in debt is a huge burden, even if the debt isnt very big. If you are in debt you are more likely to suffer stress, depression and related illnesses.
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Lolly-88
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(Original post by bigboy123)
is this a trick question? Why do people complain about student debt? hahaha.


troll
I'm not a troll....it's a completely legitamate question. :p: :p:

(Original post by louisedotcom)
People think its so bad and complain so much because the people who have implimented this change and introduced fees are the exact people who benefitted from free education.
Essentially- its not very fair!

Also, its hardly a great prospect starting your adult life in £20,000+ in debt.
Being in debt is a huge burden, even if the debt isnt very big. If you are in debt you are more likely to suffer stress, depression and related illnesses.
If it was a bank loan or credit card debt i would totally understand why people would complain because obviously that's very stressful....you could potentially become bankrupt if you don't stay on top of it....there's high interest etc. However a student loan is not that kind of debt. If your not earning enough money you don't pay...after 25 years it's completely gone...how is that stressful?? :confused:

I apologise if i sound really insensitive but it really gets to me. A friend of mine is going to uni to do film studies and he moans about how he's being forced into lots of debt. I hear on the news about students being forced into debt. I really hate the use of the word forced...nobody is forcing anyone to go to university...there's plenty of other things to do without a degree!
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spark911
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I dont complain about government student debt. Overdraft/CreditCard are my only issues, but I would try my hardest not to graduate with any of that.
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Isambard Kingdom Brunel
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I will have a £36k debt in the summer of 2010.

Do I care? No, sir! :tsr2:
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louisedotcom
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Well essentially debt is debt. Regardless of whether it will effect your credit rating or not, knowing that you owe someone money is a burden, knowing that you have £20,000+ to pay back is a burden.

Imagine your student loan debts coupled with mortgage payments, car payments, household bills etc etc, its just another expendature on top of all the other ones. Student debt on its own is all well and good, and on its own probably not something to stress about, but you seem to be over looking the reality of modern day life which for most people involves keeping a roof over your head, and plently of other bills and things to pay for.

You're right that no one forces anyone to go to university, but so many people have degrees these days that you really dont stand a good chance of getting anywhere career wise unless you have one. Also alot of careers do still require a degree. Its not as clean cut as you've made it sound.

Although I completely understand what you mean about loans giving you and many others the oppertunity to go to uni- including myself. I think however you have chosen a very idealistic approach to it all- which is probably a good idea, no point being stressed for the next few years.
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robbthegiant
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The people who complain are usually the ones who went 'Oh my god free money.. yay!' then racked up a massive debt without realising thus them complaining why they're paycheck has uni debt money deducted from it..

best thing to do is just to withold from touching any of the loan, and ask your family to buy things for you such as books..

the best bet of all is to get a job :P
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INTit
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#19
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Part time jobs may have an impact on your overall grade and will definetly impact the social experiance.

I just think that £20000 debt is a high price the world of work is arguably forcing you to pay.
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CountOlaf
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Student debt is the cheapest kind of debt you can get, and while it can seem like a burden, it's taken out of your pay in such small doses that it shouldn't make too much of an impact. I don't think it's anything worth losing sleep over. I think it's just the feeling of being 'in debt' that's worse than the debt itself for a lot of people.

Even if you all of a sudden had £30000 and could afford to pay it all off at once, it would make more sense to keep having it taken out of your wages over a longer period of time. The interest you would earn on that £30000 would be significant and the student debt will never gain interest as such, it only goes up in line with inflation.
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