There are some BIG misunderstandings about student loans. You only actually pay this loan back if you are earning enough money…. graduates only pay money back when they earning over ?21,000 per year. And then they pay back 9% of whatever they earn above ?21,000 per year. And this ?21,000 level will be adjusted for inflation in future years.
After 30 years, even if you haven’t paid back a penny, the debt is wiped.
This video explains things and is described as the “best half-hour I have spent on you-tube”:
Meanwhile thanks to Mark Lydford for pointing out this version of Nick Clegg’s apology!
Proceeds are going to charity:
