18th December 2010, 09:43 AM
At a rough estimate a debt of ?20,000 when you are in your 20s will if not paid off, increase to a debt of ?130,000+ at the age of 50. But that' only the tip of the iceberg. Its more likely aafter 2012 that students who go onto take a Masters will be leaving with debts of ?50,000 which adds up to a staggering ?330,000 debt at the age of 50.
I cant imagine the government will write that amount off until they have extracted your teeth, a kidney and a fair poundage of flesh....
This government's rhetoric about not burdening future generations with our debts seems to lose all logic when applied to student loans (which instantly makes me think there is more to this 'offer' than they are currently telling us about).... Maybe a double whammy about inheritance tax for example. You won't inherit the proceeds of mummy and daddy's house or grannie's trust fund until you clear up the small matter of the student loan. I think New Zealand for example has a system where your state pension is affected if you default on a student loan....A graduate tax is in that sense a fairer system than interest variable or conditioned loans...
Of course 'free' university education would be even better and it could be achieved by the simple process of reducing defence spending by 33% and diverting the ?15bn saving to double the current tertiary education budget. Infact my complaint against the current student protest is that they are unfocused. I would try and sell their case on the slogan 'Less guns, less bombs, free education for everyone'...
I cant imagine the government will write that amount off until they have extracted your teeth, a kidney and a fair poundage of flesh....
This government's rhetoric about not burdening future generations with our debts seems to lose all logic when applied to student loans (which instantly makes me think there is more to this 'offer' than they are currently telling us about).... Maybe a double whammy about inheritance tax for example. You won't inherit the proceeds of mummy and daddy's house or grannie's trust fund until you clear up the small matter of the student loan. I think New Zealand for example has a system where your state pension is affected if you default on a student loan....A graduate tax is in that sense a fairer system than interest variable or conditioned loans...
Of course 'free' university education would be even better and it could be achieved by the simple process of reducing defence spending by 33% and diverting the ?15bn saving to double the current tertiary education budget. Infact my complaint against the current student protest is that they are unfocused. I would try and sell their case on the slogan 'Less guns, less bombs, free education for everyone'...
With peace and consolation hath dismist, And calm of mind all passion spent...