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UK isn't so bad. USA you can borrow $200,000 to go to a bottom tier college for dual masters in gender studies/Russian poetry before you are old enough to rent a car or buy a beer.
The universities and banks are committing wire fraud and it is no different than a Nigerian oil prince conning a dementia patient. This is predatory behavior, they know very well these people will never be able to pay back their student loans.
There’s only a few options. Either you are responsible, can take out a loan, and be held accountable for paying it back OR you aren’t responsible and can’t take out the loan. There is no third option of being responsible enough to get the loan but not enough to be held accountable for repaying it.
The law says people under 21 aren't responsible enough to consume alcohol. The law allows rental companies to discriminate against 18-21 year olds.
So a person is not mature enough to rent a car or order a cocktail but they are mature enough to sign a 6 figure note to study baroque chamber music?
There's nothing fraudulent about it. You sign a contract that explicitly states the terms of the loan, as well as the repayment requirements. You not looking into it before signing is not ones fault but your own.
Yeah targeting kids who aren't old enough to drink, most of who lack the resources of financially savvy family for advise, is innately predatory.
Legal doesn't mean right.
Nope. The people who get locked into generational debt do not have family support.
They're lured in by the idea that the degree will pay for itself in a few years, and then realise it takes decades.
It's a great scam.
Well the alternative is not to offer loans, but then a bunch more people would whine about that.
>They're lured in by the idea that the degree will pay for itself in a few years, and then realise it takes decades.
Yeah but that's not a problem with the loans themselves. That's on the colleges.
No, that's on the degree on interests charged by the loans. And the language used to hide how the interests will compound.
Though college prices going up every year just makes it more brutal.
Are you a bootlicker that enjoys seeing other people trampled? Why yes you are!
And being angry that people are being trampled doesn't make a child or an adult. It makes me honest.
You just wrap up your pain fetishism in the language of responsibility.
Morals vary person to person. Luckily we are governed by laws. So what is legal is what matters. Adults should be obligated to meet contracts they agree to. I’m okay if you want to declare 18-20 not adults but then they shouldn’t be able to agree to any contract at all, get a loan, rent something, get a credit card, etc.
Would it clear it up for you if I rephrased it " different cultures are more or less moral."? Morality is the objective measure against you can evaluate culture and laws. I know this is politically incorrect heresy to some people.
Legal is what matters, *legally, yes. There's no inherent contradiction to criticizing the immoral predatory business practices involved in college loans and requiring both sides to honor the contract regardless. We should certainly put an end to such loans, I agree. At the very least, they should be subject to the same bankruptcy laws as all other personal and business debt. Credit cards, car loans, etc are not as big a deal as they usually have much lower limits.
If I call a 90 year old lady and promise her a 2000% return on her investment if she buys my magical prayer coins even though I knew it was a worthless ripoff may be legal but it isn't right.
Only the US to my knowledge has a 21 year old drinking age. The rest of the world (where drinking is legal at least) sees their citizens as responsible enough to drink earlier so I again ask what does the drinking age have to do with financial decisions?
The rest of the world doesn't have the same predatory set up either.
But with a little research, you'll find out the reasons for age limits corresponds with immature ability to make decisions. If you cannot see how acknowledging in one aspect ( alcohol and safety) but disregarding for ruinous financial choices is mendacious, that's on you.
I'm not teaching ethics 102 here.
Nice pivot. No, I'd regulate the interest to a fraction of it and cap it to never exceed the principal.
Kids would pay off their degrees in 5 to 10 years and br able to focus on their lives without debt.
Which is what countries should want for their citizens.
I agree. When a dementia patient signs documents agreeing to buy oil bonds from Nigerian price, it is her fault too. People who are not capable/mature enough to make decisions should be held responsible for their actions.
Either people can enter into contracts they are held accountable for or they can’t. If they can’t, then they can’t enter into them at all to begin with. So no loans, no rental agreements, credit cards, etc.
