@TWIF100 @kokeshimum The loan for tuition fees gets paid directly to the university
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Ryan Le Prevost
713 posts
@kokeshimum No interest loans, guess I’ll become a student take the £50k, get a buy to let with it,make some money off it and sell it in 35 years once the loans been written off.
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Maybe don’t charge interest on student loans at all ffs.
Scrap the interest and raise the threshold for when you have to pay it back.
Having to pay to educate yourself to a level that many employers now demand is insanity nevermind paying fucking interest on it.
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@DrLukeCraddock You realise that the “capital” (as opposed to interest) refers to the amount you voluntarily borrowed?
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@MattLismore Education has public benefits, but it isn’t a public good in the economic sense. It’s excludable, rivalrous, and delivers large private returns. That’s why the real question is about how much subsidy is justified, not whether taxpayers should simply fund it outright.
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@R_Armstrong90 I mean, it doesn’t cost very much.
Education is a public good.
Taxpayers fund lots of things, don’t see why this different.
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It’s the interest that makes these loans so so so pernicious.
Eliminate interest & let peoples repayments go fully towards paying off their balance.
My loan incurred £450 a month of interest at one point in 2024.
Institute for Fiscal Studies@TheIFS
@KateOgdenEcon Many borrowers will see their outstanding loan balance increase year-on-year in cash terms, despite making monthly loan repayments. Someone with an outstanding Plan 2 student loan of £50k would need to earn around £63k this year for their repayments to offset the interest added.
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@Anisocyte @WoollerEmma @opaqueentity That wasn’t your original point - I think Emma and I have both challenged your statement that banks routinely consider your student loan balance during the mortgage application process, and we’re yet to see any evidence of this.
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@WoollerEmma @R_Armstrong90 @opaqueentity Do you know many mid-career doctors who go from £80k to £25k then?
Congrats to you for paying it off, a luxury the new cohort won’t have.
My point is, Emma, at £100K+, that debt won’t be paid off until it is written off. It is as permanent as the salary.
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I graduated a long time before this doctor. It took me well over a decade to pay off my loans, which was largely funded by working ~48hrs/week for that time. I spent very little of it working 40hr weeks, and none of it LTFT.
This was before the £9k fees.
It is now insurmountable
BBC Newsnight@BBCNewsnight
“I borrowed in total £55,000…” “How much do you owe now?" “£72,000” @vicderbyshire speaks to Dr Arthur Joustra, a trainee paediatrician, about how his student loan debt has risen since he graduated in 2022 - despite making payments. #Newsnight
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@Anisocyte @WoollerEmma @opaqueentity My overall student loan balance has no real bearing on my affordability, but the monthly amount I pay does. Have you got any examples of lenders who consider loan balance (not monthly payment) as part of their lending criteria, as I can’t find any?
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@R_Armstrong90 @WoollerEmma @opaqueentity Well, don’t know about you, but I considered £50-100k change in affordability a huge dent.
Maybe you’re more fortunate.
And yes, you “not being convinced” doesn’t make it any less of a demonstrable fact.
Speak to a broker, try the online calculators.
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@Anisocyte @WoollerEmma @opaqueentity Of course it makes a “dent”, in the same way that any sustained repayment of debt does.
Does it make a “huge” impact on what you can borrow though?
Also, I’m not convinced that it’s standard practice for lenders to ask about your remaining loan balance.
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@R_Armstrong90 @WoollerEmma @opaqueentity Yes, commonly ST5-7 (senior, pre-consultant) doctors are on £80k+ when also adding in on calls.
Losing £400/m does make a dent in affordability - try this with a bank calculator online.
Plus, as an aside, OOH work means higher childcare costs for wraparound.
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@Anisocyte @WoollerEmma @opaqueentity If you’re paying £400pcm, you’re earning a pre-tax income of c.£80k. I wouldn’t say that a net £4800 reduction of this per annum makes a “huge difference” in affordability assessments.
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@WoollerEmma @opaqueentity @R_Armstrong90 No, I know it doesn’t affect your credit score.
But it does affect your affordability, that’s the point, isn’t it?
