College, degrees, and jobs, oh my!

[Minimalist]

Interest was 0.9% originally, I think it’s 1.15% now.

That's a significant difference right there, Tibs.


https://www.accesslex.org/xblog/2017-201...-announced


But of course, what does that actually mean?  Well, this example explains it.

https://www.magnifymoney.com/blog/colleg...-payments/

This is the example we’ll be using: student loan balance of $8,000 at a 6% interest rate on a 10-year term, with a minimum payment of $88.82.

What you should take away from this is that of your $88.82 monthly payment, $39.42 is going toward interest.

Now, assume the loan is for the first year of undergraduate study.  That means before you even graduate that first year has added an additional $1,900 to your total and you still have to add in the 2d-4th years assuming (absurdly) that costs don't go up.

What it seems like to me, Tibs, is that the government in the UK is not trying to make money off the students but the same cannot be said over here.

[Fidel_Castronaut]

FWIW in the UK now they use RPI to benchmark student loan interest. Recently that meant 6.3% rate on your debt compared to when I graduated in the mid naughties which is around 1% on the CPI

https://www.google.com/amp/s/amp.theguar...st-hits-63

[CapnAwesome]

Jobs are for suckers who waste their lives making other people rich. Seasonal work or contract work only!

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Thats 8 years of debt. I mean basically 8 years of forced labor to get a 4 year degree. It's a sad standard we have when that can be considered a success.

What forced labor? I went to university in the UK. I didn’t have to start paying back my loan until I earned £15k a year, and the repayment is based on your income. Interest was 0.9% originally, I think it’s 1.15% now.

I think it’s a success. I don’t think I’d be in the position I am today, at the salary I’m at, if I’d joined the workforce straight out of school.

Sometimes I forget how, for lack of a better word, square, most people on here are.

[The Grand Nudger]

I pride myself on a well maintained facade of conformity, personally, lol. 

[Silver]

I pride myself on a well maintained facade of conformity, personally, lol. 

I always try my best to not conform. Why else would I have gotten a lip piercing at the age of 36?

[The Grand Nudger]

See...no tats, only one piercing and only a few people would ever see it before I got rid of it.  Well maintained.

I do agree with cap, though, about seasonal and contract work, and that 8 years of debt for a four year degree (though it works out to a lifetime of debt in the us for most) is essentially subjecting yourself to forced labor. My lifes work is going to be the construction of a ridiculous techno commune exclusively for members of my own family, lol. When the day after tommorrow comes, imma be like "fuck yall, got mine". Im sort of a long term non loony doomsday prepper..you know?

[Silver]

I have a tat.

[The Grand Nudger]

In my native corner of redneckistan, tats are a liability, we call them identifying marks.  They really cut into your earning potential. Perhaps moreso than lacking a college degree.

[Joods]

I proudly have four of them

[ignoramus]

I've got a tatt of the invisible man! Blends right in.