Johnson's Plans to Increase Student Debt: Hurting Young People? - TLDR News
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- Опубликовано: 29 сен 2021
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Over the weekend the FT reported plans (www.ft.com/content/f77fe7ee-6...) that would see the threshold for student debt payments lowered. So in this video, we discuss what the report would mean, the changes that will be made and if it's really fair.
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Yo, these interest rates are higher than my own student loans, and I'm American. That's terrifying.
Luckily it wipes out after 30 years
Ironically the politicains who implemented this system will be long retired by 2035 when it collapses due to the huge number of loans that are erased
@@bigeddiespaghetti5618 yeah uk is the america of europe at this point
UK student loans are a bit different from US ones, though - firstly, they cancel after 30 years, and secondly, the amount you repay is related to the amount you earn. Therefore, if you don't earn much, you may not repay anything. UK student debt interest rates might be higher than the US, but it's probably less of a "millstone around ones neck".
ill just add to the others here, its not real debt, which means its really more of a tax if you get a good job
The yearly repayment rate is constant 9% over the threshold, regardless of the actual debt accumulated. So you could owe 1 billion Pounds but earn less than 27k a year and pay nothing until 30 years later.
Why is britian trying to become more like the US
well , didn't they vote for that ( Brexit plus Tories ) ?
It's what the unionists vote for. So have to suck it up a deal with the ling hard road
Except for the salary.!
well lets be honest here, The UK loves the US every man form themselves approach + the current PM is american...so what do you expect
Because even though more voters vote for liberal or social-democratic parties in most elections, the voting system favours larger parties, of which the largest is usually the Conservative Party.
"I am altering the deal. Pray I don’t alter it any further." - Darth BoJo
"Here is a unicycle! You will ride it wherever you go!"
Star Wars robot chicken?
@@jackwilliamsmith8734 "Thats not true, thats highly improbable"
It should not be legal to alter a contract after it has been signed
Student loan providers: "My lord, is that legal?"
BJ: "I will make it legal."
“Wipe them out… All of them.”
@@chrisza9782 I wanted to say that! 😢 (nice one though)
could just not take out a loan. also, why do they keep saying an earner of £30,000 couldnt pay back the loan, surely they understand that graduates from universities will be getting a higher paying job than that?
@@idea-ph1kh you think? the economy isnt doing too well last time i checked
@@idea-ph1kh Good luck paying that amount of cash out of pocket.
Throughout this entire pandemic students have been blamed, forgotten about and suffered due to the government’s incompetence in handling the pandemic and now they’re expecting us to pay for it to.
Just Tory things…
Nail in their coffin. Maybe they wanted young people to vote… damn will out of pure spite now.
Don't forget the NI hike as well. Its like the Tory's mantra is "young people are the future and must be stopped!"
Don't forget UK national debt as well. A decade ago Cameron decided to give large companies and the affluent massive tax cuts and let UK debt soar. They benefited from the tax savings then but the young will be left having to clear up the mess in the future. In reality I expect the young to retaliate with a wealth tax once they are in power.
Yeah its the Tories go to.
Ah yes, in an ever smarter, fast changing world, what we need is a workforce too afraid to study, too poor to reskill and burdened by 30 year old debt.
Now probably 40 year
@@Odyssey-tr8mt Do you have proof of that?
Oh, Daniel - someone at last speaking some sense.
@@Lolalai the video you are commenting
I was gonna consider studying in the UK, then I realise Johnson exists.
Go to Scotland it's totally different and well worth it. And if your in the EU no tution fees for you either.
@@BIGDZ8346 I come from Asia lol. And now I guess I'm going to the US. (With some of the more affordable ones.)
It wouldn't affect you in any way maybe uni isn't for you
@@prometheus7387 As if affordable schools exist in the U.S. Try to go to Germany, as long as you can learn German quickly it's easier to immigrate there.
Most Scandinavian countries are also a good choice.
First check yourself if these are any good, These are just my opinions.
after brexit I decided to stop all plans or ideas of trying to work and live in the UK. It was made clear that immigrants of any stripe are not welcome in the UK so I will take my background in technology and education and go elsewhere in the EU.
I cant believe the U.K. would even be considering something like this! Thank god I live in America :D ...wait
HMMM
england not the uk
lol you have loads of homless graduates, rampant anti-intellectaulism yet you always think you are better then everyone else.
@@Fraudkuna. hmm yes, Scotland primarily has free education. Bar from a few different advanced courses.
@@UtdSolskjaer they should just probably make the Scottish actually pay for their university then the UK would have a enough money
Old people had their Uni fees for free, so the young have to pay that bill plus their own. Don’t you just love the Tories.
That's what conservatives do, they destroy the opportunities of others to benefit themselves.
Let’s put their political power in the grave just as they’re begging with these policies. If they wanted to get young people to vote, well why not out of pure spite now?
True we got things for free, but in the end they collected higher taxes and from higher income, paid private school and university and everything else for my son. The English government needs training. Please sack them before they do more damage. The Eton mob has to go with a new conservative party.
uni was also significantly harder to get into back then. Far fewer people went. I want to scrap fees, but we need to limit places too.
@@WorthlessWinner about 15% of pupils went to university in the mid 1970s.
Tories : The working class needs to drive lorries, not go to University !
Torries: The working class need to drives Ubers*, not go to Uni! (they hate public transit)
Lorries will be autonomous by the end of the decade regardless of government policy.
Hahaha god dam 😂😂
@@louicoleman2910 They won't be. At best they'll someday be heavily assisted, but they'll never do without a human operator in the cab.
Well, they are not wrong...
Just another standard anti-poor, anti-young, Tory policy.
