Turn on thread page Beta

paying off university debt? watch

Announcements
    • Thread Starter
    Offline

    16
    ReputationRep:
    If a student is in £30,000-ish debt, how long exactly would it take them to repay this?
    Apparently if you earn £55,000, £34000 per year of that is taken to repay. which means you're essentially out of debt??

    Idk I'm so confused on how this works
    Posted on the TSR App. Download from Apple or Google Play
    Offline

    21
    ReputationRep:
    (Original post by Lia22)
    If a student is in £30,000-ish debt, how long exactly would it take them to repay this?
    Apparently if you earn £55,000, £34000 per year of that is taken to repay. which means you're essentially out of debt??

    Idk I'm so confused on how this works
    The system is designed to be confusing and inequitable. You pay 6.1% (currently) whilst studying, so your £30k of loans will be more when you graduate.

    For new loans, they change the interest rate (post-graduation) based upon how much you earn. Currently, it's anywhere from 3.1% (RPI on 21k) to 6.1% (RPI + 3% on 41k+). You pay 9% of your earnings above £21k.

    On £55k, you'd pay just over £3k per year. Start here.
 
 
 
Poll
Do you think parents should charge rent?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.