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4,000 Students Declare Bankruptcy

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'Record numbers of graduates are declaring bankruptcy because they cannot repay their loans. The Student Loans Company, which handles the financing for the Government, says more than 4,000 of its borrowers have declared bankruptcy, with 3,486 still insolvent. '

'The level of student debt is also expected to increase when top-up fees of up to £3,000 are introduced this year.'

'The average debt owed by those in higher education has also soared in the past decade, from £3,400 to more than £12,000. '

'The National Union of Students says unprecedented numbers of students in higher education are seeking counselling to solve not only their credit problems but the psychological stress of coping with debt.'

'Degrees of Debt: The high cost of learning

£500m annual amount parents pay in university costs

£33,708 projected student debt at graduation by 2010

544% increase in student debt since grants cut. Debt totals more than £5bn

90% of students in debt. In 1992, only a third were

57% of students who work do so to buy basic essentials; 11% work to pay tuition fees

31% increase in student debt since 2002 caused by rise in studying and living

£30 weekly average undergraduates live on after rent

75% of students work during term, three in 10 for more than 20 hours a week

66% of 2003 graduates moved back home to save, and to pay off their debts.

Record numbers of graduates are declaring bankruptcy because they cannot repay their loans. The Student Loans Company, which handles the financing for the Government, says more than 4,000 of its borrowers have declared bankruptcy, with 3,486 still insolvent.'

http://education.independent.co.uk/news/article341736.ece

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Didn't the government exclude student loans from being got rid of in bankrupcy?

And if not why not?

This getting rid of debt this way is outrageous and demeans anyone who saves.

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Didn't the government exclude student loans from being got rid of in bankrupcy?

And if not why not?

This getting rid of debt this way is outrageous and demeans anyone who saves.

Even if students do declare themselves bankrupt, they still have to repay their loans under guidelines introduced in 2004, which state these remain the responsibility of the student.

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Whoops - yes thought so. So they only wipe out borrowing from lenders who've been foolish?

(After all student loan is the cheapest way of getting a loan?)

So they're taking the mickey.

:)

(Rushing now cos I'm off to work!)

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<_< i sometimes wonder about the student loans company <_<

none of them know whats going on or care about chasing up anything!

I think they know they can print vast sums of money from no-where and know they are not getting it back!

They didnt know I was working full time after education till I TOLD THEM to make repayments!

I ve not had a statement for TWO YEARS- though they say its a slow process yadda yadda ya between the company and inland revenue---- anyone work in the student loans company can give an insight whats going on in there????

I could have borrowed the lot and legged it to austrailia!

I do wonder what this is doing to the sterling <_<

Edited by trev

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<_< i sometimes wonder about the student loans company <_<

none of them know whats going on or care about chasing up anything!

I think they know they can print vast somes of money from knowwhere and know they are not getting it back!

They didnt know I was working full time after education till I TOLD THEM to make repayments!

I ve not had a statement for TWO YEARS- though they say its a slow process yadda yadda ya between the company and inland revenue---- anyone work in the student loans company can give an insight whats going on in there????

I could have borrowed the lot and legged it to austrailia!

I do wonder what this is doing to the sterling <_<

Students aren't that worried about there debt, most of them are concentrating on having a good time and p**ing money up the wall. Only when they start work and realise that some money is being taken back do they start to care.

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i think it must be the pissed students or temps working in the student loans company - why arent they making sure peoples payments are going in?

It was in the paper not long ago that a young lady's repayments werent going to the student loans company to pay off her loan!

No one had bothered to check where her deductions were going but vanishing into thin air!

To all of of you at university and just going into work after a degree- keep all your pay slips!

As you can see my faith in the system is not very high <_<

Edited by trev

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  • 301 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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