Sunday, 20 March 2011

student loan fail

i added my debt from the degree i'm doing now to what it would cost me to do another degree without the epic rise in tuition fees and i got around £29,000.

with the rise i would be in £59,000 of debt. then i had a look at the repayments..

unpaid debt gets written off after 30 years

hypothetically if i was to leave uni and get a job earning £25,000 a year i would have to pay back £30 a month.

let's say i earn under the £30,000 bracket for ten years that's a total repayment of £3,600.

then let's say i spend the next ten years in the £30 - £40,000 bracket. that's £86 a month which is a total repayment of £8,160.

then let's say i spend the next ten years in the £40,000 to £50,000 bracket which is a repayment of £143 a month, which would be a total repayment of £17,160.

so that's

3,600 + 8,160 + 17,160 = £28,920
and that's 30 years so the rest gets written off.

that's what i'd be paying off without the tuition fee rise. really, mr government you are not very good at maths.

i wonder why we're in a recession...

this is all hypothetical and i really have no idea how much i'll be earning because those big numbers mean nothing to me. i DO understand £4.92 though..


  1. I honestly don't know how people can face it now. When I did my degree the £11,000 debt seemed like a nightmare. I have started another degree through the Open Uni and really would recommend it to anyone.

  2. honestly when i start thinking about it i get so angry!
    i went to all thge protests and stuff and i think our government pretty much suck!
    great post though ,
    mantenso xx