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.