Student Loan interest rates (WAS:Re: NS&I rates)
Posted: September 21st, 2020, 2:01 pm
I haven't heard that the outrageous interest on Student Loans (5.6% IIRC) is going to be reduced. Why not?
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Bouleversee wrote:I haven't heard that the outrageous interest on Student Loans (5.6% IIRC) is going to be reduced. Why not?
scrumpyjack wrote:If the student expects never to earn more than £27,000 then take the loan as it won't need to be paid back!
On the other hand one questions what the quality of the degree is if the likely earnings power is so low?
Bouleversee wrote:scrumpyjack wrote:If the student expects never to earn more than £27,000 then take the loan as it won't need to be paid back!
On the other hand one questions what the quality of the degree is if the likely earnings power is so low?
Quite. So why are people like Martin Lewis advising taking the loan? It doesn't make sense to me when interest is calculated and compounds from day 1 of getting the loan.
richlist wrote:What's this got to do with ns&I rates ?
If you want to talk about student loans open up another thread, please.
swill453 wrote:richlist wrote:What's this got to do with ns&I rates ?
If you want to talk about student loans open up another thread, please.
Yeah fair comment.
Scott.
Bouleversee wrote:I haven't heard that the outrageous interest on Student Loans (5.6% IIRC) is going to be reduced. Why not?
Bouleversee wrote:scrumpyjack wrote:If the student expects never to earn more than £27,000 then take the loan as it won't need to be paid back!
On the other hand one questions what the quality of the degree is if the likely earnings power is so low?
Quite. So why are people like Martin Lewis advising taking the loan? It doesn't make sense to me when interest is calculated and compounds from day 1 of getting the loan.
Bouleversee wrote:I haven't heard that the outrageous interest on Student Loans (5.6% IIRC) is going to be reduced. Why not?
AlumniLawn wrote:The high interest rate is imposed I think so as to recover the loans that will never be fully repaid or paid at all. My son being one of these (Masters in International Politics) as he has moved to Australia. The irony of his younger sister repaying part of his debt is not lost on the family.
"It's a common myth that you can just jet off to another country and leave all your loan troubles behind.
However, the British government are taking stricter measures to catch up with graduates who aren't paying back their student debt – whatever country they're in.
Better data sharing between countries is making this easier and more effective, and the consequences can be pretty serious. The government are starting to refer defaulting students to credit agencies, implement sanctions and in some cases even prosecute.
While this might seem like a distant threat when you're in another corner of the world, it will catch up with you eventually – especially if you ever return to the UK.
Basically, it's not worth the risk."
didds wrote:AlumniLawn wrote:The high interest rate is imposed I think so as to recover the loans that will never be fully repaid or paid at all. My son being one of these (Masters in International Politics) as he has moved to Australia. The irony of his younger sister repaying part of his debt is not lost on the family.
I thought (happy to be wrong) that if you moved away from the UK with outstanding student loan debt you had to advise the stuent loan people so they could find some way of extracting your repayments?
This from may 2020
https://www.savethestudent.org/student- ... broad.html"It's a common myth that you can just jet off to another country and leave all your loan troubles behind.
However, the British government are taking stricter measures to catch up with graduates who aren't paying back their student debt – whatever country they're in.
Better data sharing between countries is making this easier and more effective, and the consequences can be pretty serious. The government are starting to refer defaulting students to credit agencies, implement sanctions and in some cases even prosecute.
While this might seem like a distant threat when you're in another corner of the world, it will catch up with you eventually – especially if you ever return to the UK.
Basically, it's not worth the risk."
Otherwise "everyone" couild just bugger off elsewhere and never pay anything in theory.
didds
dspp wrote:didds wrote:AlumniLawn wrote:The high interest rate is imposed I think so as to recover the loans that will never be fully repaid or paid at all. My son being one of these (Masters in International Politics) as he has moved to Australia. The irony of his younger sister repaying part of his debt is not lost on the family.
I thought (happy to be wrong) that if you moved away from the UK with outstanding student loan debt you had to advise the stuent loan people so they could find some way of extracting your repayments?
This from may 2020
https://www.savethestudent.org/student- ... broad.html"It's a common myth that you can just jet off to another country and leave all your loan troubles behind.
However, the British government are taking stricter measures to catch up with graduates who aren't paying back their student debt – whatever country they're in.
Better data sharing between countries is making this easier and more effective, and the consequences can be pretty serious. The government are starting to refer defaulting students to credit agencies, implement sanctions and in some cases even prosecute.
While this might seem like a distant threat when you're in another corner of the world, it will catch up with you eventually – especially if you ever return to the UK.
Basically, it's not worth the risk."
Otherwise "everyone" couild just bugger off elsewhere and never pay anything in theory.
didds
Clearly people in Politics think that the Law does not apply to them.
regards, dspp
AlumniLawn wrote:dspp wrote:didds wrote:
I thought (happy to be wrong) that if you moved away from the UK with outstanding student loan debt you had to advise the stuent loan people so they could find some way of extracting your repayments?
This from may 2020
https://www.savethestudent.org/student- ... broad.html
Otherwise "everyone" couild just bugger off elsewhere and never pay anything in theory.
didds
Clearly people in Politics think that the Law does not apply to them.
regards, dspp
Which people would that be?
My son has been in regular contact with the Student Loan company, is in receipt of his regular statements and has paid what they instruct him to pay (which is nothing for the last 18 months) and if/when he returns to the UK, he will pay once again or if instructed to pay whilst abroad will do so but in the absence request to make payments, he doesn't.
Yet again I see broad sweeping statements made that only the certainty of ignorance can muster up.
AlumniLawn wrote:dspp wrote:didds wrote:
I thought (happy to be wrong) that if you moved away from the UK with outstanding student loan debt you had to advise the stuent loan people so they could find some way of extracting your repayments?
This from may 2020
https://www.savethestudent.org/student- ... broad.html
Otherwise "everyone" couild just bugger off elsewhere and never pay anything in theory.
didds
Clearly people in Politics think that the Law does not apply to them.
regards, dspp
Which people would that be?
My son has been in regular contact with the Student Loan company, is in receipt of his regular statements and has paid what they instruct him to pay (which is nothing for the last 18 months) and if/when he returns to the UK, he will pay once again or if instructed to pay whilst abroad will do so but in the absence request to make payments, he doesn't.
Yet again I see broad sweeping statements made that only the certainty of ignorance can muster up.
AlumniLawn wrote:
Yet again I see broad sweeping statements made that only the certainty of ignorance can muster up.
The irony of his younger sister repaying part of his debt is not lost on the family.
dealtn wrote:You can't be immune to "broad sweeping statements" if your own contributions are so open to misinterpretation.