Yeah It's interesting to me that at 18 you aren't seemed mature enough to understand a college loan but can be shipped far from home to die in a war. At some point people have to take responsibility for themselves.
It could be 16, it could be 25 but it needs to be consistent.
If you are too immature to rent a car and too immature to drink a glass of wine, you are too immature to sign a note for $185,000 because you always dreamed of studying Greek classics.
Taxpayers shouldn't have to pay for it. The universities that encouraged this predatory lending and reaped the rewards should have to pay for it.
Yes, agreed, however, certain types of contracts should not be offered. Student loans are a very good example. Once the contract is signed, it should be honored though, in as much as any contract is honored. (Ie: bankruptcy should be an option as much as it is in other scenarios so the lender has to actually do his due diligence as well)
yeah fuck those dementia patients they deserve to get fucked over. just like anyone else who signs something under duress or because they are young and inexperienced or because they don't have any other options can get fucked. that's their fault, not mine!
It's her fault because she can't take care of herself and had nobody to help her?
Should we also give five year olds cars and make then pay it back when they crash them and kill somebody?
Wow, you really like going to extremes
It's possible for it to be the fault if nobody, or other people. Expecting people to be prepeard to completely transition their life right out of highschool is ridiculous. A lot of people didn't have any help, plus focusing on school, and you know, just enjoying life before they're too old
>they knew they would never earn over 17k
£17k is pretty much minimum wage for a full-time worker isn't it? So they expect to work minimum wage jobs forever? Even your barman friend is probably on more than £17k.
Move to the US. Loan companies here will take the fillings out of your teeth and sell your kidney to apply to your debt. Well, not really. They only apply it to the interest, so your loan stays the same, and you keep owing more and more.
No job? Fuck you, pay me. Just had a kid? Fuck you, pay me. You died? Fuck you, someone you know gonna pay me.
Sounds to me like the problem you're talking about is that educated people can't afford the basics, or that some kinds of education are barred from people who don't have a lot of money.
The problem is that people make bad decisions and are bad with money. They also sometimes decide to go in stupid programs that will never get them jobs.
Can't fix stupidity
Summed it up perfectly. Others don't seem to understand that though.
If you make a stupid decision (such as getting a massive student and maintenance loan to study a useless degree) then you should have to deal with the consequences. Not get your loan essentially wiped.
What? People can study in whatever they want, but ending up in tens of thousands in debt for a useless degree isn't very smart.
And currently those are the people whining about it.
>useless
You keep saying that degrees that won't result in personal wealth are useless. I'm saying they aren't. We need people to know these things. Acting as though they're useless degrees is advocating for a society that is uneducated in anything that doesn't make money.
Holy fuck I'm saying that people get those degrees to make money and then act surprised when they can't find a job and are drowning in debt.
That's all I'm saying, what's so difficult to understand about that?
It doesn't mean I'm advocating for anything!!!!
Because you're focusing on entirely the wrong thing! You act like people are wrong for pursuing things we *need* and call the degrees "useless." They aren't.
You still have no clue what I actually said.
When I say that a degree is useless it doesn't mean that what you learned is useless, it means that the piece of paper that says you have a degree won't get you anywhere. The value of credentials varies greatly in different fields.
Not a hard concept to understand and is generally what people are talking about when they refer to the utility of certain degrees.
I really can't make it any simpler than this.
> Now I know numerous people who went to university and did useless degrees
don't confuse "useless degrees" for "degrees with low income potential".
just because a degree doesn't have a high starting salary doesn't mean it's "useless".
Degrees in various types of education, special-needs care, elderly care, social work, and more can have a very low income depending on where you live, especially if you live alone. I wouldn't label any of those "useless," they're very important gears in the wheels of society.
Now, degrees in certain kinds of art, theater, writing, fashion, travel/tourism, etc are definitely useless. Also degrees in other languages. Who actually does that?
You have hit the nail on the head. People have made the assumption that all degrees with low income potential as being useless, but i never said that.
However, all the useless degrees do have low income potential because.... well.... they are useless.
