A new study is in that is going to shock you. English university graduates face higher uni debt than ANY other students in the the English speaking world. That’s the whole of the US, Australia, Canada AND New Zealand!
Students who graduated from English universities last year owe an average of £44,000, under the new £9,000 fee increase. In other countries this ranges from only (is it only? Probs not) £15,000 to £29,000. So we are WELL ahead which sucks.
The government issued a statement that England’s funding system is “fair and sustainable”. Hmm, what do you guys think about that?
It’s better for Scottish and Welsh students though as different fee levels means that they can study at English universities for less than £4,000 a year instead of £9,000.
Sir Peter Lampl, who chairs the Sutton Trust who carried out the report, told us: “These debt levels are by far the highest in the English-speaking world and are more than double average debt levels at universities in the United States, where students study for four-year programmes, rather than three.
“The cost of going to university has become so expensive that more young people should seriously consider higher level apprenticeships, preferably to degree level.”
But surely we just won’t pay off our huge loans, right?
No, because unfortunately the repayments come out of your pay check, along with tax, after you’re earning over £21,000. After that, you’ll pay back 9% of anything you earn over £21,000. For example, if you’re earning £26,000 a year, you’ll pay £37.50 per month back in repayments.
However according to government data, there are 4.6m student loans outstanding in the UK right now and about 1.9m former students are not making repayments because they don’t earn enough. It all depends on what you’re earning after you leave uni!
Has this changed your mind about going to university or not? Or is it too late and you’ve already got the debt?