75% of students will never pay off their student loans

independent.co.uk/student/graduates-three-quarters-never-pay-off-debt-loan-maintenance-grant-institute-for-fiscal-studies-a7824016.html

"Most graduates will still be paying off student loans into their 50s, and three-quarters will never clear the debt, a new probe has found."

Wake up Sheeple!

Its extra tax idiot

eh I expected that tbh

Reply 3

Dez

20

Put another way, 75% of students will be paying 9% tax for 30 years of their career.

Reply 4

999tigger

19

Original post by Kuoa71

independent.co.uk/student/graduates-three-quarters-never-pay-off-debt-loan-maintenance-grant-institute-for-fiscal-studies-a7824016.html

"Most graduates will still be paying off student loans into their 50s, and three-quarters will never clear the debt, a new probe has found."

Wake up Sheeple!

What is there to wake up from?

Why are you calling people sheeple?

This fact was well known already as the report was from last year.

Reply 5

m005eman

18

It takes years to pay off the debt, but if uni works out and you get a good paying job, the percentage of the debt you have to pay each month is so insignificant to what you are earning, it doesn’t massively affect you, and it gets wiped after so many years anyway. I’m not saying that the debt is good, but it shouldn’t be something that deters people from going to university in the first place

Reply 6

OGGUS

21

I honestly calculated whether it was even possible to pay it back because of the way the new loan paybacks work. And even with over 30k a year it only payed about 13.4k for the course of 30 years.
But didn't mention anything over 30k salary stuff. I doubt anyone i know will pay it all back.

Reply 7

icygrl

18

yikes
but then again what do they expect lol

oh, well, that's fun

Couldn't care less, universities should be free, if does not convince you then nothing will. The government more less pays it all and gets nothing back, although, they probably sell the debt to some shark.

Reply 10

HeartBlink

22

Original post by Dez

Put another way, 75% of students will be paying 9% tax for 30 years of their career.

Wdym?

Reply 11

999tigger

19

Original post by Dez

Put another way, 75% of students will be paying 9% tax for 30 years of their career.

Not really because many of those students will not reach the 75% threshold and then it is only 9% of the excess.

Reply 12

CTLeafez

22

Original post by Dez

Put another way, 75% of students will be paying 9% tax for 30 years of their career.

Not if you earn under £25k :wink:

That's how I'll avoid paying my loan back... 30 years of £24,999 and THEN BOOM my £100,000+ salary comes in.

Reply 13

username1207499

18

Original post by Dez

Put another way, 75% of students will be paying 9% tax for 30 years of their career.

9% tax on income over 25k, which isn't very much when you consider the average salary is 27k. 30*0.09*(27k-25k) = 5.4k, i.e. you only pay back a fifth of what you borrowed

(edited 5 years ago)

Reply 14

federam

11

Original post by D3LLI5

9% tax on income over 25k, which isn't very much when you consider the average salary is 27k. 30*0.09*(27k-25k) = 5.4k, i.e. you only pay back a fifth of what you borrowed

Median salary for 2017 was £23,474, the average of " £27k " is inequality showing. The median is 50% above and 50% below, the average is just everyone added divided by how many people. Majority of people wouldn't even be able to afford to pay it.
https://www.theguardian.com/business/2018/aug/15/uk-top-bosses-pay-rise-average-earnings-hit-39m-2017-high-pay-centre

Reply 15

username1207499

18

Original post by Mathemolic

Median salary for 2017 was £23,474, the average of " £27k " is inequality showing. The median is 50% above and 50% below, the average is just everyone added divided by how many people. Majority of people wouldn't even be able to afford to pay it.
https://www.theguardian.com/business/2018/aug/15/uk-top-bosses-pay-rise-average-earnings-hit-39m-2017-high-pay-centre

27k assuming full time employment