£80k student debt Watch

Anonymous #1
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I really wanted this post to be anonymous so posting here..

I am studying comp sci but when I graduate I will owe around £80k in student debt. I am happy with my choice with studying but am I making a big mistake? Will I regret my decision?
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marinade
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The system is so crazy, it's best just not thinking about it.

It looks like the Augar report will get kicked into the long grass, insane payback periods of 40 and not 30 years were suggested.
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Hirsty97
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Sounds like it’s too late now

Why so much?
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Anonymous #2
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What do you mean "am I making a big mistake"? You already made a massive mistake the moment you decided to go into all of that debt. It's way too late now to be wondering that now.
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angelike1
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Sounds pretty normal tbh - maybe a bit more than the average.
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angelike1
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(Original post by Hirsty97)
Sounds like it’s too late now

Why so much?
3 year degree = 3*9k = 27k
Living costs over 3 years = 3*8k = 24k

Totals to like 50k.

Add on the 6% interest and its probably like 80k by the time you pay it off
Last edited by angelike1; 1 week ago
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Neilos
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It's £80k in student debt. Not 80k in real debt.

For most people, £80k of student debt is the same as £40k of student debt. And if you do actually get round to paying that much off, you'll be making enough for it to make little difference to your life, so don't worry about it.
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keptinside
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(Original post by Hirsty97)
Sounds like it’s too late now

Why so much?
Why so hawt
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Anonymous #3
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I think they will change the rules so that all graduates pay a percentage of their earnings back to repay student debt as soon as they start work. No minimum earning threshold. Not a problem for those whose degree led to a career, and a lifetime of regret for the rest.
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Xarao
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(Original post by Anonymous)
I think they will change the rules so that all graduates pay a percentage of their earnings back to repay student debt as soon as they start work. No minimum earning threshold. Not a problem for those whose degree led to a career, and a lifetime of regret for the rest.
If such things happen, they will apply to the new set of university students, not the current ones.
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RogerOxon
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(Original post by Anonymous)
I really wanted this post to be anonymous so posting here..

I am studying comp sci but when I graduate I will owe around £80k in student debt. I am happy with my choice with studying but am I making a big mistake? Will I regret my decision?
Probably not. International students pay a lot more - Imperial charge close to £30k per year in fees alone. Many consider that level worthwhile.
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rcmotorboy
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... and there's millionaires in this world. 60k, 70k, 90k of debt. You'll feel like the biggest loser one day and the biggest day the next. At least it gives you something to work with to keep working. You can never pay your way into success. You can at least soak that feeling in and when you start paying it back, seeing the number get down as you pay back, you'll get into paying it back. The interest rate is a killer however, that's the only issue that would bother me. You may have to reason with the debt company to find why the interest rates are high or really try to get to get a job which fights the interest rates. Hope you get the support fighting that at least.
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UWS
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A lot of people don't even get round to paying it all off anyway. The "debt" is written off if you don't pay it back within 30 years when you started repaying it.
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Themysticalegg
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I don't understand the big deal about student loans, there's a threshold for repayments and if you can't afford to pay it you don't. And if you can it's more like a tax.
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marinade
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(Original post by Themysticalegg)
I don't understand the big deal about student loans, there's a threshold for repayments and if you can't afford to pay it you don't. And if you can it's more like a tax.
A threshold which has fluctuated. It's currently set very high (except for postgrad loans), but it wasn't always the case even 3 or 4 years ago. In the past the threshold was set too low and that was causing issues.

