Zinssatz für viele Studienkredite soll gedeckelt werden | Geldblog
https://news.sky.com/story/money-live-tips-personal-finance-consumer-sky-news-latest-13040934?postid=11475077#liveblog-body
Von topotaul
Zinssatz für viele Studienkredite soll gedeckelt werden | Geldblog
https://news.sky.com/story/money-live-tips-personal-finance-consumer-sky-news-latest-13040934?postid=11475077#liveblog-body
Von topotaul
28 Kommentare
Good for future students, not great for those of us who went through the last 5 years with them doubling already.
Capped at 6%.. still a wildly high interest rate compared to other forms of long term loan and only a 0.2% saving compared to the current 6.2%. Also, from September
> Interest rates on plan 2 and 3 student loans will be capped at 6% from September, the government has announced.
> Interest on plan 2 loans is currently paid at a rate of between RPI and RPI plus 3%, depending on earnings. At the moment, this means the rate varies between 3.2% and 6.2%.
So a .2% cap based off of current rates. Lol.
I suppose if the global economy goes to shit it will be more beneficial but this really does feel like the smallest possible bone they could have thrown at the problem.
Student loans should be capped to the BoE base rate! Anything else is profiteering
For the majority of students stuff like that is genuinely meaningless.
It’s redundant if the student isn’t earning enough to beat 6% interest, which the majority are not.
And because it seems to be open to manipulation whenever a government fancies it, it would be foolish to overpay on it. There’s nothing stopping a cap being reversed.
Periodic reminder that interest rates on student loans only affect the highest earners who could feasibly expect to pay off their loan early. The loan system *isn’t actually structured for this to happen*, it expects the majority of people to pay for the entire repayment period.
What does matter to **everyone** with a plan 2 student loan, high earners included, is the repayment threshold, which has been frozen (contrary to our original agreements) such that in a few years‘ time it will coincide with minimum wage, and we’ll be paying 9% of everything we earn above minimum wage.
*That’s* what we need to apply pressure over.
If you have 50k of debt (many have a lot more) at 6% you would need to earn at least 62k a year just to pay the interest. The UK average salary is 37k.
This is performative bullshit. The vast majority will never pay them off. The only thing that matters is what percentage of your salary do you lose and how many years you lose it. And neither of them are changing. This, as many have said repeatably, is just a graduate tax.
I don’t think this is their solution. They cap loans during times where interest rates on loans are wildly in excess of the base rate. Hence why 6% is still terrible – its not their response its just what they would be doing anyway if this hadn’t blown up.
We need to turn this into the goto voting issue for anyone being fucked over by these loans. I will genuinely vote for any party who take this seriously and propose a fair alternative to this lifelong debt they’re locking hundreds of thousands of graduates into.
If the boomers can kick off around triple lock and winter fuel allowance everyone who has a student loan needs to do the same. Keep hammering the point until politicians take it seriously.
This needs to be done retrospectively, or else its too late for those of us who graduated 2016-2020 who suffered the bonkers covid interest rates already
Great, the government has done a sum total of fuck all
This is absolute bull shit! Capping at 6% won’t make a blind bit of difference to the loan repayments or size of people current balance.
It’s a bit of a slap in the face for the younger generation yet again… no meaningful change!
What an insanely pointless and useless attempt to get people to shut up.
1. The interest is so high it’s irrelevant, it’s purposefully designed that even high-earners (just not extremely high-earners) will never pay it off.
2. The max is currently 6.2% and it’s being capped at 6%. Wow.
For the vast majority of people, this will literally make exactly 0 difference to what they pay throughout their life.
Just pathetic.
Given how few people are going to pay these off the major issue is the freezing of the thresholds not the interest rates. Typical tinkering we’ve come to expect from this government
The trick is to be a teacher‘ cause then they’ll never pay you enough to warrant paying it back anyway
The system is designed knowing most won’t pay it back and so some profit has to be made from the ones that will.
The tax payer won’t fund a course that isn’t immediately beneficial to them (you might find a case for nurses or similar to get support) it won’t fund people to do either a a course that will help them earn more than the average taxpayer (because why should the poor pay for others to be rich) and it won’t fund courses that don’t lead to high paying jobs, because they don’t see the point.
The current system, as shit as it is still costs the taxpayer 11bn a year. That’s roadsweepers and shelf-stackers (nothing wrong with those jobs) paying dentists and doctors to study.
