Labour could stop charging interest on student loans
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- Опубликовано: 9 июл 2024
- Total annual student loan repayments are way less than the interest supposedly charged on these loans at present. In that case why impose these charges? They make no sense. Labour should scrap them and give graduates a chance in life instead.
#uk #politics #studentloan #university #labourparty
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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Labour could just cancel all student debt.
Nope. Cost is far too great for the tax payer.
£133 billion.
They won't, do you actually have a clue who Starmer is?, a Neo Liberal.
Cost to the taxpayer is precisely zero.
Hear hear.
And raise the repayment threshold to £30,000 a year for all degrees including Postgraduate.
... Starmer won't do any of this, the guy in the video is just severely deluded if he thinks so.
@@mikethebloodthirsty He is saying what they could or should do.
Not what they will do.
I am agreeing that they should.
You can split the ex students into two groups
1) Those with high paying jobs that will fully repay their student loan and the interest
2) The rest who will never repay the student loan.
For the first group removing interest will make a difference. The Government will collect less money.
For the second group it makes no difference. It is not actually a loan at all. It is a graduate tax.
The whole system is a badly thought out mess.
It is disgraceful that a youngster with a Masters degree loses 50% of every £ earned over £27,300.
Society benefits from education make it free
@@stephfoxwell4620 I agree it is a stupid system. It actually discourages people from earning more money.
However if you want a functioning NHS, a decent care system and maybe even some pot holes filled etc etc then someone has to pay for them.
If the masterful youngster with great potential is going to pay less then who else should pay more in order to pick up the tab?
@@Leapopsit does not work like that. Society benefits from better educated citizens. There are other areas money can be moved from
@@Redf322 I agree education should be free if it is useful for society. But it is highly questionable whether 50% of the population going to university is actually beneficial or useful to anyone.
Please give some practical examples of where the money would come from if all further education was free. Someone has to pay.
"The GI bill. For ever 1$ paid in re-educating GIs to civilian skills, the state get 10$ back." In Scandinavia they pay students to study. The corrent SU allowances is 800£ a month for a single person, if you have children, then it's higher + child benefits. And no school fees on any kind. Labour have a long way to go; so is Stramer the man!!
The whole stigma and university system needs overhaul. Too many employers require degrees in their recruitment process which are of no relevance or value to the job itself.
Let’s find a better pathway for young people to forge successful careers without always having to rack up life changing amounts of debts if it can be avoided. I do fully appreciate that some careers though do need degrees in areas like medicine and science for example, but again ideas like Richards can help alleviate their burden too.
It’s big business and they’re not going to give it up without a fight, personally I agree with you as my husband did his chemistry degree through work at a polytechnic before they did away with them.
Ironically the ones who did the ploy route got far higher grades than those at uni, possibly because they had hands on experience when it came to the exams to fully understand the questions and what was being asked to give the answers so therefore graded higher than all the university peers.
Our teenage son turned down his spot at uni to do a chemistry degree because he didn’t want to sit in a classroom for another 3 to 4 yrs racking up thousands in debt.
Home along with most of his friends have gone down the apprenticeship route, a few are doing various engineering like my son, one is training as a carpenter, one in law and another as an accountant.
Not a single one regrets not going while two who did have dropped out because it wasn’t what they thought it would be.
University Graduates should repay what they borrow, but its a disgrace charging interest on the loans.
Society benefits so it should be free
It's borrowed money by the state. Who pays for that? Who pays for the money that's never paid?
@@Redf322 why should taxpayers on low incomes, support graduates on high incomes ? they want it they should pay
@@garyb455 This is short-sighted (not trying to be rude). If you made education free (and even gave grants) then those people on low incomes would themselves be able to get higher education, and start earning high incomes. We should be aiming for a very-high-skill economy; this requires the vast majority of workers to be well-trained. Making it as cheap as possible (and even paying people money to get educated) would be the single best policy a government could pursue, if it wants growth.
@@browncow7113 nonsense, most degrees are a complete waste of money and most of the people who go to university end up getting their common sense removed.
This would also help solidify their position in the young vote. Those at university and who are still repaying the loan will like it and those at secondary school thinking about university and approaching voting age will like it. Easy win by the looks of things.