By the time people on this forum are getting towards the end of repayment period they will be contributing to their offsprings' university education and helping prepare their grandchildren's and maybe even paying theirs. Nice triple whammy. Ticking timebomb for society. Big deal.
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Themysticalegg
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Ohhh you're arguing about it from that perspective, in OP's case though if he's graduating he/she will repay it at the current high threshold. I still think the UK is a lot more fortunate than other countries such as the US and their system of student finance. I still stand by my point that the government doesn't make you pay it back until you have a certain amount of income and even then I don't find them to be that damaging to my financial situation at the £30,000 mark currently with both a undergraduate and postgraduate loan.(Yes I understand that it will increase with my income but even then it's a small proportion of my income) Many people who graduate don't even pay for their loans so surely the whammy has already started? I understand your point and the system isn't perfect but I still think it works well for the student as it's more like a small tax. Probably not for the government though because of the previous point.
(Original post by marinade)
A threshold which has fluctuated. It's currently set very high (except for postgrad loans), but it wasn't always the case even 3 or 4 years ago. In the past the threshold was set too low and that was causing issues.

By the time people on this forum are getting towards the end of repayment period they will be contributing to their offsprings' university education and helping prepare their grandchildren's and maybe even paying theirs. Nice triple whammy. Ticking timebomb for society. Big deal.
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Anonymous #3
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This is it. It is debt, it's a serious issue and not something to be taken on without proper consideration.
(Original post by marinade)
A threshold which has fluctuated. It's currently set very high (except for postgrad loans), but it wasn't always the case even 3 or 4 years ago. In the past the threshold was set too low and that was causing issues.

By the time people on this forum are getting towards the end of repayment period they will be contributing to their offsprings' university education and helping prepare their grandchildren's and maybe even paying theirs. Nice triple whammy. Ticking timebomb for society. Big deal.
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999tigger
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(Original post by Anonymous)
I really wanted this post to be anonymous so posting here..

I am studying comp sci but when I graduate I will owe around £80k in student debt. I am happy with my choice with studying but am I making a big mistake? Will I regret my decision?
Bit late now dontya think?
How can anyone tell if you will regret it? Some will some wont and its a dumb question.
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marinade
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(Original post by Themysticalegg)
Ohhh you're arguing about it from that perspective, in OP's case though if he's graduating he/she will repay it at the current high threshold. I still think the UK is a lot more fortunate than other countries such as the US and their system of student finance. I still stand by my point that the government doesn't make you pay it back until you have a certain amount of income and even then I don't find them to be that damaging to my financial situation at the £30,000 mark currently with both a undergraduate and postgraduate loan.(Yes I understand that it will increase with my income but even then it's a small proportion of my income) Many people who graduate don't even pay for their loans so surely the whammy has already started? I understand your point and the system isn't perfect but I still think it works well for the student as it's more like a small tax. Probably not for the government though because of the previous point.
That's how things look in 2019. The governments over the last few years have chopped and changed and reneged and u-turned. The repayments on plan 1 was £15,000 which was frozen for a very long time, then it got upped to £18,000 and supposed to be uprated and the government reneged and then u-turned and now it's £18,935 threshold (rising for the present). A cynical person would also wonder where the minimum wage rises come into all this. I am happy that the plan 2 loans is now a threshold of £25,725 and not frozen (for the moment, haha). Some of the guys on plan 1 stuff will be due to have it wiped not a million years into the future. I'm unsure what sort of tricks future governments will play on repayments, but it's quite possible a future government might freeze the threshold or other tricks open to them. The postgrad loans for MAs and MScs are the ones most likely get to paid back, by a country mile.

You earn £30k? That's exceptionally good for a recent graduate.

I don't think we're more fortunate than other countries. I think comparing the most insane higher education system in the developed world with the second most insane higher education system in the developed world is a bit limiting.

The whammy has already started, there are grandparents alive today who are helping/helped one or two generations below them. In future it will get worse unfortunately. Anyway that doesn't help the OP and too much to think about!
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londonmyst
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(Original post by Themysticalegg)
I don't understand the big deal about student loans, there's a threshold for repayments and if you can't afford to pay it you don't. And if you can it's more like a tax.
Woefully inefficient, unsustainable system with huge write off rates.
Massive admin costs too.
Don't get me started on those offshore companies that bought some portions of the sf loan-books and the type of tactics their call centre staff resort to.
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