You've lived for free all your life,paid for by others. Pay for YOUR own Further Education. We're paying for poor refugees, escaping France.
@@willmoore505 you’re making a few assumptions there, friend; I’m long past getting my own education.
Things don’t have to directly effect me for me to see they’re bad. No idea what immigrants have to do with this.
@@Incentiv your personal relationship with a subject, is unimportant. Refugees from France need help. I assume the benefactor of personal further education, should pay. If they don't want to, why should anyone else!
@@willmoore505 To improve society as a whole, perhaps? The poor and the young need help; it is our job to equip them so that they may be productive and happy.
If only those that can afford to pay extortionate prices are allowed to be educated, we will see an ever wider gap between the rich and the poor. That won't lead to good things.
@@Incentiv give them a Tik Tok account and a statue to pull down. And they're happy. Cancel the cancel culture. We have refugees escaping the horrors of France, to pay for.
Hilarious from Johnson who studied Classics and never needed a loan.
Hilarious that labour never changed the system and only ever play political misleading optics, this is a system that protects the low income and only needs repaying if you benefit from the course and get a good salary.
@@genome616 I think the word you’re looking for there is disgusting. But Labour only get elected when they are led by people like Blair who promote policies to prop up the system. Real change comes from below; it’s rarely led by politicians unless they are pushed to change through protest.
@@juliejeavons6949 Mayne Labour could win if they weren't so far left they are pushing socialist Marxist values, a concept that has never worked for the people and only leads to communism and dictatorship - see China, N' Korea and Venezuela, that is where the far left want us to be.
@@genome616 now you’re the one being hilarious. You really don’t have clue what you’re talking about.
@@juliejeavons6949 prove me wrong, opinion is baseless I am only citing the conditions of the loan, or are you ignorant to that?
Do I need to cite the conditions for you, you seem to be deluded by labour rhetoric and I guess by the responses on here that no one has actually read the terms and conditions.
Even better. The loan compounds at 4.2% during your course too.
Yeah, just yesterday saw that clause while filling in the student loan form.
Exactly and for us medical students it compounds to astronomical proportions before we even finish university
@@Ashley.D That sounds... Illegal
The socialist pension ponzi debts are increaseing at over 10%. How are you going to pay your £600,000 share?
@@Julianna.Domina It would be if it was from a bank. The tories gave SLC a loophole.
How many cabinet ministers have “soft” social studies degrees like philosophy, politics and economics (PPE)?
And yet the public voted them in...
that's what doesn't make sense
@@laur-unstagenameactuallyca1587 It makes perfect sense - the majority of the voting demographic are stupid and vote based on no relevant factors such as who their parents voted for, or how they previously voted, or, perhaps the worst, I don't like them so I'll vote for whoever can get them out.
Absolute clowns.
@@laur-unstagenameactuallyca1587 well it does. If you are privileged enough- it’s ok to study whatever you want but otherwise, you must learn technical skills.
Almost all of them!
Don't you guys have a problem with getting "Highly skilled" workers? I start to see why. They can't come from the UK if they don't want to be in debt for ever.
People going on a 3 year “photography” course are hardly highly skilled workers… but for some courses, yes, you’re right.
@@HomebaseLHR Each subject has a place in the world. But each subject isn't worth the same price
@@HomebaseLHR I don't realy know what is included in such course in the UK, but if you don't have people that are good at photography couldn't that impact your movie industry?
@@HomebaseLHR - pretty sure a photography course is more industry-relevant than history, biology or physics. It's the more academic stuff that is more questionable from a jobs standpoint.
We have a shortage of electrical linesmen, plumbers, machinists, etc. We don't have a shortage of university-educated historians and gender theorists. This is exactly what the proposal is intended to address.
For skilled jobs that do require a university degree, e.g. STEM, the salaries are typically high enough that they can afford to pay more than minimum repayment, so the changes are mostly irrelevant.
"I am altering the deal. Pray I don't alter it any further."
Having never been to university even when it was free it wasn't really something I could do so I'd rather you pay for yourself like everything else in life why should I pay for dumb people to go university doing micky mouse degrees
@@davidevans3223 Because University produces people you rely on. Got a broken arm? You better hope that guy helping you has a medical degree and doesn't need to worry about his debt, so he/she can concentrate on your health. Like to keep your sanity while driving home? You better hope that person designing the road system in your town knows his/her stuff. You hit some hard times and are in debt? The persons helping you to get out of it need a fair amount of university level financial smarts to help you. File your taxes? You better hope both the consultant you use and the officer checking it know all the relevant laws or you may be in trouble. And so on... a lot of university graduates are needed to make life in a modern society bearable. If they have to worry about student debt, they can't do a good job.
Besides: you might have a really smart kid on your hands one day. Do you want her to ruin her health and be unhappy in a menial job when she could be an architect instead? Cheap university makes it possible for people to climb "the social ladder" - image as an elderly guy you sit in a cafe and leisurely point to the fancy new town hall and can tell your friends "My kid designed this!"... Or with expensive tuition and high loan rates: "My kid would have done a better job, but I couldn't afford university, so now she's a cashier over there at Tesco."
Haha amazing
@@davidevans3223 In theory, it's to create a more educated population, which is more productive, and therefore creates a better quality of life for the country as a whole. In practice, we ended up with an economy where you won't even be considered for most jobs unless you have a degree. And once that status quo was well and truly established, they jacked up tuition fees. Employers still expect you to have a degree though.
@@KonradTheWizzard but the people with university degrees anyway earn more money . it’s an investment they are willing to make even if they have to go into debt
We can't have the peasants getting educated!
They want to create serf class and get rid off the middle class as well
More lower socio-economic and first in family individuals go to uni than ever before.