Why would you want our children to vote for the uniparty’s that hate them
Education has economic and cultural benefits to this nation and should be free for all. Always.
Educating who, and teaching what ? As a University Graduate from the 1980s with two children coming out of University Education, I can only say that FE and HE in UK is no longer fit for purpose - assuming that its purpose this past 100 years was to produce young adults with useful skills. MY girls have friends who graduated 18 months ago and are working in Restaurants and menial jobs at the local council.....and a couple of their friends have decided that rather than work, they'd better toddle off and do a Masters, in the very same subject that isn't giving them the chance of an actual Career in the first place ! IMO, there is far too many people going to University.....most of them should be undertaking Apprenticeships. Put it this way, my Plumber friend earns more than my lawyer wife. Make of that what you will.
@rjw4762 rid the reason my teenage son turned his spot down for an engineering apprenticeship, he’s been taught by his bosses to go off and make money for himself in his spare time.
Spot on. Although you have to remember that Starmer would not feed the kids...
There should be no student loans in the first place!! It should be free. Higher education = human capital development, and this is the single most important determinant of the long-term prosperity and growth of the country. The fundamental reason that countries like China have such high growth rates is because they produce hundreds of thousands of well-trained engineers, scientists, and other professionals every year. Britain should be making it as easy and attractive as possible for every person to obtain excellent education; such a policy would pay for itself.
It should be free. Hundred percent. Most of my generation would not have been able to go to university in the late eighties if there had been tuition fees. I benefitted from a free education and the drawbridge should not have been pulled up for those that followed. Labour should never have introduced tuition fees and the Liberal Democrats have a lot to answer for in colluding with increases under the Cameron coalition.
Student loans, interest and all outstanding student debt should be cancelled. The whole tuition fee horror show is a huge impediment to social mobility. Education is good for the economy, society at large and the cultural life of the country. It is the best investment in our future. 'Just do it' to quote Richard, which I would slightly modify to 'JFDI'.
Should credit cards and mortgages be cancelled too?
Make it so.
Surely the student loan system is in private hands and therefore will cost the government money to change it?
in the UK ?.....not if you are in Scotland ?......
Wasn’t it a labour government that introduced these loans in the first place?
It would’ve been far more beneficial for it to be free for everyone who did a degree that supported the Uk infrastructure with a payback set for a set numbers of years working within the industries they had trained in. This would mean long term planning would be easy knowing how many medical, engineering, vets etc graduates were finishing studying every year, would mean the workforce is constantly replenished when and where needed.
Yes another of Blair's legacies.
Didn't they sell off the student loan books?
great idea. political vote winner too.
Half "our" students are foreign migrants on dodgy student visas so isn't cutting interest on student debts just another handout to the wrong demographic?
Spelling error in the opening icon image btw
It has been changed.
The title says interest om student loans. It will take more than meditation to solve the issue.
Ultimately this would move things closer to working-class people paying for middle-class people to go to university. Of course a lot of degrees are self indulgent and of no benefit to the economy.
Ther is no such thing as a free lunch; get over it.!
So why does the whole of Europe not charge for a university education, 😂😂😂😂😂😂, you plankton.
MPs dine at our expense daily. And the highest education attainment is achieved in countries with free universities.
Make the plumbers, school cleaners, pay for the mejah studies degrees of others.
wtf . This might surprise you but the children of plumbers etc get degrees as well.
@@johnmulligan912 Ah, Mejah Graduate.
Why shouldn't the graduates pay for their loans?
Why should people who earn less be forced to subsidise rich people?
Graduates should have their internet blocked and be made to do community service until they have repayed. In full. With interest. Those who did arts or media degrees anyway. We've had enough of experts.
@@fburton8 Another option. Send them the bill for the welfare state. Each year, with their pro rata share on it.
Imagine getting an annual bill saying you are on the hook for £600,000 of welfare state debt. Borrowing not included.
I think this should happen on their 18th birthday. Happy birthday, welcome to debt bondage.
@@adenwellsmith6908 Actually on their birthday. Genius idea. Hand-delivered envelope.