student loans

Ever get tempted to take those low interest easy to get student loans. All that extra money to help with tuition and expenses just when you need it most? All you have to do is sign on the line and presto you get thousands of dollars. Maybe you can throw out the top romaine for a few weeks and fix the car, and pay the parking ticket you hid under the seat. Loaning money to desperate people is predatory lending. You can find out soon that the interest and penalties add up quickly. Unless you really do get that dream job when you graduate, paying back the loan will be a nightmare. I watched a good friend of mine try to get student loans stopped in bankruptcy court. Student loans are not discharged in bankruptcy. So if you can't pay what do you do? Leave the country? What?

Over here student loans are regulated so the interest is very low and you don't need to start repaying it until you're earning £15,000 pa after you leave uni. I don't think I'd be quite so enthusiastic about going to uni if there wasn't that safety net so to speak.

Ive hit the repay mark. But it is only a small percentage they take out of my wages. Its just another auto deduction, like tax. SO I dont even see it.

Seriously now. Does anyone actually consider the reality of loans any more. I always have the assumption that if I borrow money off of someone. I have to pay it back.

Or is this another thing that is the Goverments fault?

There are forbearance and deferments for those who cannot financially manage to pay anything at the moment, and income based repayment for those who can pay some but not a lot. And then for those who enter public service jobs that typically are low paying, there are loan forgiveness programs that are tied to how long you work in public service. So to answer your question, yes, I did sign on the dotted line, and yes, I am facing a lot of student loan debt and the prospects of not having a high paying job when I finish. However, I will make more than I currently make, and in order to make ends meet without the loans I would have had to keep working two low income jobs instead of the one that I did work throughout college. I don't regret it at all. Not for one second.

Im not sure how you Americans pay it off. Mine is about 5% deduction after tax. So it aint that bad. Im sure all the UK operates the same way. But States Im unsure on.