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Higher Earning University Grads To Pay More Interest On Loans?

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Anybody hear this story? So if you decide to do something useful like medicine or engineering you'll now be forced to pay more interest on your student loan!?

Uninforceable and dumb. I agree with it in practice, but in real terms it will just encourage graduates to work outside of the UK.

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There seems to be a consensus that successful graduates who earn a good wage are to be taxed more.

Not just income tax but also in student loan repayments.

I choose to do something in University that I saw as being useful to the economy - and is paid as such.

It happens that I enjoy Chemical Engineering - :)

It seems a little perverse.

Maybe the ideal strategy is for someone to study Multi-Media Marketing and Sports Science (while just ******ing around Hollyoaks style for 3 years) and then - after running up a few thousand pounds of debt per year - get a poxy job in a gym to get some nice credit cards - after racking up a couple 10k debt - get an IVA - get a bad back - get your erstwhile girlfriend preggers - get a council house and other nice benefits and live like that.

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Well, personally, after 8 years contracting in the aviation engineering industry I decided to go to uni and get myself a degree (mech eng), having hit the supervisor ceiling the next step for me is design/prototyping etc, however without that bit of paper its practically impossible to get a foot in the door.

A 'graduate tax' or higher income tax repayments won't bother me (In fact it may help as I may not have to pay tuition fee's out of my own hard earned), as I will be straight out of this country and back to Canada or the states/Oz where they are actively courting british graduates in engineering and science, this could spell very bad times for uk plc, it'll only be left with the window-lickers who are there for 'summin 2 do innit blud'

My heart bleeds.

Edited by mik_m666

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Isn't it a bit billy bonkers, if somebody decides the rules of a loan after you have taken it out! :blink:

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Isn't it a bit billy bonkers, if somebody decides the rules of a loan after you have taken it out! :blink:

Student Loans Act 2008 allows them to, among other things, sell on the debt and any associated penalties.

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What is to stop these new graduates leaving? At present, unless you receive UK income or make a UK capital gain, whilst living overseas you don't need to do a tax return or actually communicate with HMRC. Given the cuts and general shambles that is HMRC how will they track all these graduates and the lost tax. This is a really daft idea - anyone sensible will just leave the country and no one can stop them.

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Anybody hear this story? So if you decide to do something useful like medicine or engineering you'll now be forced to pay more interest on your student loan!?

I can't see it being a big deal. It will probably be something like paying 4% instead of 2% once you are a HR taxpayer.

If they try to make it much more than that, higher earners will just pay it off completely.

tim

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What is to stop these new graduates leaving? .

Nothing. But I can't see a little bit of tinkering with the interest rate changing the motivation to do so.

tim

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  • 153 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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