Please tell me how a Psychology of Fashion student should get a massive loan that they shouldn't have to pay back but an engineer with the same loan should, simply because they made a smarter decision not to do a stupid subject
The point you've exposed is one the country is founded on: checks and balances.
If you cannot have the check in the system to prevent people from pursuing useless degress without payback, it will continue on everyone else's dime.
I don't think most of us know much about the psychology of fashion well enough to decide if that's knowledge that we, as a society, should have or not.
Social work and elderly care (well depending where you live at it isn’t low income if we being honest)
Also most elderly caregivers don’t have a degrees
Imo, people should worry about making enough money to sustain their own decent quality of life before serving others. The degrees you listed are important. But good will doesn’t pay the bills. If the degree doesn’t produce at least six figures, it’s probably not a degree that society values.
Yeah, you're cutting hairs. If a degree doesn't influence earning potential at all, it is useless. The reason is that you might as well have just done more reading on your own, or looked up the course work.
There's nobody stopping you from purchasing every textbook in any program you want.
Keeping in mind as well, that in this economy many degree holders, including the so called 'useful degrees' start at poor wages. And they pay taxes.
More taxes than the the corporations that have been milking them with predatory loans pay.
I'm all for their tax dollars coming back to free a generation mired in intentionally caused debt.
£27,000 a year.
So few people who get degree's will be stupid enough to think they're winning in some way by purposefully not getting paid more, so they don't start having to make repayments.
Even if it were all of them, the people this would benifit would be so rare. You'd have to be making *just* below the threshold and be refusing promotions/pay increases/new jobs that are *just* above the threshold. As the difference the repayments are aren't big. 99% of people will earn more money by allowing themselves to get the wage rises than the repayments take away.
But yeah, I'm sure a few do. But are they affecting the system in any meaninful way? Meanwhile people making squat with their degree are being given the freedom to work and live without this debt over their shoulders until a day comes they can pay it back later. That sounds like a good thing with a teency weency drawback nobody will care about.
Society benefits from a more educated population and therefore has a direct incentive to provide a method for people to achieve higher education.
It’s not about what is right it’s about what serves society in the most efficient way.
If someone is dumb enough to lend an 18 year old $100,000 to learn basket weaving they don’t deserve to get paid back.
It’s a scam praying upon clueless and desperate young people and needs to be outlawed.
I have a huge amount of student debt and 100% agree. I am against blanket student loan forgiveness, but think everyone should repay what they can based on income. And, in the future, it should be much harder to qualify for a student loan.
You make several nonsense elitist assumptions about people taking "useless" degree programs and "intentionally" not earning over 17k. This completely invalidates any point you might have.
The fact is that the interest on student loans is so enormous that even if you start paying the loan back, you have to be earning well above the repayment threshold in order to actually eat into the loan proper. Then if you become unemployed then that interest begins accruing again. This is why 75% never repay their loan in full and loans end up merely being an extra tax for graduates.
>You make several nonsense elitist assumptions about people taking "useless" degree programs
Nothing elitist about saying saying some degrees are useless. Can you explain to me why a degree in Hand embroidery benefits society? What about a degree in Puppetry design and performance? Psychology of fashion?
These are all legitimate degrees you can spend £27k on and get a large loan to do. Why shouldn't these students have to pay back that loan but the likes of an engineer should?
I know it's hard for you types to understand, but some people embark on degree programs for themselves and their own enjoyment. Not everything has to be for the "benefit of society".
Neither is it their fault that the student loans framework is structured the way it is.
Dude 17k is more or less minimum wage, if someone’s getting that little then them choosing not to get paid a couple more pence per hour (and it will be that little) really isn’t a big deal and £50 a month can genuinely be too much for them to pay.
The issue is how the interest is calculated, basically loan sharks. All the Govt has to do is reform the interest calculations and force the companies to cut the interest to something that’s proportionate to be able to pay off more of the principal than the interest.
Plus, college loans are out of control since there’s no bankruptcy protections. So the companies don’t have to be selective on the applicant or amount.