Student tuition fees have not deterred poorer people. Than con has not actually occurred
@@danielwebb8402 It doesn't matter. People should not pay for an education. It's a right All humans should enjoy. But it seems like you brits admire the hellhole that is the United States.
@@lordkenten4136
University is a human right?
We have free education for all. Just stops at 18. Rather than 21. Or 99.
@@danielwebb8402 You must be able to understand that world lies to you. They don't do that high school they do that in university.
In University you are exposed people from all social classes and backgrounds. This gives them entirely new perspective. A true perspective as they seem more of the world.
This leads them to be more logical and understanding individuals. Combined that with the fact universities are an academic environment. Which helps people see the world in a logical and scientific light. This leads to them being better human beings and contributing more to society.
I studied 5 years in Germany (as a german citizen). I paid roughly 230€ per semester, so my total tuition fee was 2300€. I am lucky that my dad gave me my child support (paid in germany until you are 24 or leave the educational system) which is about 200€/monthy and he even paid for my rent, 400€/month. The rest of my cost of living was covered by my savings and working on the sidelines. Even if my dad wasn't so nice I would have stil been able to work more and pay for my rent that way, or to apply for Bafög, which is a interest free loan by the government depending of your familys income.
What I am trying to say, I am really glad that I didn't have to go in debt one cent to study, and some friends who had to did not take on a lot of debt (no more than 10k€) which can be repaid fairly consistently. This system should be the norm if we want affordable education for everyone.
You also get taxed a lot more. If I had the same income (converted to €) before tax in Germany as I do here, I’d pay 400€ in tax every month. For 30+ years I’d be paying 144.000€ more in tax (assuming no pay rises and/or tax increases)
@@HomebaseLHR yeah hence all their public services are better? Higher taxes (as long as the money isn't completely wasted by bojo and his crooked friends) are a really good thing to the citizens of a country.
Keep in mind there's also a bus/train ticket included within these 230€.
@@petergoodwin7038 not really though you end up paying more through out your life . but you won’t notice it mentally since you will be used to paying that tax rate
@@petergoodwin7038 honestly not really. Streets and schools are in far worse condition and waiting for appointments with specialists or for mental health treatment is comparable to NHS waiting times. You only see your gp quicker but taxes are higher and you pay health insurance on top. + everything is utterly slow and conservative in Germany. Please don’t expect to get anything done easily with banks, local council etc and don't even dare to think you could do anything online.
Compound interest on student loan debt is one of the most cursed things I've ever heard of.
Looking real bringht for gen Z. The first generation to likely be renting for the rest of their life, the first generation likely to never see a pension and now will have to pay even more for their student dept.
fck me and we still get called "lazy"
Well if we didn’t vote before guess we’ll vote out of pure spite now.
@@laur-unstagenameactuallyca1587 You are lazy.
I’m a millennial, I’ve been told it for 20 years.
Now it’s your turn.
@@lesserspottedmugwump.363 you can see what's wrong with what you just said, right?
mellenial here... boomers trying to screw gen-z before they go -m-
Ahh yes. The Poor's need to go back to their vocational work and stop getting educated to university level.
I almost didn't go to uni when they raised the prices up to £9k, I remember being in high school, crying that I could never get into science because I couldn't afford university even with the loans, and I was terrified of the debt.
I have a degree in biochemistry. I'm the first person in my family to go to uni, and come from a single parent household, so I needed to take everything to finish my degree, and I worked 30 hours during the whole thing. I am 50k (now more like 60k thanks to interest) in debt from my degree.
I also have a master's, and I'm a further 20k in debt from that (I only borrowed 10,250, that didn't even cover my fees. I saved from my job and worked through all of my masters).
So I didn't do a "soft degree", I worked the whole way through to afford to live, I got a job straight out of my master's and have worked non-stop since. I'm on £23k, which is £2k more than the average for my field with 1 years experience (because science jobs pay like shit. Wish I knew that earlier)
I already pay on my master's loan, the threshold for that is 21k.
Any pay rise I get from now on I'm paying back a debt I'll never wipe, for potentially 10 years longer than I expected to.
I wonder why all young people are feeling more and more shafted.
Likewise, I too am in uni doing law but thinking of paying another 10 grand to go through another year to get my license so that I can be a solicitor, don't think so. I'll rather do a graduate scheme to be an accountant or do software engineering and move from this place.
So you show. The facts. More first generation to go to uni students than ever before. Despite tuition fee loans. So wasn't a barrier.
You did a masters and are on 23k?
Why didn't you know how much your chosen career earned? Surely you researched that during suxth-form (I'd say year 11 really, do were in a position to chose a-levels). Not really the government's fault.
Stop thinking clever people go to university. Sure, you need above average intelligence, but that's it.
@@Hypersonik
Exactly.
If 40% of today's 18 year olds are going to get a 2-1 then by definition people with an IQ of just 104 are. "Slightly cleverer than random person" doesn't equal intelligent
It is clear that the conservatives want to go back to those golden times when only the rich and the privileged could study. Or vote. Or mean something in British society as a whole.
I have bad news for them, though. These days, a country needs educated people to be competitive. In most of the EU, Universities are cheap, if not free.
Go back to those times? I’m still waiting for us to leave those times!
For one of the first to have democracy in europe, we sure are one of the last to have a decent democracy huh
There was a time between those when UK degrees meant something too...
@@tuginha I believe you were thinking about Scandinavia...
While people might be right about the media favouring the left in the US. The British media almost certainly spins everything the tories do into a positive light (including the BBC). So it's basically difficult to stop them from realising there unchecked dreams.
Step 1: trap students in the country via brexit
step 2: increase prices and costs of student living
Step 3: farm
Step 4: profit
This government is incredibly hillarious. They're basically attacking individuals for trying to pursue their interests. A depressed workforce is a revolutionary workforce.
