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Scrap student loan interest and extend payback time Watch

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    (Original post by MJlover)
    How would a cap on the numbers going to university work, if someone wants to attend university why should they be disallowed because of a quota?
    If they can pay for it, then that's fine.

    Higher education should be available to those most able to benefit from it IMO. It's for society to decide how much money we can / should dedicate to it.
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    (Original post by MJlover)
    I think education is a human right and not a privilege, so going to university should be seen as a positive thing generally and should not be made exclusive because of tax costs.
    How many years of education is a right? Can I decide to make a career out of doing degrees?

    Do I have a right to study Make-up and Hair Design at the tax payer's expense? Is a course like that really worth over £9k a year, plus living expenses?
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    (Original post by Yhimo)
    Isn't taking out an interest based student loan haram? How do you think Allah would feel about you disobeying his command? Muslims are so quick to invoke god but not when doing so makes their lives harder lol.
    Hi again son of a gun
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    The thing I find interesting is how many over 60s have started degrees in recent years where they can be given the finance to do so, and know they never have to pay it back where they are retired, so unlikely to be earning above the repayment threshold where they are only on their pension income.
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    (Original post by RogerOxon)
    How many years of education is a right? Can I decide to make a career out of doing degrees?

    Do I have a right to study Make-up and Hair Design at the tax payer's expense? Is a course like that really worth over £9k a year, plus living expenses?
    How do you decide what degree is worth studying then at the tax payers expense?

    The course you linked is worth it to someone that needs the skills it teaches to break into that industry (though it is possible to get in by other means, this argument can be made for many careers, even on the STEM side)
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    (Original post by madmadmax321)
    How do you decide what degree is worth studying then at the tax payers expense?
    That is for society to decide. Personally, I'd look at the average additional tax that the average graduate would pay, funding those that bring-in more than they cost. There should also be funding for some places that society values beyond their monetary value. Those that work for the state should also get help with loan repayments.
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    (Original post by Yhimo)
    Isn't taking out an interest based student loan haram? How do you think Allah would feel about you disobeying his command? Muslims are so quick to invoke god but not when doing so makes their lives harder lol.
    I posted with reference to the OP's suggestion of scrapping student loans.
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    (Original post by RogerOxon)
    How many years of education is a right? Can I decide to make a career out of doing degrees?

    Do I have a right to study Make-up and Hair Design at the tax payer's expense? Is a course like that really worth over £9k a year, plus living expenses?
    There is not a great figure of people just doing degrees for the sake of it - you'd want to do a degree to get qualified to get into a career? You would need to finish eventually to start said career.

    I don't think there is much weight to that argument, and in the current context students pay back their tuition fees, so studying is not at the taxpayer's expense.
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    (Original post by MJlover)
    There is not a great figure of people just doing degrees for the sake of it - you'd want to do a degree to get qualified to get into a career? You would need to finish eventually to start said career.

    I don't think there is much weight to that argument, and in the current context students pay back their tuition fees, so studying is not at the taxpayer's expense.
    A lot of students with joke degrees really won't though as they won't be earning above the minimum threshold due to not being able to get a good graduate job, it's not like there are a plethora of graduate jobs out there anyway and many grads struggle to find jobs even with good degrees.
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    (Original post by MJlover)
    There is not a great figure (sic) of people just doing degrees for the sake of it - you'd want to do a degree to get qualified to get into a career? You would need to finish eventually to start said career.
    1. Given the number of times people ask about the night life at some unheard of university, I suspect that many see university as paid partying;
    2. There are people that just enjoy studying. Many, if they couldn't get a 'decent' job, would do another degree.

    I don't think there is much weight to that argument, and in the current context students pay back their tuition fees, so studying is not at the taxpayer's expense.
    No, they don't / won't (all). If you never earn enough, you will pay nothing. If you don't earn enough, you'll have the debt written-off after 30 years. Basically, if you do a degree that doesn't allow you to earn well, the tax payer will foot most / all of the bill. This is the opposite to how it should be IMO.
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    I think it is unfair on students lol. If a student of the lower/middle class wants to go Uni, they will have to take a loan. If they do an average course of 4 years, that's £37,000 tuition fee, and let's say £20,000 living costs on average. That's £57k already. Then within a few years time, they'll consider buying a house via mortgage . These days that'll cost £100k. The poor 25 year old is already in £157k (plus interest LMAO) and will spend his entire life working as a robot trying to pay it off... It's ridiculous.
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    (Original post by RogerOxon)
    1. Given the number of times people ask about the night life at some unheard of university, I suspect that many see university as paid partying;
    2. There are people that just enjoy studying. Many, if they couldn't get a 'decent' job, would do another degree.


    No, they don't / won't (all). If you never earn enough, you will pay nothing. If you don't earn enough, you'll have the debt written-off after 30 years. Basically, if you do a degree that doesn't allow you to earn well, the tax payer will foot most / all of the bill. This is the opposite to how it should be IMO.
    You pay after 21K, which is a pretty low boundary, I think that if you have a degree regardless of the subject you would be earning that in a few years.

    Secondly, asking about the nightlife of your uni town doesn't really indicate anything. Of course its normal to ask about social life when applying to a uni.
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    (Original post by MJlover)
    You pay after 21K, which is a pretty low boundary, I think that if you have a degree regardless of the subject you would be earning that in a few years.
    Please do not forget the interest, which, although very low for an unsecured loan, is significant.

    The (current) threshold for starting to pay is £21k, with 9% above that going to repayments. If you have a £70k debt upon leaving (you pay interest at 6.1% whilst studying at the moment), then the interest alone will be between £2.2k (earning under £21k) and £4.3k (earning £41k+). To be JUST paying the interest, you'd have to earn over £68k. Any less, and your debt will be increasing (in absolute terms).

    Did you look at the numbers before claiming that "students pay back their tuition fees"?
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    I'd support the scrapping of interest on student loans, but I'm not sure there's a real benefit to extending their duration.
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    (Original post by shadowdweller)
    I'd support the scrapping of interest on student loans, but I'm not sure there's a real benefit to extending their duration.
    The benefit (to the government) is that more students pay back more of their student loan as most people dont pay off a good chunk of the loan within the 30 years. This will likely apply even more now since the maintenance grant was replaced by more loan
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    (Original post by madmadmax321)
    The benefit (to the government) is that more students pay back more of their student loan as most people dont pay off a good chunk of the loan within the 30 years. This will likely apply even more now since the maintenance grant was replaced by more loan
    Granted that would be a valid benefit, I hadn't thought about it from that side!
 
 
 
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