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by walthamstow
1429 days ago
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The interest rate is RPI+4% which is such an obvious joke that they had to take 5% off the rate recently because it hit 12%, but it's still 7% interest! Those grads are never going to pay their loans off, so that's a 9% tax on their salary every month forever. The only ones who can get out are those with family who can lend/gift the money to pay the loans off. |
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Well, 9% of your salary above £28k, and wiped 30 years after your first payment.
In any case, it means no-one is too poor to study at tertiary level (recognising that there will always be circumstances that mean someone cant') while still making everything can be funded.
It's not perfect, but no system is.