You will be old and warty by the time you repay your student loan
Do you remember what you spent your student loan on? Rent? Bills? Hydroponic equipment and Aftershocks? Well, even though the money is long gone, it will haunt you forever, according to a study by independent education group, the Sutton Trust.
It seems that three out of four students who took out a student loan while at college or university won’t pay off their loans until they’re 51. And if you managed to get yourself a decent job in the interim, you’ll be paying around £2,500 a year off during your 40s.
This follows changes to the system in 2012, when universities almost tripled their fees. But it’s OK. Many graduates will manage to escape penury by qualifying for it to be written off at the 30 year time limit, simply by not earning enough to pay it back.
Conor Ryan from the Sutton Trust explained:
‘There has been a lot said about the lower repayments that graduates make in their 20s under the new loan system, but very little about the fact that many graduates will face significant repayments through their 40s, whereas many would previously have repaid their loans by then.The new system will benefit graduates who earn very little in their lifetime.’
YAY! Let’s bum about and not earn anything! Anyone got a bag of weed and a bottle of White Lightning?