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paying off university debt? watch

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    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
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    (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.
 
 
 
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