Not in the UK. Most people are overworked and stressed and haven't the belly to revolt.
@@clowncarqingdao Only more of a reason to get the ball rolling
Covering up grooming gangs and prosecuting those who were too vocal about this scandal did not cause any revolution, so why making student loans a bit more usurious would?
@@useodyseeorbitchute9450 well it caused a huge spring of riots and civil disobedience when it was raised to 9k. These changes affect millions of people negatively
I am speechless. A BIG WTF from Denmark.
Seriously guys, just petition to become the 51st state. it really is the US with different accents
Not even in a million years I hope
I think that would be the most ironic thing I can imagine
@@Cephlin i mean you are already there. LOL it is more culturally aligned to the US than many of its territories.
Without the US salaries. What a joke...
well we have the NHS
FREE PUBLIC TRANSPORT FOR UNIVERSITY STUDENTS!!!
isnt this already a thing?
@@Auraborias no. It’s around 3% cheaper if you get a weak buss pass that’s it.
@@stellagyan541 i mean with the ober 18 zip card? i have one of them and its free in london
hurting young people more like hurting poor people all his Eton pals will be fine with daddy having foot the bill or a donor
Why should tax from ' poor people ' subsidise your further education. Sell University education to the highest bidders in China. Stop being xenophobic.
@@willmoore505 😂
@@willmoore505 definitely a troll account, but still: cause poor people should also be able to achieve further education, possibly obtaining jobs that generally also help poor people like medical staff and teachers to name a few. Plus, it's not like only poor people pay taxes to subsidise higher education, so do all others.
@@gartenzwerg44795 I'm as real as you. Not brainwashed nor scared of debate. Open the boarders. Unlimited access to international wealth. Further education isn't a right, funded by the poor. So you can get a degree. You want it, you pay for it!!!
@@gartenzwerg44795 why should poor people pay for university courses for people getting micky mouse degrees that never pay them back or have any real prospects of a job just a party for people who can't do hard courses then complain they don't earn as much as working class people who didn't go university
after retaking a year and finishing my 4-year course I will have around £80k to pay back :( because of this, I will probably leave the UK so I can default on my debt after 30 years. I would imagine that I'm not the only one considering this option. This could lead to more emigration of graduates and a lower supply of graduate workers. However, Brexit has definitely made this more difficult
You couldn't hide from student debt in the EU anyways. In most other parts of the world you can though.
It gets wiped either way after 30 years
@@HomebaseLHR soon to be 40
@@mrDUDANATOR well the UK has left the EU now so I doubt they'll be chasing after you in Europe due to differences in laws now?
@@mrDUDANATOR This is irrelevant since the UK is not in the EU.
So glad I live in Denmark. The government pays you about £800 a month to study, not to mention education being free
Thats good however UK universities are higher rated so open more door for working abroad for example I do medicine at Cambridge so it’s easier for me to go to America/Canada straight from university instead of having to work at somewhere like london first
@@jairusfukiau1239 it really depends on the uni and the study you want to do.
And that’s why Denmark has the highest tax in Europe lol
What percent of people go to university is there limites in the U.K. many go for a good time taking micky mouse degrees
@@jairusfukiau1239 from a non anglo-saxon perspective, it kind of seems that those rankings score such universities ("the two of them") higher, more like a system recognizing its own brood with self-perpetuating objectives, rather than marking higher quality education. Still I think studying there is prestigious, good luck with that!
The interest rate sounds outrageously high, my student loan in Finland has the interest as Euribor12 + 0.5% which totals to exactly 0 right now, as Euribor is below 0.
interest rate in the uk is higher overall , but it’s very low in finland .
however savings accounts and bonds in the uk are better because the interest rate in more . so it’s a system with pros and cons
wish I lived in Finland then
@@johnsamuel1999 savings account interest rates in the UK are abysmal. you're lucky if you get over 1%. that's why people are investing in stocks now and not parking their money in a bank. we're living in a time of low interest rates GLOBALLY so idk how that comparison is even fair or makes sense. common sense I'd rather have a system like Finland's
@@laur-unstagenameactuallyca1587 if that the case then the finnish system is better
In the Netherlands, it’s tied to the average rate the government managed to secure for their own 5 year state loans, as that’s what they use to finance it. Also 0% at the moment. And here it looks like there is a clear majority for getting rid of the students loans system we have and refunding students who entered into debt with it over the last years as it being seen as unfair.
If anyone is wondering why Student Loans Company sucks at their jobs. I was trained by someone who had only just started the week before me, and even though I left years ago, I'm only just finding out from TL;DR what Maintenance Loans were 🤣
I do not think this is funny. It is sad.
they are terrible, imagine making a fortune and still not be able to provide good customer service.
@@fsblninjx3604 Why would they spend more money on better customer service? The current seems to be them a fortune.
@@fsblninjx3604 except it isn't actually them who makes a fortune is it? It's the financiers.
Imagine making millions a year and having a site so shit I don't even know how much my loan is cause it wouldn't fucking load
Yeah, anger the people who got screwed over by Brexit which they couldn’t even vote against even MORE. Very smart idea.
As opposed to being screwed over by the EU paying for their champagne lunches and limousine rides?
It is smart in the short term. The Tories don't bother supporting the people who don't vote for them, so they can spend more effort supporting those who do. Of course, this is stupid because it creates a demographic time bomb for the Tories such that they might cease to exist in 40 years, but since when has Johnson cared about other people's problems? He'll probably have died a millionaire by then, with his kids having safely taken American or EU citizenships.
Bore off - how did brexit screw anyone over?
@@Goady1000 scotland
@@Goady1000 You're a prime example of why Boris wants people with a limited education.