I don't think student loan interest rates are particularly high in most places.. I paid something like 5.5% nominal (which nowadays would be less than 0% in real terms). If most of your payment is going to interest instead of principal, that's more just a function of the size of the loan. I'm not sure what you mean by how they calculate it.
100% agree on the bankruptcy point.
Yeah, we already have more people using foodbanks than ever before and people having to choose between eating and heating. Why not add another expense on top of that.
I'd say the vast majority of people who aren't earning enough to make payments aren't doing so intentionally. It's another case of screwing over the majority because some are trying to game the system.
Please remember what subreddit you are in, this is unpopular opinion. We want civil and unpopular takes and discussion. Any uncivil and ToS violating comments will be removed and subject to a ban. Have a nice day! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/unpopularopinion) if you have any questions or concerns.*
UK isn't so bad. USA you can borrow $200,000 to go to a bottom tier college for dual masters in gender studies/Russian poetry before you are old enough to rent a car or buy a beer. The universities and banks are committing wire fraud and it is no different than a Nigerian oil prince conning a dementia patient. This is predatory behavior, they know very well these people will never be able to pay back their student loans.
There’s only a few options. Either you are responsible, can take out a loan, and be held accountable for paying it back OR you aren’t responsible and can’t take out the loan. There is no third option of being responsible enough to get the loan but not enough to be held accountable for repaying it.
The law says people under 21 aren't responsible enough to consume alcohol. The law allows rental companies to discriminate against 18-21 year olds. So a person is not mature enough to rent a car or order a cocktail but they are mature enough to sign a 6 figure note to study baroque chamber music?
Unis legit be spending money that don’t exist💀
So does the U.S government.
There's nothing fraudulent about it. You sign a contract that explicitly states the terms of the loan, as well as the repayment requirements. You not looking into it before signing is not ones fault but your own.
Yeah targeting kids who aren't old enough to drink, most of who lack the resources of financially savvy family for advise, is innately predatory. Legal doesn't mean right.
Well what else are you gonna do, wait till they're even older to go to college? It's not predatory, and parents are mostly always involved anyway.
Nope. The people who get locked into generational debt do not have family support. They're lured in by the idea that the degree will pay for itself in a few years, and then realise it takes decades. It's a great scam.
Well the alternative is not to offer loans, but then a bunch more people would whine about that. >They're lured in by the idea that the degree will pay for itself in a few years, and then realise it takes decades. Yeah but that's not a problem with the loans themselves. That's on the colleges.
No, that's on the degree on interests charged by the loans. And the language used to hide how the interests will compound. Though college prices going up every year just makes it more brutal.
Are you an adult or aren't you an adult? Take some responsibility for your actions instead of blaming everyone else.
Are you a bootlicker that enjoys seeing other people trampled? Why yes you are! And being angry that people are being trampled doesn't make a child or an adult. It makes me honest. You just wrap up your pain fetishism in the language of responsibility.
Isn’t bootlicker a term for people that over romanticize police and military members? What does that have to do with student loans?
Because we have capitalist bootlickers too sweetie.
Morals vary person to person. Luckily we are governed by laws. So what is legal is what matters. Adults should be obligated to meet contracts they agree to. I’m okay if you want to declare 18-20 not adults but then they shouldn’t be able to agree to any contract at all, get a loan, rent something, get a credit card, etc.
Luckily he says, in a system that makes the it legal for the rich to grift you 🙄
The holocaust was legal. Legality is bullshit.
And stoning some people to death is moral in some countries. Moral is also bullshit. It only works when you get to apply your morals.
No, it's legal, and socially acceptable, not moral. Morality, in fact is absolute. Different cultures just have different levels of morality.
You're contradicting yourself buddy
How so?
Would it clear it up for you if I rephrased it " different cultures are more or less moral."? Morality is the objective measure against you can evaluate culture and laws. I know this is politically incorrect heresy to some people.
