The next government spokesman to say that student loans are interest free I will beat around the head with a mythical cucumber! That a student loan is interest free is simply not true. Interest is applied to the loan from the START of the FIRST term and continues to build as the undergraduate years go by.
Being told that you have to pay nothing back until you earn over £21,000 is again misleading because if your first job pays below that then the student loan balloon continues to expand like volcanic magma as the interest builds.
But it’s not just about student loans. Students are mercilessly encouraged to use sizable bank loans and credit cards as a route to get even deeper in debt. Therefore by the time they graduate the debt is really enormous and super heating if graduation includes huge card debt. With the new fee structure it will be possible to have a graduation debt of anywhere between £30000 and £50000. That is serious debt.
Do you know that higher education can seriously damage your financial health?
Think about this, a young graduate couple could be starting life together with a debt of perhaps £100,000, which really is shocking. £100,000 – that really is unbelievable. Welcome to the future boys and girls!
I’ve been banging on about this stuff since 1999 when the first horde of undergraduate lemmings hurtled toward what they thought was the bright new future under mega star Tony Blair. Sadly David Cameron is now ‘compounding’ it and Vince Cable seems to have done a complete U turn with the energy of an Olympic gymnast.
My generation, sadly, has done a very good job of spending our children’s future whilst at the same time crippling the international financial structure.
Welcome to bedlam.
Being told that you have to pay nothing back until you earn over £21,000 is again misleading because if your first job pays below that then the student loan balloon continues to expand like volcanic magma as the interest builds.
But it’s not just about student loans. Students are mercilessly encouraged to use sizable bank loans and credit cards as a route to get even deeper in debt. Therefore by the time they graduate the debt is really enormous and super heating if graduation includes huge card debt. With the new fee structure it will be possible to have a graduation debt of anywhere between £30000 and £50000. That is serious debt.
Do you know that higher education can seriously damage your financial health?
Think about this, a young graduate couple could be starting life together with a debt of perhaps £100,000, which really is shocking. £100,000 – that really is unbelievable. Welcome to the future boys and girls!
I’ve been banging on about this stuff since 1999 when the first horde of undergraduate lemmings hurtled toward what they thought was the bright new future under mega star Tony Blair. Sadly David Cameron is now ‘compounding’ it and Vince Cable seems to have done a complete U turn with the energy of an Olympic gymnast.
My generation, sadly, has done a very good job of spending our children’s future whilst at the same time crippling the international financial structure.
Welcome to bedlam.
