It's 30 years after you start repaying it, so a bit longer than that.GoSeigen wrote:After about age 40 it is no longer payable.
Scott.
Ok fair point but there are those who have been on it a while - even though this is a GenZ postswill453 wrote:Well yes, and that's all new undergraduates starting today or in recent years. No need to overcomplicate it.pje16 wrote:That's Plan 2
Scott.
Also add in that the overwhelming majority never come anywhere near to clearing their 'loan' via the graduate tax and its rather foolish to either not take the loan or to pay it off too quickly.GoSeigen wrote:I think you are missing Gilongo's point. Student Loans may have a name which incorporates the word "Loan", but they are not a debt in the way that you are interpreting it. Loan is a misnomer IMO. They are more like a targeted tax. You get taxed the tax if you earn enough and if you are young enough. After about age 40 it is no longer payable. What other debt can you name that is linked to your income (not repayable if your income below a certain level) and only payable below the age of 40?xxd09 wrote: Student loans strike me as adults loading kids with adult responsibilities before they -due to their youth - are able to understand what they are getting into-this is not parenting as I understand it
xxd09
A more accurate name for the thing would be Graduate-Tax Funded Grant or some similar. So it seems to me that you deprived your offspring of a grant, or at best paid a huge lump sum up-front to relieve them of a bit of taxation in their 30s.
GS
And as a result, they are invading Ukraine, as you can see all the logos painted onto the tanks (which are probably bought on PCP credit)Gilgongo wrote:I didn't mean this post to all be about student loans.
House prices/deposits and rent prices are the highest in real terms than they have ever been, pensions are nothing like what they used to be, and real median wages have been dropping for decades. Student loans are just another kicker.
I dunno why I posted this. TLF average age must be like 70 anyway.
They're not that bad. I was in Defined Contribution schemes all my working life since 1984, much the same is on offer to anyone starting work now.Gilgongo wrote:pensions are nothing like what they used to be
I don't think hardship has anything to do with it. I'm Gen X version 1.0, first of the new batch. I can think of maybe two or three women in my cohort that had children before they were 30. It is far more to do with education and aspiration. Get a degree, get a job, do some stuff with that freshly earned money... then think about getting into baby making.xxd09 wrote: The Guardian figure of 50% of women under 30 in Britain having no children should make us all think
Probably a sensible response to hard times?
xxd09
Oops thought it was 20. Must pay more attention. I think the latest changes will extend this by 10 years too.swill453 wrote:It's 30 years after you start repaying it, so a bit longer than that.GoSeigen wrote:After about age 40 it is no longer payable.
Scott.
OK, but my point here is not to focus on any one aspect, but the COMBINATION of house rental, house prices, student loans, lower wages, declining rights and the possible arrival of USA-style private health care costs (which can and does wipe people out at a stroke - no pun in intended) is new. None of us have faced into that lot, but Gen Z will be.swill453 wrote:They're not that bad. I was in Defined Contribution schemes all my working life since 1984, much the same is on offer to anyone starting work now.Gilgongo wrote:pensions are nothing like what they used to be
For the State Pension, agreed it's 2 or 3 years later than I first expected, but the amount hasn't changed much in real terms - just about enough to live on if you're extremely frugal, much better when topped up by your own pension or savings.
And yet they also face the combination of living in a country with a higher standard of living, lower interest rates, lower unemployment, higher vacancies, less discrimination, lower Gini coeffcient, labour market flexibility, higher longevity, better healthcare, longer retirement, and opportunities to live and work wherever they want in the world, with around 50% taking advantage of tertiary education at University, and near universally noone being required to work at aged 16, or younger. Better in many respects to most prior generations.Gilgongo wrote:
OK, but my point here is not to focus on any one aspect, but the COMBINATION of house rental, house prices, student loans, lower wages, declining rights and the possible arrival of USA-style private health care costs (which can and does wipe people out at a stroke - no pun in intended) is new. None of us have faced into that lot, but Gen Z will be.
This is why I wonder whether something will have to give.
Of course we're all living better than in the 1800's, or whatever. Just ask Monty Python.dealtn wrote: Better in many respects to most prior generations.
On that we will just have to disagree then.Gilgongo wrote:Of course we're all living better than in the 1800's, or whatever. Just ask Monty Python.dealtn wrote: Better in many respects to most prior generations.
What matters to the people who are living now is whether they can expect the same or better lives than their parents. And the answer to that is no. If you are 20 today, you can expect to be worse off than your parents born in the 60s/70s in terms of house ownership, disposable income, pension income, debt and cost of living (and they can expect to be worse off than their parents born in the 40s/50s). Adjacent generations have an emotional connection mediated by voting habits and outlook on the same life around them. This was the context of the conversation with my son. Who cares about whether great great grandpa ate dirt and died at 40? That's just not relevant, in the same way as the ancient Britons had it even worse.
Then why do they keep killing themselves? If they were happier then the suicide rate would be decreasing rather than increasing, especially with much more advanced health care for handling mental illness such as depression or treating the fallout from overdose.dealtn wrote: On most, if not all of those measures I would expect the 20 year old today to have the opportunity to match and likely better their predecessor generations.