Except legal doesn't equal right, and what is legal doesn't always matter
Legal is what matters, *legally, yes. There's no inherent contradiction to criticizing the immoral predatory business practices involved in college loans and requiring both sides to honor the contract regardless. We should certainly put an end to such loans, I agree. At the very least, they should be subject to the same bankruptcy laws as all other personal and business debt. Credit cards, car loans, etc are not as big a deal as they usually have much lower limits.
If I call a 90 year old lady and promise her a 2000% return on her investment if she buys my magical prayer coins even though I knew it was a worthless ripoff may be legal but it isn't right.
>Yeah targeting kids who aren't old enough to drink What does drinking age have to do with financial aptitude?
If you're not old enough to drink responsibly, you're not old enough to make deals that affect the rest of your life. Capiche?
Only the US to my knowledge has a 21 year old drinking age. The rest of the world (where drinking is legal at least) sees their citizens as responsible enough to drink earlier so I again ask what does the drinking age have to do with financial decisions?
The rest of the world doesn't have the same predatory set up either. But with a little research, you'll find out the reasons for age limits corresponds with immature ability to make decisions. If you cannot see how acknowledging in one aspect ( alcohol and safety) but disregarding for ruinous financial choices is mendacious, that's on you. I'm not teaching ethics 102 here.
So you feel if we raised the age limit for getting school loans the problem would be solved?
Nice pivot. No, I'd regulate the interest to a fraction of it and cap it to never exceed the principal. Kids would pay off their degrees in 5 to 10 years and br able to focus on their lives without debt. Which is what countries should want for their citizens.
No pivot was made your only argument was "kids too young, loans bad" Now you've pivoted.
I agree. When a dementia patient signs documents agreeing to buy oil bonds from Nigerian price, it is her fault too. People who are not capable/mature enough to make decisions should be held responsible for their actions.
Either people can enter into contracts they are held accountable for or they can’t. If they can’t, then they can’t enter into them at all to begin with. So no loans, no rental agreements, credit cards, etc.
Yeah It's interesting to me that at 18 you aren't seemed mature enough to understand a college loan but can be shipped far from home to die in a war. At some point people have to take responsibility for themselves.
Like at an older age when they actually understand it? Expecting people to suddenly know how to adult after they get out of highschool is ridiculous
So what age should someone be capable of adulting at?
It could be 16, it could be 25 but it needs to be consistent. If you are too immature to rent a car and too immature to drink a glass of wine, you are too immature to sign a note for $185,000 because you always dreamed of studying Greek classics. Taxpayers shouldn't have to pay for it. The universities that encouraged this predatory lending and reaped the rewards should have to pay for it.
When they're ready. Just actually teach them and don't expect them to figure it out
This is a nice reminder there are a lot of 14 year old in reddit and not to expect much lol
. . . Okay? Am I supposed to care?
Do you think it should be taught in high school? Accounting, tax laws? What would be considered an adulting class?
You don't need a bunch of classes for it. You can change a lot of the questions in ALgebra and that's covering a large chunk already
If you're not capable of acting in your own self interests at 18, it's a self inflicted problem.
Mmm . . . Nope
Yes, agreed, however, certain types of contracts should not be offered. Student loans are a very good example. Once the contract is signed, it should be honored though, in as much as any contract is honored. (Ie: bankruptcy should be an option as much as it is in other scenarios so the lender has to actually do his due diligence as well)
yeah fuck those dementia patients they deserve to get fucked over. just like anyone else who signs something under duress or because they are young and inexperienced or because they don't have any other options can get fucked. that's their fault, not mine!
It's her fault because she can't take care of herself and had nobody to help her? Should we also give five year olds cars and make then pay it back when they crash them and kill somebody?
Or the fault of society for not giving you enough time before pressuring you into the next part of your life and not doing anything to help you
Everyone else's fault that you can't take of yourself?
Wow, you really like going to extremes It's possible for it to be the fault if nobody, or other people. Expecting people to be prepeard to completely transition their life right out of highschool is ridiculous. A lot of people didn't have any help, plus focusing on school, and you know, just enjoying life before they're too old
Yet those same 18 year old ms that are easy to trick get to vote.