Isnt that exactly what one would expect from a conservative government? I find this utterly unsurprising.
Your right there, this is exactly what anyone with a single brain cell saw coming the minute Boris got his majority. Unfortunately, there re millions of people in the country who don’t even seem to have 1 brain cell
Thankfully as a recent student this only affects England as education is a devolved power. Scotland is a pretty good place for a uni degree and tuition at my place is like under £2000.
I would like to turn back in time and hit me with a bat when I decided to not to study at the University of Edinburgh.
And why do Tories get so many votes?
There's no alternative to them for right wingers.
People who are the original voterbase for the tories don't want to vote Labour or Lib Dem because they just don't agree with their ideals, they don't want to vote Tory because they're old, corrupt and out of touch but they can't vote for any other right wing parties because they're all racist or just really inconsistent, so Tories it is.
Boomers.
They have the voting power at the moment so everything is tailored for them.
If you didnt born around 1960 you can jog on
@@Krisztus1Haver Thankfully those boomers are slowly dying off and i know my generation is much smarter than boomers.
@@moritamikamikara3879 I wonder if you did a poll of the UK population how many people would be left leaning and how many people would be right leaning. Because mostly everyone i know are left leaning.
Leighbourough university report on media bias is an interesting read.
My entire motivation to study now is to gain in demand skills so that I can leave the UK to work in the EU or literally anywhere more prosperous. Likely on costly and complicated work visas due to the end of freedom of movement (thanks Brexit). This Government has turned its back on the young, genuinely can’t imagine a future under this Government.
I live and work in Italy and sadly I don’t see me ever coming back to the U.K., it’s such a mess these days
@@cait5539 i’m glad you’re appreciating my country💙 do you like being here?
@@giovy1922 I’ve been here for 5 years and for me it’s definitely home! Hope you’re going to stay too, hopefully brexit will slow down the fuga dei cervelli at least
@@cait5539 io sono italiana, sono nata qua ma mi fa moltissimo piacere che ti piaccia stare qua💙 È la mia casa, è la tua casa spero che tu rimanga a lungo e spero che vengano altre persone che magari guardino oltre gli stereotipi. Grazie mille💙
@@giovy1922 Spero anche io di rimanere a lungo, viva l'italia! Grazie mille a te! 💙
Just commiting to moving to an eu country is getting more appealing by the day.
If you haven’t already been to university, then come to Scotland, we have free tuition fees and the evil wrath of bojo isn’t as bad up here. Just as long as you can put up with being called an English prick every time you go near Glasgow.
And harder and harder
@@thelegend_doggo1062 you have to live in Scotland fir the free tuition, right? So one would have to move there. Which is not unappealing (I would do it if I could, unfortunately I am an American)
@@thelegend_doggo1062 You have to be living for Scotland for at least 2 years before beginning your degree in order to avoid tution fees.
The gradual American-ization of the UK seems to be proceeding in order.
This is when you realise the big "investment" mistake you made when choosing the UK as your educational destination
The little explainers and questions you put on each slide were really helpful!
As a Uni drop-out who has been suffering with mental health issues for the last couple of years (Before and after my year in uni), this disgusts me. I am trying my damnedest to be a part of this world and thrive despite wanting the exact opposite a while ago. This is a spit in the face to that effort.
I saved up £5k of my own money to cover the cost of my maintenance loan on my own and only got £500 back after I left 3 months in to study at home. This was after the entirety of my classes went online. I couldn't pursue any kind of refund.
All I got out of that year was £9k of debt and worse mental health.
And now, what? I'm being pushed into taking up a trade instead? Not only that, you're making it harder for me to pay back the debt i accrued, rather than easier? Shove it, Boris. You put us into this Brexit mess before most of us could even vote so you have no right to push your need for austerity onto us! And you have ABSOLUTELY no right to change the system to coerce me into a role you'd prefer.
Your voterbase is old and decaying. With actions like these, no one's going to replace them.
EDIT:
Well this kind of blew up. It seems a few people in the comments section have jumped to some conclusions. Additionally, this comment was made largely out of emotion and needs some clarifications.
A: I took English in Uni. I had and arguably still have dreams of being a writer however I also knew it wasn't incredibly realistic. I was looking at teaching if it didn't work out. Call me childish if you wish but ambition isn't something I'll let others squash.
B: It seems my line about tradesmen has been misinterpreted. I have no Ill will towards those career paths. I wrote this comment and this edit on break from a factory job. I have no aversion to manual Labour. In fact, my boss thinks I'm doing really well here. I was more speaking about my choice being directed or influenced. I refuse to have my life dictated to me.
C: I'm seeing a lot of pessimism in the comments rn and it's a little disheartening. Remember that things used to be a lot worse. We used to live under Feudalism, our youth conscripted into pointless wars over secession. Since then, we've improved society. The people can now vote our rulers into power. Not for life either, every 4 years instead. It can be slow but we can change things. Life is hard now, things are unfair but please never resign yourself to things never getting better. That's how they get you.
D: The last paragraph came off a little spiteful. It wasn't my intention. Again, this came from emotion and I just wanted a final dramatic note to end on. Apologies to the elderly folk.
This is VERY similar to my situation
I’m also going through the same thing
Maybe become a plumber instead of some shit liberal arts degree.
@@stevenneill6605 They didn't say what degree they took??
I had exactly the same experience. Never even went into the university once. Boris can shove this up his arse
This is terrible for PhD students. They only get a stipend of at most 20000 a year, so even if you did a degree in something like computer science, you are forced into industry to pay the debt
PhD stipends do not classify for student loan repayment as they are not considered an actual "salary"
sounds like an incentive to become a HGV driver instead of studying
If this passes I’m convincing everyone in my life to never vote tories ever again.
