80% of grads say wish they had understood loan system better/at all. 85% would vote for a party that did something about their incentive destroying effective tax rates. Great opportunity there...
Lady in blue, "Will student loans be the next misselling scandal?" #BBCQT
Oli Dugmore, "My three year course, £9,000 a year for the tuition, on top of that a maintenance loan, I left uni with £37,500 of debt"
"From the day I was charged RPI interest"
"Since I went to uni in 2012, the amount of interest I have accrued is £32,000"
"Was it missold to me when I was told it would cost me £9,000 a year? Yes"
"On top of that its a regressive system"
"If you're wealthy enough to pay the fees up front, you don't get charged interest - if you're rich enough you don't pay the same as me"
"The government changed the terms of the agreement, I call that loan sharking"
Fiona Bruce, "How else would you pay for university?"
Oli Dugmore, "How did you guys pay for it?"
"The state paid for it, didn't they?"
Fiona Bruce, "They did"
Oli Dugmore, "Good enough for you, good enough for me?"
Not sure why people can’t comprehend how student loan/debt should be treated as a scandal.
Most of us were TOLD at school…. When we were CHILDREN, you’ll get a loan which will have minimal impact on you, don’t worry about it too much, just apply on UCAS and hope for the best.
No one told us about the increase of crippling interest, how it will affect your ability to buy a house and your general take home income, with little hope of paying it off…..
No one thought …. Let’s ensure these financial products are fully understood by these bunch of KIDS who have never even had a credit card or an overdraft in life.
How can people understand misselling for car loans, Accident claims, loans sharks, but not this??
Spoke to @ShelaghFogarty yesterday sbout why the Chancellor is wrong: our “student loan” system is not remotely fair. It’s regressive and embedding inter and intra generational wealth inequality. It’s not a loan system, it’s a bad grad tax in all but name. https://t.co/qq399koRY7
“I borrowed in total £55,000…”
“How much do you owe now?"
“£72,000”
@vicderbyshire speaks to Dr Arthur Joustra, a trainee paediatrician, about how his student loan debt has risen since he graduated in 2022 - despite making payments.
#Newsnight
“I do not think this is a moral thing for you to do...”
Martin Lewis shares his message to Chancellor Rachel Reeves on her decision to freeze the threshold at which graduates begin to repay their student loans.
#Newsnight
'This is not a progressive system, it's a regressive one.'
@lewis_goodall explains how the student loan system has 'quietly shifted the burden' from higher earners onto those 'least able to bear it'.
@MartinSLewis Great piece. I’m going to speak to my MP about loan 2. I recall “the cheapest money you’ll ever borrow”, “get as much as you can”, and “you’ll never repay the full amount” - from HE leaders, SLC, and various in the education system. I can’t help but feel mis-sold