Hey there! Sign in to join this conversationNew here? Join for free
    • Thread Starter
    Online

    12
    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.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    What newspaper do you read/prefer?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • 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

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