Best way to pay off student loans?

[vetran]

I had student loans which I paid off, so why would it be fair that I pay a graduate tax.

(Granted they were under one of the older schemes so I am not in debt for the rest of my working life.)

Like pensions the government would love to take even more of your cash forever because you work hard, its fair you pay back what you owe and a little extra to pay the money borrowed by the less successful.

Even with modern loans £50K is the normal, it sounds a lot but if you earn £200-400k more with far better working conditions its worth it.

Its been a long time since anyone said to me 'do this stupid thing I just thought up or you are out of a job' plenty of mates put up with that tulip daily.

Now thanks to government stupidity on energy security all the debt is going to be inflated away anyway.

[TheDude]

I had student loans which I paid off, so why would it be fair that I pay a graduate tax.

I remember contractors using a similar argument to justify the tax efficiencies employed to build up their warchests/go skiing/drive a sports car/fly a light aircraft

When Covid hit and work dried up they moaned like hell that it was unfair that other people were getting free tax payer money and they weren't.

In any case I don't think anyone is proposing a retrospective graduate tax.

[Whorty]

because they would all go abroad?

But would they? Over an extra 1 or 2% tax? I doubt it. Most of us wouldn't be bothered by that surely, and not every graduate to go abroad lol

[Whorty]

How's it fairer than paying back what you borrowed?

But they only 'borrowed' it because successive governments have turned what you and I had for free into a loan.

And you would still be paying it back, just as a tax rather than as a debt that is hanging around your neck and getting bigger every year.

Plus, a graduate tax would also have the likes of you and I paying, which given we benefited from the education being free but our generation has forced this debt onto later generations seems fairer. No?

[Whorty]

I had student loans which I paid off, so why would it be fair that I pay a graduate tax.

(Granted they were under one of the older schemes so I am not in debt for the rest of my working life.)

Anyone 52 ish or above got it all for free - I got a small loan too, but not for the course fees, this was purely to balance the reduced maintenance grant .... I agree there may need to be a tweaking of the tax rate to take into account the likes of yourself who have already paid something for fees, but certainly all of us before the 90's had it all for free and yet we think it's ok to lumber the current and future generations with crippling debts.

[SueEllen]

I remember contractors using a similar argument to justify the tax efficiencies employed to build up their warchests/go skiing/drive a sports car/fly a light aircraft

When Covid hit and work dried up they moaned like hell that it was unfair that other people were getting free tax payer money and they weren't.

The ones I heard moaning:
1. Weren't in IT they were in the film, arts, wedding, events, restaurant, etc industries
2. Mostly employed others.

In any case I don't think anyone is proposing a retrospective graduate tax.

If it is left to HMRC it would be.

[vetran]

But they only 'borrowed' it because successive governments have turned what you and I had for free into a loan.

And you would still be paying it back, just as a tax rather than as a debt that is hanging around your neck and getting bigger every year.

Plus, a graduate tax would also have the likes of you and I paying, which given we benefited from the education being free but our generation has forced this debt onto later generations seems fairer. No?

It used to be 10% going to UNI and getting highly paid jobs with free tuition now its 50% Of which 80% get crap paying jobs.

I would have to get a degree first. I'm just that clever!

[SueEllen]

Anyone 52 ish or above got it all for free - I got a small loan too, but not for the course fees, this was purely to balance the reduced maintenance grant .... I agree there may need to be a tweaking of the tax rate to take into account the likes of yourself who have already paid something for fees, but certainly all of us before the 90's had it all for free and yet we think it's ok to lumber the current and future generations with crippling debts.

At the time they were bringing in student loans for tuition fees I went on demonstrations for a graduate tax.

Oddly I like a lot of the younger members of my extended family and I didn't, and still don't, think it is fair to lumber them with loans for their education for the rest of their working lives.

[SueEllen]

It used to be 10% going to UNI and getting highly paid jobs with free tuition now its 50% Of which 80% get crap paying jobs.

I would have to get a degree first. I'm just that clever!

The world isn't the same as in the 1970s and 1980s.

Anyway the figure is 50% going to college to do higher level courses. Of that 50% about 24% go to university. (I looked it up when I was trying to find the details of Blair's speech. )

[d000hg]

But they only 'borrowed' it because successive governments have turned what you and I had for free into a loan.

And you would still be paying it back, just as a tax rather than as a debt that is hanging around your neck and getting bigger every year.

Plus, a graduate tax would also have the likes of you and I paying, which given we benefited from the education being free but our generation has forced this debt onto later generations seems fairer. No?

I already paid my SL back. I initially thought you were suggesting a graduate tax on future graduates rather than loans... are you in fact proposing it on existing graduates too?