interestrateripoff Posted July 21, 2015 Share Posted July 21, 2015 Cost of degrees 'will rise by £6,000': IFS reveals true impact of Budget on students Osborne is accused of burdening students with heavier debts while studying – and bigger repayments when they start work I'm sure there future earnings will cover it.... Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted July 21, 2015 Share Posted July 21, 2015 A Cash Cow, until it is dog food Quote Link to comment Share on other sites More sharing options...
Errol Posted July 21, 2015 Share Posted July 21, 2015 How will there be any future earnings if all the jobs have been automated or otherwise taken over by computers/robots? Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted July 21, 2015 Share Posted July 21, 2015 (edited) A good option now seems to be work for a degree part time whilst working. Takes 5-6 years rather than 3 but you end up with no debt and some work experience. My employer pays for day release training like this. (I know it is not the norm). They pay your wages for that day as well as the course fees. You have to pay fees back if you leave within a year. The other method is to just take the money and leave. I emmigrated to the US aged when I was 24 for a better job, just wouldn't have bothered to come back to face a bill of £50K, rising at RPI++. Of course, if you degree won't lead to anything, you may as well take the money and never pay it back. My unemployed sister-in-law is doing this, a Drama MA in her 50's. Edited July 21, 2015 by VeryMeanReversion Quote Link to comment Share on other sites More sharing options...
Guest UK Debt Slave Posted July 21, 2015 Share Posted July 21, 2015 Cost Of Degree To Increase By Another £6k Cost of an often worthless degree that isn't worth the paper it's written on to increase by another £6K Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 21, 2015 Share Posted July 21, 2015 A good option now seems to be work for a degree part time whilst working. Takes 5-6 years rather than 3 but you end up with no debt and some work experience. My employer pays for day release training like this. (I know it is not the norm). They pay your wages for that day as well as the course fees. You have to pay fees back if you leave within a year. The other method is to just take the money and leave. I emmigrated to the US aged when I was 24 for a better job, just wouldn't have bothered to come back to face a bill of £50K, rising at RPI++. Of course, if you degree won't lead to anything, you may as well take the money and never pay it back. My unemployed sister-in-law is doing this, a Drama MA in her 50's. Sister, 41, did art degree. Streched degree out for 5 years. Will not go for any job that will involved her paying back the debt. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted July 21, 2015 Share Posted July 21, 2015 (edited) Of course, if you degree won't lead to anything, you may as well take the money and never pay it back. My unemployed sister-in-law is doing this, a Drama MA in her 50's. She got a grant for that, at fifty! Can anybody over fifty get three years free holiday camp, or are you barred if you have saved money? Seriously it would be my worst nightmare. Edited July 21, 2015 by crashmonitor Quote Link to comment Share on other sites More sharing options...
londislagerhound Posted July 21, 2015 Share Posted July 21, 2015 My Mrs (50) is doing a degree in surface and textile design. Gets given a free load of money (I don't earn much) and a student loan (which won't ever be paid back). Cost to the taxpayer? Probably £40k over the three years. I doubt she'll ever work again to be honest. Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted July 21, 2015 Share Posted July 21, 2015 Learn Spanish, French or German and go abroad for 3-4 years study and pay peanuts. Accomodation will be cheaper also. Our forefathers did just this, in the days when a passport didn't exist. Quote Link to comment Share on other sites More sharing options...
eztiger Posted July 21, 2015 Share Posted July 21, 2015 I has having a chat to a colleague about paying off our student loans this morning. What was interesting is that I found out that one of his sons sat down and did the maths and decided that Uni was now a mugs game and he'd be better off avoiding it. Also one of his step daughters who's a year or two older came to the same conclusion and decided to have a crack at setting up her own business instead. I was impressed, I hope more young'uns arrive at the same conclusion as these two. Quote Link to comment Share on other sites More sharing options...
