While doing some research for an article I’m writing about the new student fees, I stumbled upon an interesting piece of information. On the £3k system that I’m on, my repayments will be 9% of my income over £15000. On the £9k system, I would be paying 9% of my earnings over £21000.
(Not surprising how I have to go to two different government websites to get some simple information. I wonder if they make it this awkward to find deliberately.)
To put this into perspective:
|Yearly Repayments on:|
|Income||£3k System||£9k System|
So on the new system although you have a larger, longer lasting debt; you actually pay less per year. Now although long term debt does suck, if I was in my early twenties earning around £25k per year, I think I’d rather have the extra £540 in my pocket.
I could go to amsterdam for a week on that.