Not that solving the gap in its entirety should ever be a goal unto itself

Nope. Affirmative Action is partly how we got in this mess

@asparkofpyrokravte in the UK you have to remember the debt burden is no where near as bad as other countries. It's also forgiven after 50 years

The cost remains somewhat comparable

though taking a year off of school does indeed decrease debt burden

That's very interesting

Yeah the student loans in the UK are actually fair. You don't start paying it back until you're earning above a threshold.

It still gains interest but it's quite low

Canada has a similar system: https://www.ratehub.ca/blog/what-happens-to-your-credit-score-if-you-default-on-student-loans/

But with four-year schooling, it is still a massive risk to take at the beginning of adult life

So the debt burden is unchanged, it is just less unfair than, say, the US

Also our interest on student loans may very well be cheaper than UK

..

https://www.statista.com/statistics/376423/student-loans-england-average-debt-on-entry-to-repayment-timeline/

Woah, perhaps the debt burden in the UK isn't actually that good

..

And unlike Canada, you can't really escape your student debt if it turns out to be crushing you financially (other than bankruptcy) since it is a payroll deduction: the standard way of collecting student loans back in Britain is through the payroll. So, basically, anyone who's not self-employed never actually writes a cheque to the student loan company – the money just comes off their pay packet, a bit like income tax, before they ever see it

Though unlike the US, the UK does allow bankruptcy to affect student loans.

It's like £40 a month probably less than. It changes depending what you earn. It's not really making the difference imo

For what I earn which is 2/3 of fuck all

Hrm, so instead of making students choose between loan repayments and rent, the UK just shackles students to debt for life by allowing sub-interest minimum payments?

Not sure how I feel about that

Yup.

I don't pay attention to it. Most my friends don't either

As you say it's just like extra tax

It discourages bankruptcy, but actually puts people into an even worse financial situation

I think...I actually don't like that at all

I suppose technically you can still make retirement savings, and the debt goes away at age 50 regardless

So...it might not be that bad?

I suppose that age 50 thing really is the saving grace of the whole system

So you just make minimum payments on the student debt until you retire

Exactly. The majority of the risk is taken by the government. It doesn't really effect your credit score as long as it's being paid

But I haven't checked that lately

Huh, that's kinda janky. 40 pounds a month for life though depending on what you earn

That's what I pay

I mean, it is less life-interrupting than any of the alternatives

I don't know about others

So, basically if you judge that you are going to repay the loan before age 50, you pay above minimum payment to prevent the interest from gouging you

but if not, you just end up essentially paying someone else's phone bill

I suppose that is preferable to a bankruptcy situation for everyone involved, though owing a large debt while still saving for retirement seems hella janky

@asparkofpyrokravte idk if you know this but college is free in the UK (as long as you are the right age), the loans only apply to uni