Quote:
Originally Posted by Elrazor
Student debt is written off after 30 years, which while not an insignificant amount of time is not a lifetime either.
I seem to remember a report showing that graduates need to earn an average of ~£40k a year for that duration to end up paying the whole thing off.
The bottom line is that it's not debt - it's a graduate tax in all but name.
Yes obviously it is a graduate tax, but it is still debt and has to be paid off. It's actually much harder to avoid than other debts. You don't need to be earning much to start paying it off which leaves young graduates paying extra tax when they are already struggling.
The point is that kids are being priced out of going to university. 27k + about 15k living costs loan = 42k in debt before you even get started.
You understand that a 40k income leaves some families as 'working poor' right? No holidays, no cars, no mortgages. And they have to pay an extra tax for the majority of their working life. Lol at saying 30 years isn't a lifetime and making a point of it.