Old thread but it was my understanding that the figure had now risen to over 80%. Student finance seems to be in a mess and should definitely be regarded as quasi loans. Not sure whether many degrees are worth the costs involved.
its all well and good for students who'll probably never pay all or any of it back. but not so good for the NHS, social care, policing and co. where money is being diverted away from all because students want to go study some mickey mouse degree which job market doesnt want from some third rate uni at 50k a pop. everyone moans money spent on foreign aid etc but not the cost of sending ppl to uni
It's not just student loans. Consider home loans: In the US [which, of course is the realty market that i am most familiar with - but i suspect that the same thing is true in the Uk, as well as W Germany, etc], houses all over the US used to cost 3x to 3.5x the gross annual income in that area. In New York city, people made a lot of money (but it cost a lot to live), so flats in Manhattan cost $700,000 up. In Nevada, people didn't make much money, so a simple 2 bedroom house could be had for $30,000 to $40,000. In 1971, i bought a 3 br, 1.5 bath house, with a one car garage, on a 1/4 acre lot about 30 miles west of D.C. for $28,800. I took over the owner's loan and my monthly payment was $215 USD/month. Now, that same house [one just up the street actually], just sold for $315,000 USD. The combined income of two adults living in it are probably not over $100,000. In all liklihood, they will never be able to pay this loan off. Everything is being financed this way - cars included. The approach of a financial collapse appears to be true. Hang on to your wallets!! Cheers.