You should already be doing that, considering the amount of money they funnel to private companies owned by their friends, that alone should be enough to not vote for them
They already expected to eventually pay almost 30,000 pounds, at this point it's just greed that they're asking for more
Yep that's what interest is. Greed of the rich
This plan doesn't technically add anything to student debt.
All students should be Chinese. You're racist.
@@nathanbrown492 While true, you'll pay more over yourlife time if you are in a position where you will be unable to clear the debt. So for the vast majority of graduates this does add to their real debt, if not the on paper debt
@@BandsGiddy greed of the government
If they want to direct more students to vocational training, then incentivise it.
As you pointed out, this is just taxing and punishing tertiary qualified people after the fact.
Also, the Australian government have been retroactively altering my student loan agreement for years. Boris will absolutely do it too
retroactive deal changing should be illegal for both governments or companies
You mean like offer grants towards the costs of courses they want to incentivise? And assume that since those jobs are higher paying you'll make back more in tax from those individuals in the future anyway?
Thank TLDR, you are my number one channel for news.
Coincidentally the Dutch government very recently announced it will eliminate student debt and from now on the money given to students will be a gift
I'm very happy I live in the Netherlands right now...
Thanks for the info.
Great news for my son :)
But does the benefit outweigh the costs?
@@comradeofthebalance3147 a benefit to people will always outweigh any economic interest.
@@atari947 No it doesn’t.
I think you’re missing the point here. Why are university-level fees over 10 times higher in the UK than in the rest of Europe?
You’re just explaining why it might go from 10 to 12 times higher.
My children are at 2 of the most renowned universities in the EU. Yearly fee? 1200 pounds per student.
Probably because the Uni administration is bloated and overpaid?
Britboy,
British exceptionalism at its best :-)
Your years at university also don't count towards your National Insurance qualifying years. This means graduates also have to work longer in order to claim state pension.
You only have to work 10 years. If you go to university for more than 35 years, then you have more than one problem to worry about.
@@PythonPlusPlus lol, I think it's 18 years, but yea, not a lifetime.
It's all about trapping people in debt. It's got nothing to do with paying for education.
If you trap them in debt, you control them for life. Modern serfdom.
The UK/GB government loves universities. Both of them.
We really ought to have an actual Graduate Tax instead of Student Loans. What we have at the moment is a graduate tax that the rich can buy out of; it's a regressive way of funding universities.
Well yes, but the paying it off before the interest rate fucks you over loop hole is by design - the wealthy families pay for their children's tuition up front while those from middle/lower class backgrounds get shafted by the interest rates and will essentially end up paying higher tax for the rest of their working lives.
Love France and other EU systems even more
@Britboy 94 Same with every countries, especially when the universites' names are just the same as the cities/regions (pretty sure there's an university of Berlin).
The only famous exception is Harvard, but then ask anyone where is it ?
I'm glad I graduated in the early 90's before this all kicked in (we only had maintenance loans, which were scary enough). I really don't think I would have been able to afford it now and that's terribly sad. Going to university (first in my family) was a huge step up for me and I don't think a kid in my situation today would be able to make that step.
You’re wrong of course. It’s actually easier now for poorer kids to attend university as everything is covered by student loans.
And guess what? If you stay poor even after graduating, you never pay a penny back.
In the old days, the system actually favoured kids from richer families, as student loans were not offered to everyone, and students needed to be supported by the bank of mum and dad to make it through.
@@tomwright5747 but the cost of living was much cheaper in the olden days
This really does make me angry, people should at least have the opportunity to pay off their debts, it should be interest free or very low interest rates, why is it not set to the Bank of England base rate.
Because then there may be a chance of social mobility, shock horror.
Every year we get closer to the 'Kill the Poor' Mitchell & Webb skit
I still don't think it's 'fair' for this policy to be put in place even if it's done going forward and not retroactively. Because you don't just change an entire culture of higher education or the social value of getting a university degree just like that. If funnelling more people into technical jobs and apprenticeships was the real goal, then policies should be applied somewhere before university (i.e. actively encouraging and incentivising ppl into these channels at GCSE or A-level AND valuing them) rather than increase the burden of student debt after students graduate from uni... It's purely an economic policy to save money, yet again. The education aspect is just added on at the end to try and justify a shitty idea.
The 'technical jobs/apprenticeship' spiel is complete bullshit, they are only interested in siphoning more money off young people - nothing more to it.
Tell me you don't care about your youth's income and their consuming power without telling me you don't care ab...
@@Gary-bz1rf But if someone wants to get a high skilled / high paying job, Then they have to go
@@Gary-bz1rf Highly educated people in society benefit the entirety of that society. The obscene cost of high education reduces the number of highly educated people in society. Therefore it's in the best interest of everyone that university be affordable. Very simple stuff.
If you choose RPI your choosing a measure of inflation which is always higher. CPI was designed to be a more narrow gauge of inflation with lower inputs
I know in Australia there is no inflation other than indexing to effectively keep the 'real' value of the original debt in line with inflation
If you earn more than 27k yearly it's a good salary to begin with - some people never pay off their loan being on low income
In case you're wondering, this is what Germans and French think about American and British universities : "Take the glory, we keep the money."
Come on. It's not THAT different. I mean 1 has 4 digit annual tuition, the other has none (except administration fees). Ones credit has interest, the others has none AND writes off half of it to begin with. Oh and one demands payback the moment you earn money, setting the return rate for you, while the other startes after 5 years instead and allows you to pick the return rate.