RentingForever Posted July 21, 2015 Share Posted July 21, 2015 She got a grant for that, at fifty! Can anybody over fifty get three years free holiday camp, or are you barred if you have saved money? Seriously it would be my worst nightmare. Yes, available to anyone who doesn't already have a degree. Not means-tested. And the loan is forgiven at 55. So start on at 50-odd and you are essentially getting it for free. Back to the OP, the reporting seems to suggest this is only for new graduates. But of course it affects everyone who has been on the new system which started back with the Coalition. Another point - the Tories have proposed turning research Masters and PhDs into loan-based systems too. So if you go down the PhD route that would add another £50k of debt onto your existing £50k. Can't see many PhD-level jobs paying enough to make that worthwhile! Quote Link to comment Share on other sites More sharing options...
durhamborn Posted July 21, 2015 Share Posted July 21, 2015 The only news here is that people thought they would increase the threshold with inflation?.Do they not know how it works with government?.They get you in huge debt and you think oh well the point i pay back isnt too bad.Roll forward 20 years and the level loans start being paid back is half the new living/NM wage. Its Osborne's weapon of choice.Freeze allowable earnings for eight out of ten years.The other two years a CPI increase. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted July 21, 2015 Share Posted July 21, 2015 How will there be any future earnings if all the jobs have been automated or otherwise taken over by computers/robots? After completing their useless degree, I guess they could try and get into the BTL game. OR they could do neither of those things* *recommended option Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted July 21, 2015 Share Posted July 21, 2015 I has having a chat to a colleague about paying off our student loans this morning. What was interesting is that I found out that one of his sons sat down and did the maths and decided that Uni was now a mugs game and he'd be better off avoiding it. Also one of his step daughters who's a year or two older came to the same conclusion and decided to have a crack at setting up her own business instead. I was impressed, I hope more young'uns arrive at the same conclusion as these two. If they could go somewhere decent and do a subject in which they are interested then he should be encouraging them to go as it is a great life experience that a correspondence course cannot replicate. Not everything is down to money. If of course they were looking at doing media studies at some glorified technical college then they are spot on with not wasting their time or money. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted July 21, 2015 Share Posted July 21, 2015 Yes, available to anyone who doesn't already have a degree. Not means-tested. And the loan is forgiven at 55. So start on at 50-odd and you are essentially getting it for free. Back to the OP, the reporting seems to suggest this is only for new graduates. But of course it affects everyone who has been on the new system which started back with the Coalition. Another point - the Tories have proposed turning research Masters and PhDs into loan-based systems too. So if you go down the PhD route that would add another £50k of debt onto your existing £50k. Can't see many PhD-level jobs paying enough to make that worthwhile! Lends a fresh turn to the phrase 'Piled high and Deep.' On the other hand, anything that discourages economics grads from wasting the rest of their lives in the dishonourable company of Krugman, Bernanke et al. can't be all bad. Quote Link to comment Share on other sites More sharing options...
