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[melon]

Something has to be done to help poeple from a poorer background be able to afford an education that is taken for granted by the middle classes. This is from a UK point of view. I think its pretty simlair over there?

There has just been a new report released about student debt. It was carried about by Barclays Bank which shows how much debt students are actually in.
 

QUOTE

Increasing debt to leave grads 'unable to get on property ladder'            Based on the results of its most recent survey, Barclays Bank has warned that graduates in 2010 could face debts of up to £33, 708, assuming top-up fees come into effect in two years time. Average graduate debt has soared by a further 10% over the past year, prompting fears that graduates will struggle to pay back what they owe to loans companies, banks and credit cards, never mind get on the property ladder or build pension funds. But the government has described the survey as "scaremongering at its very worst", claiming that the average graduate will actually be in debt to the tune of £15,000 after a three year degree. The minister for health and education also pointed out that the lowest income students will benefit from the reintroduction of grants of up to £2,700 each year, a factor overlooked by Barclays.

That is a shortened version. The full report is here

The governments reaction is worrying.

If a student gets a student loan each of the trhree years of the course and each loan is approximetly £3800
thats already £11400
Then your broke because of that £3800, £2400 of it goes on rent.
Your then thinking shit ive now got £1400 to live off for nearly a year.
You then take an extra £500 a year student loan out.
Your debt autimatically goes upto £12900

If you then need food or to pay the bills you can use your interest free overdraft and credit card so say thats £350 for the credit card and £1250 for the overdraft thats made the total £14500
Thats £500 off what Tony Blair is calling "scaremongering at its very worst"
This is the minimum debt of anyone who has had to pay there own way through university accurs.

That is if you can keep within the tightest of budgets.

If you were getting your £3800 a year loan, watching people a year older getting there "grant" became puzziling.

They are know going to re-introduce the grant system leaving all the people who started university whilst the experiment  was in progress well and truly screwed.
The few years in between are left in thousands more debt than the people who went a few years earlier and those about to come.

I think these people of which I am one should have our debt cancelled. I doubt this will happen as our debt through the student loans company was broken into chunks and sold off to the highest bidder. Our debt is now in the hands of private companies and wont be cancelled.

Do not think this is a working class chip because the most screwed off students where the ones whose parents just earned enough to have to pay fees and meant they were entitled to a smaller loan amount. They were trully fucked over.

you will probably think stop moaning but stating your working life with basically a small mortgage is not the best way to start.

[methie]

meh

[Spency234]

I do agree.

Starting your career with a big debt is not fun.  Luckily, I was able to live with my parents through college so I only ended up being $14,000 in debt.

My family is well off, but definately not well enough that my parents can just throw that money at me and let me be on my way.  I want to buy a car, a new tv, etc. because for the first time in my life I have my own money to spend, but I always have to think about that loan first.  I see my friends who didn't do anything after high school, just went out and got ordinary factory jobs, and it almost seems like they are better off than me.  Of course, 10 years down the road when they are completely burnt out with a family and no future education in site I'm sure this will change.

I guess I'm not in the exact same situation as you, but I think I can relate on a few points.

[melon]

I forgot.
My student loan total is £18420 (took an extra one during my placement year as my company went bankrupt and left me fucked)

I rang the student loans company and they told me the interest is 3.1% which sounds quite low.

The interest in a year is £571

If I was in a £15,000 job I would pay back £480 a year.
(9% over £844 per month before tax)

I know the interest will be slightly lower as I would be making monthly payments but I am still not even covering my interest. How long will it take to pay this off??
Even with no interest it would take 10 years at £150 per month (way too much)

[Colonel32]

*shrugs*

I actually really like Tony Blair.

[Spency234]

I don't hate Tony Blair either, I just found a place to complain about my student loan so I did.

[Ween311]

Ahhh....Nevermind

This post has been edited by Ween311 on May 13 2004, 04:25 AM

[HeLiuM]

QUOTE (Ween311 @ May 13 2004, 04:21 AM)

That's why you get a job and work your way through college.  Imangine that, people paying for their school without somebody else giving them money....Hmmmm, what a novel idea.

 The idea is that with the higher income they can expect from skilled jobs, they more then pay it back in taxes through the rest of their life.  Full time students often can't make enough money on their own to pay for college (even while working as much as possible, which definately isnt good for your education).  Not everyone comes from rich families, why should they get any worse an education.  Of course, conservatives have never been supporters of that idea, with the natural bias against social programs ("why should we have to pay for them!").  Oh capitalism, you crazy kid.

[Ween311]

My parents were not rich either.  My older sister won a scholarship to pay for most of her school and during the summer she had to work to save enough  money for her living expenses.  

I had a full time job to pay for my school.  I only got to go part time and it took me twice as long to finish because of that, but I probably got a better job when I finished because I already had work experience.  

I understand the theory behind it.  I'm just saying it is possible to come out of school debt free without having someone pay for it for you.  It's harder, but believe me, if you think everything in life is going to be handed to you.....you are very wrong.

[melon]

I worked every summer and at weekends while I was studying. The thing I am pissed about more is that  the year above me got grants (dont pay them back), and I never. Now they are bringing grants back. I graduated last summer and am lumbered with thousands more debt because the government thought they would try something out which didnt work.

edit: I may have left wing views on politics but I am a realist. I do not expect anyting for free but the people just older or younger than I am will get a lot less expensive education than I did.

This post has been edited by melon on May 13 2004, 06:44 AM

[Ween311]

I know it sucks.  But since you are a realist, you just kind of have to accept the fact.  The rest of life is going to be that way.  Some people will get breaks and others won't.  Hopefully, the breaks will come your way one day in the form of something else.  If not, you still have the knowledge that you did it and did not need the same assistance as somebody else.  You are stronget for it because you have had to work for what you want and you are left with the knowledge that you did it on your own.  That's a great accomplishtment.  You should be proud.

[melon]

What you say is tue. Lifes a bitch but the governments reaction is annoying, espacially as it is meant to be a left wing party.

There must be other people in the same situation?

[Spency234]

The course I took was 9-3 Monday to Friday.  Usually I would come home for supper then study all night.  You think working weekends will pay for my course?? You are sadly mistaken.

[Ween311]

I didn't say it would totally pay for it, but you would finish with less debt.  We all make choices.  We all have to live with those decisions.  Like I said, it took me twice as long to finish school because I could not take a course that would be everyday and as long as yours.  I had to schedule some in the early morning and some at night.  It was a long day made even longer by the added studying.

Look, I'm not trying to belittle you or anything like that.  I'm just telling you how it is.  Once you graduate and you are in the work force, things are going to be much the same.  Someone who is not as qualified might get a promotion while you stay at the same job. Somebody might get a better interest rate and better loan terms than you when you go to buy your house.  My point is, life is not fair, and we have to deal with the hand that we are dealt.  We should not have to depend on our government for education.  I strongly feel that the less government involvement we have in our daily lives, the better.

Melon,  I don't know about where you live, but I would call around and try to get a better rate.  Education loan interest rates are at the lowest they have ever been.  If you call around to different banks you might be able to get a lower interest rate to make paying off your loans easier.  I truly feel for you, but I know it can be done.  Good luck!

[xbox_freak!!]

shit that sucks....i guess ill just have to enjoy the last couple debt free years of my life well