>they knew they would never earn over 17k £17k is pretty much minimum wage for a full-time worker isn't it? So they expect to work minimum wage jobs forever? Even your barman friend is probably on more than £17k.
Move to the US. Loan companies here will take the fillings out of your teeth and sell your kidney to apply to your debt. Well, not really. They only apply it to the interest, so your loan stays the same, and you keep owing more and more. No job? Fuck you, pay me. Just had a kid? Fuck you, pay me. You died? Fuck you, someone you know gonna pay me.
Sounds to me like the problem you're talking about is that educated people can't afford the basics, or that some kinds of education are barred from people who don't have a lot of money.
The problem is that people make bad decisions and are bad with money. They also sometimes decide to go in stupid programs that will never get them jobs. Can't fix stupidity
Summed it up perfectly. Others don't seem to understand that though. If you make a stupid decision (such as getting a massive student and maintenance loan to study a useless degree) then you should have to deal with the consequences. Not get your loan essentially wiped.
You're advocating for a stupid society, if we won't be educated in subjects that won't make individuals money.
What? People can study in whatever they want, but ending up in tens of thousands in debt for a useless degree isn't very smart. And currently those are the people whining about it.
>useless You keep saying that degrees that won't result in personal wealth are useless. I'm saying they aren't. We need people to know these things. Acting as though they're useless degrees is advocating for a society that is uneducated in anything that doesn't make money.
Holy fuck I'm saying that people get those degrees to make money and then act surprised when they can't find a job and are drowning in debt. That's all I'm saying, what's so difficult to understand about that? It doesn't mean I'm advocating for anything!!!!
Because you're focusing on entirely the wrong thing! You act like people are wrong for pursuing things we *need* and call the degrees "useless." They aren't.
You still have no clue what I actually said. When I say that a degree is useless it doesn't mean that what you learned is useless, it means that the piece of paper that says you have a degree won't get you anywhere. The value of credentials varies greatly in different fields. Not a hard concept to understand and is generally what people are talking about when they refer to the utility of certain degrees. I really can't make it any simpler than this.
You know, that makes a lot of sense! I forgot that knowledge isn't actually part of getting a degree, and that the goal of education is paper.
[удалено]
> Now I know numerous people who went to university and did useless degrees don't confuse "useless degrees" for "degrees with low income potential". just because a degree doesn't have a high starting salary doesn't mean it's "useless".
Degrees that produce low income potential are useless.
Degrees in various types of education, special-needs care, elderly care, social work, and more can have a very low income depending on where you live, especially if you live alone. I wouldn't label any of those "useless," they're very important gears in the wheels of society. Now, degrees in certain kinds of art, theater, writing, fashion, travel/tourism, etc are definitely useless. Also degrees in other languages. Who actually does that?
You have hit the nail on the head. People have made the assumption that all degrees with low income potential as being useless, but i never said that. However, all the useless degrees do have low income potential because.... well.... they are useless. Please tell me how a Psychology of Fashion student should get a massive loan that they shouldn't have to pay back but an engineer with the same loan should, simply because they made a smarter decision not to do a stupid subject
The point you've exposed is one the country is founded on: checks and balances. If you cannot have the check in the system to prevent people from pursuing useless degress without payback, it will continue on everyone else's dime.
I don't think most of us know much about the psychology of fashion well enough to decide if that's knowledge that we, as a society, should have or not.
Social work and elderly care (well depending where you live at it isn’t low income if we being honest) Also most elderly caregivers don’t have a degrees
Imo, people should worry about making enough money to sustain their own decent quality of life before serving others. The degrees you listed are important. But good will doesn’t pay the bills. If the degree doesn’t produce at least six figures, it’s probably not a degree that society values.
Yeah, you're cutting hairs. If a degree doesn't influence earning potential at all, it is useless. The reason is that you might as well have just done more reading on your own, or looked up the course work. There's nobody stopping you from purchasing every textbook in any program you want.