See? Totally identical, really!other
Great video!
tbh I think this is pretty good, people who went to university make more money and paying untill retirement makes sense, use the money to help poor people, for example investing more into public transport or house insulation which apperantly is a big problem for britts as well
I moved abroad at 23 with ~£19000 student debt, and basically ignored the Student Loans Co. for 9 years. By the time they caught up to me and I started repayment, I had bought a car, a home and had a good income so instead of paying for years I could pay off all of my debt in around 18 months.
Student debt repayment in the years after graduation is a millstone around the necks of young people trying to acquire housing or start a family
Were you not required to pay a lump sum with interest when they caught up with you?
The issue is 19k is a very low student debt these days. Mine will be 75-80k- so if I ignore until I stabilise a bit the interest alone will put it in a beyond payable category even for someone earning very good money.
so wait, is Boris going against everything they initially promised? :D Gosh this thing is a joke
You are surprised?
As a grad myself, I'm down with making bigger repayments retroactively on one condition.
But you've got to do something about that obscene interest rate. Hiking the interest rate just because you're repaying more is a little "unfair". Tying the interest to inflation completely would be a more appropriate way of doing it (Rather than charging an extra 3% just because I'm earning enough to make repayments).
It'd also be far easier to accept if they gave you to option to move onto a new contract rather than just changing the original.
@@agnosticevolutionist3567 I am in that boat, and for the record since you clearly didn't understand a word of what I said, those interest rates have got to come down.
This young generation is being betrayed by its richest elders. What a shame.
Well done guys
If they make it retroactive that will piss off a lot of people who have made plans based around the original agreement. It seems untenable- not that that ever stopped this lot
and then, they will limit access to electoral positions to people with university grades, and no debts...
So The only people who can vote are....
can keep there house in order and are educated.
I'd vote for that.
@@benknights286 Keep their house in order? Yes. Educated? if people with vocational skills are included in that and not just those with degrees, then yes. Otherwise, no.
even if it's not fitted retroactively, it's *still* unfair, because it forces poorer people into technical schools, even if they have an affinity for a field that requires university level education. it's classist.
Assuming you can pay for the course fees they charge now at technical schools.
The fact they can retroactively change the payments for students is disgusting and something I don’t think students knew. How can you sign a contract then have that contract be changed without a new agreement? What’s the point of a contract then?
Same headline, different day:
Tories continue class war
This video seems to have missed an incredibly important point, these are the MINIMUM levels of repayment. It doesn't benefit the high earners by helping them pay off debt earlier, they could have always done so. Low earners are also allowed to pay off their debt early, but they won't because for them the interest rate is low enough that it is worth just keeping the debt (if you stick money it in a bond instead of using it to pay the debt you can easily get a higher interest than the debt).
This does hurt low earners by forcing them to pay off their debts sooner and at lower earning levels, but it definitely doesn't help anyone.
When labor brought this in, they said it wouldn't deter poor people from going to college. But my nephews have all declined to go to college because of fees.
lol. Any Tory worth their salt has already hurt 100 young people before breakfast.
Unfortunately when it comes to screwing over the younger generation, it is never just speculation with BoJo and his band of merry crooks!!
There was a piece in the economist not to long ago commenting on how the government was suffering as a result of more and more students attending university given that university graduates were far less likely to vote conservative, I realise that’s can’t be the sole motive behind this bill but a cynic might think the government discouraging a university education serves only to benefit them.
Because university isn't for education, it's now seen as a life experience. I certainly don't regret my time at university, but I also certainly wouldn't go now.
Well, i am about to start my third year and I am going to do anything to get further education with the help on my future employee (doing architecture) because it is just too much after last year.
It was cool as an experience but i didn't give me what i want, and that is to be better prepared for the industry. The academics vs industry argument if you know what i mean.
-_- also no feeling very excited for uni when last year it turned into an Open University Online and overalls cost me 16k a year
Just received the bill for my 2 sons at university in Belgium this year, 981 and 986 euro respectively.
Moving to Australia is looking real tempting right now.
Mmmh Australia is not a great idea right now, maybe give it a new months
libtards are not welcome
Australia’s government is worse than the UK mate
we all have the same escape plan
Have you seen Melbourne riots.
That prioritising sciences and technical subjects over arts and "soft subjects" (whatever the hell that means to any government) is exactly what Australia did with its tuition fees. It was not popular, to say the least, and kind of misses where some arts degrees lead. Some of our politicians have arts degrees (as well as another but still)
I like your system better than ours for accumulation yours appears to be a flat fee for all, ours depends on the course studied. Oh and its no longer a living debt they can come after the estate after death.
yikes that means your children or people on your will will have to payoff the loan with the inheritance
i think that’s because the government want to limit their expenses by giving the beneficial loan terms to who they consider are “worth the investment “
@@johnsamuel1999 Yep that is why removing it from being a living debt was so controversial.
BoJo's degree is in "Classics, ancient literature and classical philosophy" (wikipedia) - so a "soft" arts degree in which he got a 2:1. By his logic (not mine I hasten to add - I've seen hard and soft degrees in both arts and STEM) he's therefore either not that bright or makes poor economic choices. Not perhaps the best fit for leading a country?
@@flyball1788 Option B: He's a hypocrite. Still not a great fit for leading a country but let's face it - they're all as shit as each other.
I'm a student with a disability I feel the government just wants to make it harder for those they feel are not worth teaching such as working to middle class people, it's about protecting there wealth and status.
Sadly that's exactly it.
"for those they feel are not worth teaching" Curious: do you consider this teaching as worthy? (I mean as being reasonable investment clearly bringing at least moderate profit)
7:57 The signature gave me a giggle. 😊
Funny how most countries don't charge student tuition fees. Even Scotland... unless you're English hoping to study in Scotland.