This is worse than doing nothing, not because its a bad policy. It brings the topic back into conversation and makes the government look out of touch as the fix is not effective. People want thresholds changed or a interest rate set at BoE
There should be no interest on student loans. At the rate they’re paid back, this is more of a predatory tax than an interest cap.
THIS. MAKES. ZERO. DIFFERENCE.
It will still grow faster than most can pay off.
Therefore it won’t be paid off.
Therefore it is not a loan, it is a tax on graduates.
If it is ok to have a specific tax for people who have used a specific service, then I trust we’ll also be adding a “used the NHS tax”, or a “used the fire service tax”, or a “went to prison once” tax…
I finished my degree in 2019, and left with a debt of £68000(approx).
As of today that debt is now just over £90000. I took the maximum loans/maintenance grants as I was a „mature student“ with a wife and 3 kids to support. I earn a little over £31000 atm. That debt will just grow and then disappear. Not a great system.
The £9250 per year was a joke too. I definitely did not, and do not, feel I got £27750 worth of education; let alone now £90000 worth.
Link the interest rate on student loan to BOE target inflation rate/inflation/some artibiarty rate or an average of the 3, so it hovers around 3-5% most of the time
Speaking as a Scot with 2 children in University, they should really scrap the fees and reduce the places to a sustainable level. Course which do not provide value should be scrapped and places rationed on ability.
These will leave many capable people unable to go to university, but we need capable people in trades, technical roles jobs that never really needed a degree in the first place. They will become the entrepreneurs of the future running building companies and small business all over the place, and if they don’t then Uni wouldn’t have been right for them in the first place.
So my postgraduate loan interest is getting capped from 6.2% to 6%. That means I’ll be saving about £3 a month. Life-changing /s.
Extremely generous of them to cap it at 6% that’ll surely help.
Add this to the list of reasons why I couldn’t give a fiddlers fuck about this place.
It’s incredible to me how they can justify charging interest in the first place, especially to those who are trying to pay back their loans. What’s even more disgusting is that they’re freezing repayment thresholds, despite the incredible rise in cost of living over the last few years. How can they justify taking 9% of anything over a barely livable wage. They’re absolutely crushing graduates with a lifetime tax, and stifling them from being able to support a family and build something for themselves.
I live abroad. My loan is currently over £60k, and I’m paying more than £230 per month, and I’m getting shafted with the exchange rate. I am getting charged 3x as much in interest than I am paying back.
If I continue to pay the same amount of money back per month every month from now until my loan is written off (another 18 years), I would have paid back over £85k (more than double what I initially borrowed) and I would still have an outstanding balance that I owe of £80k in loans that would be “written off”.
Please note this was for an undergraduate humanities degree, which covered a few creative writing classes per week and one free kindle (wow).
I would never have gone to university and taken out a loan had I understood the consequences. It is a tax designed to get graduates to pay tax for the rest of their lives.
That extra £230+ per month could go towards a private pension or investments so that I don’t have to rely on the government upon retirement. Better yet, towards supporting a family! It’s the difference between being able to afford one child vs two – and you’d think with infertility increasing and falling birth rates, that’s something the government would want to encourage!
Rant over.
Considering it would cost £12bn a year to make uni free and with it you get a educated workforce that will be able to contribute to an economy that would grow.. it would be a no brainer.
But nah, that £12bn will be used to help keep triple lock.
What an absolute con. The corruption that goes on, the scalping that goes on, honestly boils my piss. Government is corrupt to the core. It isn’t left wing or right wing. It’s a sickness. Absolute parasites.
I graduated in 2023. As great as free university would have been, I accept that it isn’t cheap and in the midst of an overqualification crisis there are better ways the government budget could be spent.
I got a mortgage this time last year with my partner, locking in at a rate of 5.34% which is high based on historical trends. I don’t know how my government issued loan has a higher rate than from a private institution operating for profit. The whole point is to produce an educated workforce by making university accessible and incentivised for all.
If the profit from these loans went to universites who are struggling, or to the government for supporting lower income people in need, then maybe I could start to justify it. Instead it goes to fund the next generation of students who may never use their degree or pay much back above the threshold.
I personally believe the loans should be capped at the inflation rate, and that there should be minimum requirements to get a loan based on A level grades and subject.
I really don’t blame young people who choose to do a 3 year course instead of joining the workforce at 18. That being said, the economic impact of losing a large chunk of the workforce to gain irrelevant education is too big no ignore.