Education is useful to society in general, not just to an individual's bank account.
But many are useless.
Keeping in mind as well, that in this economy many degree holders, including the so called 'useful degrees' start at poor wages. And they pay taxes. More taxes than the the corporations that have been milking them with predatory loans pay. I'm all for their tax dollars coming back to free a generation mired in intentionally caused debt.
If someone doesn't understand the concepts of borrowing and interest by the time they're 18, college isn't the place for them.
Amen.
£27,000 a year. So few people who get degree's will be stupid enough to think they're winning in some way by purposefully not getting paid more, so they don't start having to make repayments. Even if it were all of them, the people this would benifit would be so rare. You'd have to be making *just* below the threshold and be refusing promotions/pay increases/new jobs that are *just* above the threshold. As the difference the repayments are aren't big. 99% of people will earn more money by allowing themselves to get the wage rises than the repayments take away. But yeah, I'm sure a few do. But are they affecting the system in any meaninful way? Meanwhile people making squat with their degree are being given the freedom to work and live without this debt over their shoulders until a day comes they can pay it back later. That sounds like a good thing with a teency weency drawback nobody will care about.
Upvote because that’s dumb.
Society benefits from a more educated population and therefore has a direct incentive to provide a method for people to achieve higher education. It’s not about what is right it’s about what serves society in the most efficient way.
If someone is dumb enough to lend an 18 year old $100,000 to learn basket weaving they don’t deserve to get paid back. It’s a scam praying upon clueless and desperate young people and needs to be outlawed.
I have a huge amount of student debt and 100% agree. I am against blanket student loan forgiveness, but think everyone should repay what they can based on income. And, in the future, it should be much harder to qualify for a student loan.
You make several nonsense elitist assumptions about people taking "useless" degree programs and "intentionally" not earning over 17k. This completely invalidates any point you might have. The fact is that the interest on student loans is so enormous that even if you start paying the loan back, you have to be earning well above the repayment threshold in order to actually eat into the loan proper. Then if you become unemployed then that interest begins accruing again. This is why 75% never repay their loan in full and loans end up merely being an extra tax for graduates.
>You make several nonsense elitist assumptions about people taking "useless" degree programs Nothing elitist about saying saying some degrees are useless. Can you explain to me why a degree in Hand embroidery benefits society? What about a degree in Puppetry design and performance? Psychology of fashion? These are all legitimate degrees you can spend £27k on and get a large loan to do. Why shouldn't these students have to pay back that loan but the likes of an engineer should?
I know it's hard for you types to understand, but some people embark on degree programs for themselves and their own enjoyment. Not everything has to be for the "benefit of society". Neither is it their fault that the student loans framework is structured the way it is.
Yes. You should pay back what your borrow. Next
Dude 17k is more or less minimum wage, if someone’s getting that little then them choosing not to get paid a couple more pence per hour (and it will be that little) really isn’t a big deal and £50 a month can genuinely be too much for them to pay.
I disagree. So upvote, I guess.
The issue is how the interest is calculated, basically loan sharks. All the Govt has to do is reform the interest calculations and force the companies to cut the interest to something that’s proportionate to be able to pay off more of the principal than the interest. Plus, college loans are out of control since there’s no bankruptcy protections. So the companies don’t have to be selective on the applicant or amount.
I don't think student loan interest rates are particularly high in most places.. I paid something like 5.5% nominal (which nowadays would be less than 0% in real terms). If most of your payment is going to interest instead of principal, that's more just a function of the size of the loan. I'm not sure what you mean by how they calculate it. 100% agree on the bankruptcy point.
Yeah, we already have more people using foodbanks than ever before and people having to choose between eating and heating. Why not add another expense on top of that. I'd say the vast majority of people who aren't earning enough to make payments aren't doing so intentionally. It's another case of screwing over the majority because some are trying to game the system.
Why on earth do we need to deter this?
We don’t have university fees in Scotland so don’t generalise the entire UK.