Fixing the interest rate from September to September for student loans is a very bad idea, and potential miss selling a loan as a low interest capped loan, when the bank of England base rate might lower significantly between that time. Like you say this is now a tax not a loan. If the banks did this not the government they would be fined remember PPI scandal? The nail in the coffin will be if the debt doesn't get written off after 30 years. Which would not put if past the government means testing you after that 30 year period to see if you have any savings to pay towards it. I've been paying mine for 22 years and have paid more interest than the actual loan itself because I was below that threshold for payment for a lot of years but interest was still added.

This video should have more views, thanks bro for u valuable information I will share this information with my friends.

@Moneytothemasses

Жыл бұрын

Thanks for the positive feedback 😊 You're welcome - Glad you found it helpful!

potentially stupid question but I have a plan 4 loan as I am from Scotland. I'm not sure I will earn enough to repay the loan in full with the minimum payments but I was wondering is it possible that in future the government will scrap the existing loans getting wiped, or am I tied into the terms I agreed to at the time of taking my loan? I'm just worried that if I don't pay it all, off and the interest builds to a large amount, the government might force people to repay in full. I'm not sure if they can even do that but I'm trying to understand the possibilities 100% before I decide between saving for a house or repaying my loan early as I don't want to have loads of debt as I get closer to retirement all those years away

If a student pays course fees of £9250/year then their final debt of £27750 will, at 10.1% (current rpi, 2023) accumulate £2803/year interest. To pay off this interest the £2803 will need to be 9% of their salary over £25,000. This means they will need a starting salary of £56,142 just to pay the interest; any less and their debt will be increasing every year. Borrowing to pay for accommodation and other costs might of course increase the debt considerably.

@_Hollie_

7 ай бұрын

Exactly ive come to the conclusion that if youre plan 2 and had to take both the tuition and maintenance loan, theres no point in trying to repay unless youre a high salary doctor or accountant. You will never pay as much in interest as you will if you try to pay it in full otherwise. Especially if you invest into your own stocks and shares isa or something, you can invest and get considerably more for later on in life for a house or retirement

Hi, I am from India planning to study in UK January 2024 intake. I have taken an loan amount of 30 lakhs that is 30000 GBP. Can I will be able to pay back the loan amount after my graduation, by working in UK? 1 UK pound = 100 Indian rupees. My monthly emi is around 490 pounds which means 50 thousand Indian rupees. Is it easy to make money in UK and send back to India as the currency exchange rate is high?? Please reply!!!!

@AM-dn1iq

3 ай бұрын

Mate we are all doomed Nah