“我獲得了 44,000 英鎊的學生貸款 - 現在我欠了 54,000 英鎊”

Adam, a 26-year-old graduate, took out a student loan of £44,000 to pursue his degree in economics at a university in London. After four years of working, he has managed to pay back £7,000. However, he is shocked to find that he now owes £54,000 due to the high interest rates on his loan. The interest rates for student loans in England and Wales have reached a staggering 8% this year, although they have been set at a slightly lower rate of 7. 3% for the upcoming year. Adam feels frustrated because the interest on his loan is much higher than the amount he is able to pay back each month. He expressed his concerns to the BBC, stating, 'I think it is a bit ridiculous that four, five years on from graduation I can’t even meet the interest on my debt. ' This situation is not unique to Adam; many graduates in England and Wales are facing similar challenges with their student loans. The UK offers various types of student loans, which depend on the student's location. Some loans charge interest based on the Retail Prices Index (RPI), which measures inflation. For instance, one type of loan, known as Plan 2, charges interest based on RPI plus an additional 3%. This Plan 2 loan was applicable to students from England and Wales until recently, when students from England were moved to a new loan system. However, Plan 2 still applies to students from Wales. Many graduates who shared their experiences with the BBC took out Plan 2 loans. Adam believes it is fair to repay a portion of his education costs, but he is particularly concerned about the high interest rates that accompany these loans. Another graduate, Chloe, who is now 28 years old, also borrowed money to fund her education. She studied to become a primary school teacher and completed an additional year to obtain her teaching certificate. When she graduated five years ago, she had a debt of £54,000. Despite making payments since 2021, the interest on her loan has caused her debt to balloon to £84,000. Chloe admitted, 'I was never concerned about the impact it would have after university. ' She understood that she would need to take out a loan to pay for her education, as neither she nor her family could afford the costs. Chloe feels that having a student loan does not hinder her ability to obtain other loans or mortgages, and she is not in a rush to pay off her debt. The interest on a Plan 2 student loan is charged at RPI plus 3% from the moment the money is disbursed to the student or university. Graduates are required to start repaying their loans once their annual earnings exceed £27,295. The repayment amount is set at 9% of any earnings above this threshold. If a Plan 2 loan is not fully repaid after 30 years, it is forgiven. This type of loan remains the only option available for students from Wales. Tom, another graduate aged 28, works in wealth management and has a student debt of £72,000. He borrowed £52,000 to study business economics and began making repayments in 2020. Due to his salary, he is currently paying the highest interest rate of 7. 3%. Tom stated, 'Student finance doesn't even come into my consideration. ' He pays around £200 a month on his loan, and he does not believe it will affect his ability to secure a mortgage. For him, the loan payments feel like a tax for having attended university. In contrast, Adam feels that the loan impacts his ability to save for a house. Earning over £50,000 a year places him in a higher tax bracket, where he pays 40% income tax, along with National Insurance and the 9% for his student loan. Adam remarked, 'It is that bit harder just to save for a house deposit. ' Niamh, a 27-year-old trainee solicitor, wishes she had opted for an apprenticeship instead of pursuing graduate and postgraduate degrees, which have left her with over £128,000 in student debt. Niamh believes she could be doing the same job through an apprenticeship program, which was not widely known at the time. She feels there should be more transparency regarding the interest rates on student loans. Tom Allingham, a student money expert, stated that the interest rates should not deter individuals from attending university. He believes that repayments are manageable since they are based on income and the loans are eventually canceled. However, he advocates for the abolition of tuition fees altogether. He is not optimistic about any changes to student finance in the upcoming Budget. A spokesperson for the Department for Education mentioned that they are committed to creating a sustainable funding system for higher education, but it will take time to implement the necessary changes.