It makes a huge difference to a lender if you’re losing £400+/m in repayments.
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@Anisocyte @opaqueentity Our mortgage provider didn’t ask about our Student Loan balances, it was only net pay that was considered
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@opaqueentity It’s a 9% tax over your entire working life, and banks look at how much you owe (which will easily mount to £150k for the newer cohort) before agreeing on your mortgage.
If you think this is acceptable, you’re depleting this country of high achievers.
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@DrLukeCraddock How does this have any impact on her current ability to save? The 9% repayment amount was expected?
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Doctors courses are one of (if not) the longest courses at university. As a side effect of that, it means often we have the largest loans of any university graduate. A huge proponent of doctors current angst is an ever increasing loan sapping 9% extra of our salary each year.
Ben Kentish@BenKentish
Hi again @RachelReevesMP - I got this today from a young doctor from a low-income family. She can’t afford to buy a house because, while she’s paying back £2,560 in student loan repayments a year, you’re charging her interest at a rate of £7,800 a year. Which part of this is “fair”?
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@bobdylansbarber @StigAbell The existence of the Whip makes this concrete, not theoretical. Most meaningful votes are whipped. Voters elect an MP to support a programme and a governing bloc. Switching parties alters that mandate and should be tested with voters.
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British constitution 101. The UK is a representative democracy: we elect people, not party delegates. MPs are trusted to use judgment, conscience, and local knowledge to represent constituents, not just follow party orders. This protects independent thinking, strengthens local advocacy, and makes MPs personally accountable at elections. The seat is a public trust, not party property. Whatever we might think of the current MP!
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It cannot be said often enough: if you change parties in the middle of a Parliament, you owe it to your constituents and to any sense of decency and fairness to hold a by-election. You were elected on a different manifesto, you should make the case to the electorate again.
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@SuperHeroNexus @DrLukeCraddock How on earth did you leave with such a balance on Plan 1?!
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This is going to cost unimaginable amounts of money as my generation stops working past the £50k threshold. Many will be reducing hours or refusing extra work. A productivity nightmare.
I’ve been working as a doctor for three years. My repayments don’t even cover the interest.
Paul Lewis@paullewismoney
The student loan scandal - interest on loans is more than the repayments for many on Plan 2 so debt grows trapping them with extra 9% income tax for up to 30 years bit.ly/3NcgO8o £15.2 billion interest added to student loans last year, only £5 billion repaid.
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@LaurenPeeJay @FreddyQuinne Behavioural challenges can surface useful insights, but failure alone isn’t evidence of dependence. The relationship people have with alcohol is far more nuanced than a binary pass/fail.
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@FreddyQuinne So many people are butthurt by the implication they may have a problem, they’re missing the point entirely. Whether you have one or ten, if you physically can’t hold off any longer and end the challenge prematurely, you have a problem. It’s that simple.
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@UKnightkin80486 @GinnyA24601 The idea that university only matters if it teaches a single vocation misses the entire point of higher education. Skills, signalling, and opportunity compound over decades.
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@GinnyA24601 Unless you're going into a career that specifically requires a degree (i.e Doctor, Vet, dentist) - its financially irresponsible to go to uni. Instead do an apprenticeship and get the experience. You'll be better off
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@NormanLeedsPhD @GinnyA24601 And who can guarantee that in this job market?
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@GinnyA24601 A very poor investment unless you know that your degree is guaranteed to bring you a job paying considerably more than the average wage.
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@Simon111xyz @GinnyA24601 Terrible advice - never pay more toward your student loan unless you’re absolutely certain you’ll clear it before it is written off
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@GinnyA24601 Here’s two words: compounded interest. Five more words: pay more than the minimum.
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@ubereats_uk @UberEats can you assist here please - I have had no response to my most recent message
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Can a human take a look at these messages @ubereats_uk because I’m in a revolving loop of saying the exact same thing across both the app and on here. Thanks
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@ubereats_uk I am unhappy with the amount I have been refunded, following receipt of incorrectly prepared items. I have no option to follow this up in the app and you do not have a telephone number - what should I do?
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