eztiger Posted July 21, 2015 Share Posted July 21, 2015 If they could go somewhere decent and do a subject in which they are interested then he should be encouraging them to go as it is a great life experience that a correspondence course cannot replicate. Not everything is down to money. If of course they were looking at doing media studies at some glorified technical college then they are spot on with not wasting their time or money. Well the step daughter took the Art route so she's probably made the right decision. The son from memory is currently studying engineering. While he could benefit from university I dont think he likes the risk/reward profile. Based on my experiences I'm not so sure university is such a great life experience anymore. Unless you go to univeristies such as Oxbridge and the like and study a 'respectable' degree, most univeristies are now nothing more than trumpted up Polytechnics full of students of questionable ability studying questionable degrees who are only there because the Poly needs to balance the books and the student can get loans to attend. If I could wind the clock back I would have saved 15k's worth of debt and not bothered with my degree. In my profession very little of what I learnt at university is still relevent in my day to day work due to advances in technology and the general cluelessness of academics that have never had to work in demanding commercial environments. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted July 21, 2015 Share Posted July 21, 2015 Didn't the Tories SAY they were going to increase by inflation? Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted July 21, 2015 Share Posted July 21, 2015 Meanwhile, the value of a degree continues to plummet. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted July 21, 2015 Share Posted July 21, 2015 Well the step daughter took the Art route so she's probably made the right decision. The son from memory is currently studying engineering. While he could benefit from university I dont think he likes the risk/reward profile. Based on my experiences I'm not so sure university is such a great life experience anymore. Unless you go to univeristies such as Oxbridge and the like and study a 'respectable' degree, most univeristies are now nothing more than trumpted up Polytechnics full of students of questionable ability studying questionable degrees who are only there because the Poly needs to balance the books and the student can get loans to attend. If I could wind the clock back I would have saved 15k's worth of debt and not bothered with my degree. In my profession very little of what I learnt at university is still relevent in my day to day work due to advances in technology and the general cluelessness of academics that have never had to work in demanding commercial environments. That's still what I think of as somewhere decent, when I left sixth form not many went on to a degree but those that did in the main went to those type of places. A couple of my mates went to Keele which we joked about beforehand but they really enjoyed it. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted July 21, 2015 Share Posted July 21, 2015 Meanwhile, the AVERAGE value of a degree continues to plummet. Corrected for you. The expansion is at the bottom with the worthless degrees at student factories. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 21, 2015 Author Share Posted July 21, 2015 Another point - the Tories have proposed turning research Masters and PhDs into loan-based systems too. So if you go down the PhD route that would add another £50k of debt onto your existing £50k. Can't see many PhD-level jobs paying enough to make that worthwhile! That should help create the knowledge based economy they are wanting. PhD soon to be only for the rich. Quote Link to comment Share on other sites More sharing options...
frozen_out Posted July 21, 2015 Share Posted July 21, 2015 (edited) That should help create the knowledge based economy they are wanting. PhD soon to be only for the rich.This doesn't make any sense as a proposal. Many PhDs are sponsored by industry (often with a little sweetener thrown in by the university). What happens to that money if the stipend and fees are only lent to the student?The government could remove its subsidy from particular postgrad courses, but where does that get them? Industry will be asked to take up the slack and the last time they did that (FEC for postdocs) industry just stopped sponsoring postdocs. Edited July 21, 2015 by frozen_out Quote Link to comment Share on other sites More sharing options...
eztiger Posted July 21, 2015 Share Posted July 21, 2015 (edited) That's still what I think of as somewhere decent, when I left sixth form not many went on to a degree but those that did in the main went to those type of places. A couple of my mates went to Keele which we joked about beforehand but they really enjoyed it. I agree too. In hind sight I would have loved to study at one of the top tier universities and experienced a 'classical' university experience instead of the college v2 box ticking experience you get at former Poly's. I never made it into 6th form, I applied for a laugh just to see the reaction on the head of 6th's face when i turned up . It was never a serious consideration anyway, my school had pretty rubbish computing facilities and I was far better off attending a nearby college (a far more liberating experience than the rather insular 6th form culture at my school). Back then (98/99) you were the exception if you did NOT go to university, no doubt helped by that snake Blair's 'Education, Education, Eduction' mantra. p.s While i didnt study at Keele I did play against their rugby team once while I had a very short stay at the terrible UCE. It struck me as quite a nice campus & surroundings. Edited July 21, 2015 by eztiger Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 21, 2015 Share Posted July 21, 2015 course, what you are all forgetting is that this extra cash is great for the Education Industry, GDP and the pension shortfall. David Beckham Golf Course Artwork is one Ive got my eye on...its 3 years and puts letters after my name. Quote Link to comment Share on other sites More sharing options...
juvenal Posted July 21, 2015 Share Posted July 21, 2015 (edited) Yes, available to anyone who doesn't already have a degree. Doing an MA without a first degree? I remember the time when universities would have laughed if you had even applied.... Edited July 21, 2015 by juvenal Quote Link to comment Share on other sites More sharing options...
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