That’s a fun way to cripple your own country’s future. Very creative. Keep it up, we’ll need well educated economic refugees in Europe soon!
Cynical Thought: this helps to solve the housing crisis as a lot of young people with debt will never be able to afford a house...
How does that solve it and not just make it worse? The crisis is that not enough people can afford housing.
what to do with the ever increasing number of homeless? what happens when 50 years from now, half the country is homeless, while half of all houses sit empty because the rich bought them up and don't actually use them?
The end game is that virtually everyone rents to a few conglomerate companies. This is why companies are buying hundreds of houses each week for twice their market value right now, to grab as much property as possible in this corporate arms race.
@@ephimp3189
Ever increasing homeless?
We have a tiny number of homeless. Less than 0.01%
This is truly sad. They waste money on useless things like test and trace, HS2 and royal yacht for Johnson and when short on money they treat young people as their cash cow.
You don't think we should have conducted covid tests?
I knew a girl who did a 4 year degree, took max maintenance loans out and then married a super rich guy, married and had kids. She works part time in his company and has 0 intention on ever paying back a penny.
Retroactively changing student loans would be disgusting and, frankly, politcal suicide.
Incorrect. They’ve pulled this bc they know it won’t impact them. We’ll still be in a tory government in the next election.
Yeah, but it's boris so he'll just fail upwards into becoming king or something equally stupid.
thank you for explaining this, it got me all confused. The way it has been explained just screams to me "Yet another thing to benefit those that are rich" i.e the rich can pay the fees just fine with no debt and even if they did they would likely be encouraged and helped to get a high earning job and pay it back. If it is to "encourage" the poor to not go to uni and go into other course that is just a pile of shit
I live in rural Wales. Most local people are very poor, but there are lots of rich retired english people and 90% of homes are holiday lets. There is NO vocational (cheap) education available except: motor mechanic, healthcare assistant (don't need it for that, they take anyone!), childcare and hair & beauty. There are childcare assistants, beauty salons and motor mechanics everywhere, at minimum wage and barely surviving. If you can drive (at 16-18!) you can drive forty miles away to study: accounting technician (but few jobs), public services training (ie join the police), electrician, plumber or brickie. Seriously,
This affects me devastatingly.
Does this actually even help the higher earning students? I was under the assumption that you could choose to pay extra if you wished? Maybe Im wrong though
Of course you can. The only people this affects are those who can only afford to make the bare minimum payment or are relying on waiting 30 years for the loan to be written off. And if that's the case, they shouldn't have gone to university in the first place.
I’m too angry to make a comment right now. Words like “usury,” “government-sanctioned poverty,” “the lie at the heart of post-secondary education,” and “populists fear an educated electorate” means my rage-o-meter is red-lining.
>Implying the current Government is """Populist""".
The Current Government is a bunch of Spitfire Socialists, compared to the Labour Party being Bourgeoisie Socialists, we have no right wing in this country. There is not a single party advocating for the lessening of taxes or a reduction of the role of the Government in the lives of the people.
@@legomovieman2 fair point. They’re more of an oligarchy, covered in a populist veneer.
"“populists fear an educated electorate” Judging from fate of Tommy Robinson or people being visited by police for non-crime hate incidents, Johnson is still an establishment champagne socialist, just a bit weirder and bit greedier.
I appreciate the first half of the video explaining the system briefly, as an American it was all new to me. Also is university in the UK only three years? In the US 4 is considered standard, with some majors easily going on 5/6 years for an undergrad (was quite often at my engineering/STEM school)
Standard undergrad degree is 3 years
This is because we do an extra year in school or at a ‘college’ also called sixth forms. Then we do our undergraduate degrees which are 3. Whereas, I believe in the US you go straight from high school to university.
Lets be real here, what is the likelihood that a fresh student will earn high right out of Uni? Very slim. IF a student actually lands a job, right after Uni, with a pay of 100k per year, why would that student even need a student loan in the first place?! These jobs are reserved for Rich people, families etc...
I feel sorry for all Uni students. But the Government will enforce this.
I love my country but Boris needs out
Young people need to vote, why did we vote Tory as a country 🤦🏻♂️
We have an aging population as a result of fewer marriages which happen later in life and result in fewer children. It's not just that young people don't care. It's also a result of there not being enough young people to have a loud enough voice.
Because the other option was "Let's go back to 1979" and people actually alive then voted "no thank you".
@@danielwebb8402 how though? Stopping an awful brexit deal and scrapping student debt, sounded appealing to me
@@nathancopestake2683
Hence you voted for not the Tory party.
JC lied about "sorting" existing student debt. But Labour were planning on spending MORE than ALL the "income tax rises on just the top 5%", which they always missed the word income of that slogan, on removing today's tuition fees. That's true.
Clearly the UK public didn't want such policies though. When offered in aggregate with consequences and costs attached.
"How" can be answered by "Ask your parents and grandparents what they didn't have in 79 Vs someone today as low as the 20th percentile"
40 odd years ago vianetta was so posh. Middle class people's holidays were a week caravaning in Devon. The idea of university halls having en-suites would have been as magic to them as the idea of the internet. And no where near 25% of them went to university.
@@danielwebb8402 Well, thanks to Brexit, you can have all the wonderfully posh Vienetta and Devon caravan holidays you like... because unless you're rich, that's the best you're going to get. Welcome to 1979-Round-Two.
I took my student loan out in 1999.
I have paid something every month as have always been in full time employment.
I now owe 3x what i borrowed.
It gets written off when i retire.
The main problem is if i ever do overtime any extra money i earn goes straight to increased student loan payments. I've even had less take home pay after doing overtime and being hit by increased student loan repayments
Graduates can of course make more than the minimum repayments if they want to have a “hope” of re-paying the loan