GLOBAL POLITICAL AWAKENING: Revealed: Crippling 30-year graduate debt trap will see parents paying installments as their children go to university
source: http://globalpoliticalawakening.blogspot.com/2010/11/revealed-crippling-30-year-graduate.html
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- GLOBALPOLITICAL
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Graduates on modest incomes face an effective tax rate of 45 per cent and crippling debts for most of their working lives, a Money Mail investigation has discovered.
Radical reforms to the level of tuition fees and the way loans are repaid will leave many in debt until their mid-50s - by which time they'll be wrestling with putting their own children through university.
Tuition fees are set to rise to as much as £9,000 a year while living costs can be up to £8,210 a year, according to the NatWest Student Living Survey.
That's £17,210 a year or £51,630 over three years. The maximum government loan is likely to be £43,500.
Debts to the government will be reclaimed by deducting 9 per cent from any salary above a £21,000 threshold, but interest will be added to the debt. This will range from the retail prices index (RPI) to RPI plus 3 percentage points, with higher earners paying the most.
READ MORE: http://globalpoliticalawakening.blogspot.com/2010/11/revealed-crippling-30-year-...
Radical reforms to the level of tuition fees and the way loans are repaid will leave many in debt until their mid-50s - by which time they'll be wrestling with putting their own children through university.
Tuition fees are set to rise to as much as £9,000 a year while living costs can be up to £8,210 a year, according to the NatWest Student Living Survey.
That's £17,210 a year or £51,630 over three years. The maximum government loan is likely to be £43,500.
Debts to the government will be reclaimed by deducting 9 per cent from any salary above a £21,000 threshold, but interest will be added to the debt. This will range from the retail prices index (RPI) to RPI plus 3 percentage points, with higher earners paying the most.
READ MORE: http://globalpoliticalawakening.blogspot.com/2010/11/revealed-crippling-30-year-...
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- groups:
- Community, Learn, Greatest Depression, Finance & Economics
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- tags:
- Student Debt, modern schooling
