Student Loans maybe privatized

[Sasaferrato]

Still got about 5 grand of Student Loan debt from 1996-99. I've never earned more than £8000 a year since graduating.

What did you study? Your income is somewhat of a 'poke in the eye' to the 'Well, you do have to pay tuition fees, but, your income will be so much higher as a result of having a degree'.

We have folk working with us with degrees in all sorts, but cannot get a job in the discipline that they graduated in.

 

[SpookyFrank]

[QUOTE"]Do you know if your tranche has been sold then? Do you stop getting those letters with a tree on the back and start getting ones from other people?

More importantly, if you do, can the other people start enforcing demands for payment?

Because i don't have 12 grand (from a 5 grand loan) and am not likley to anytime soon![/QUOTE]

I don't think they'll be able to just demand payment in full, but the small print seems to say 'we can change the rules whenever we like' so who knows?

 

[SpookyFrank]

Can you just ring up and pay your loan off in one?

You can. I dunno if it's still a thing but when I was a student the posh kids with no need for a student loan would take one out anyway, and just shove the money in a high-interest savings account and leave it untouched for five years, before paying the loan back in full and walking off with the interest.

 

[sim667]

You can. I dunno if it's still a thing but when I was a student the posh kids with no need for a student loan would take one out anyway, and just shove the money in a high-interest savings account and leave it untouched for five years, before paying the loan back in full and walking off with the interest.

I can't imagine someone doing something like that

I lived at home with my parents whilst at uni and worked 30 hours a week, too.... So I did make sacrifices to do that

 

[brogdale]

You can. I dunno if it's still a thing but when I was a student the posh kids with no need for a student loan would take one out anyway, and just shove the money in a high-interest savings account and leave it untouched for five years, before paying the loan back in full and walking off with the interest.

It may still be possible, but anyone in the fortunate position of being able to do so is unlikely to have taken one out in the first place. Why would they...at RPI+3% they'd be mad or economically illiterate to do so.

Long gone are the days when any savings return would come near to the state's costly usury.

 

[brogdale]

It may still be possible, but anyone in the fortunate position of being able to do so is unlikely to have taken one out in the first place. Why would they...at RPI+3% they'd be mad or economically illiterate to do so.

Long gone are the days when any savings return would come near to the state's costly usury.

When I say state's usury...I am fully aware that the state is only acting as a sub-contracted broker and temporary holding company for the financial capitalists that will eventually use the debt to generate profits for themselves....a small portion of which they will donate to the vermin.

 

[ViolentPanda]

I can't imagine someone doing something like that

I lived at home with my parents whilst at uni and worked 30 hours a week, too.... So I did make sacrifices to do that

I made sacrifices too.

Mostly to dark and evil deities, mind.

 

[brogdale]

They've done precisely the opposite. Students who've taken out the new loan this year will have signed a completely open-ended contract allowing for changes to matters such as lower income thresholds, longer time frames and variable rates above base.

http://andrewmcgettigan.org/2015/07...rospective-price-hike-on-undergraduate-study/

I first warned in 2012 that clauses in student loan agreements would allow governments to change the terms for existing borrowers.

Up until the election, ministers were denying that any such change would be needed as the fee-loan regime inaugurated in 2012 was ‘robustly sustainable‘.

Now the government has published a consultation which in order to put English undergraduate financing on ‘a sustainable footing’ proposes as its ‘preferred option’ to go back to all those who have started since 2012 (and taken out loans) and demand that they repay more.

Breach of contract. Except the fuckers have exempted themselves from such inconvenient constraint.

 

[ItWillNeverWork]

http://andrewmcgettigan.org/2015/07...rospective-price-hike-on-undergraduate-study/

​

Breach of contract. Except the fuckers have exempted themselves from such inconvenient constraint.

It's incredible, isn't it? As a monopoly provider of student loans you'd think that making people sign such a contract is illegal. It should be.

 

[brogdale]

It's incredible, isn't it? As a monopoly provider of student loans you'd think that making people sign such a contract is illegal. It should be.

IKWYM, but far from 'incredible' for this lot.
When setting the remit of the Financial Conduct Authority they made damn sure that no students signed up to these loans would ever have re-course to appeal through the authority:-

We have used this power to make a ‘designation instrument’, which will come into effect on 1 April 2014.
The instrument covers: • The calculation of the total charge for credit (on which exemptions for low-cost credit depend, for example student loans);

Thieving fuckers.

 

[brogdale]

Piece on latest (Sutton Trust) report examining how the vermin's simple plan to freeze repayment threshold will add £thousands to the cost of a degree. Every pound of which will then represent an asset/profit on the books of whichever finserv corporation gideon 'sells' the loan book to.

Fuckers.

 

[brogdale]

And lo, it came to pass...
http://www.bbc.co.uk/newsbeat/article/34920886/spending-review-student-loan-repayments-explained
Makes the product even easier to flog to the banks.

 

[brogdale]

Excellent analysis from McGettigan demonstrating that the removal of all under-graduate grants, (to be replaced by larger loans for poorer pupils), will penalise the very socio-economic mobility that the government claims for HE qualifications.

I don’t believe the government has intended to create a tax on social mobility but it is now ignoring its own evidence that it has done so.

 

[brogdale]

The logical next, neoliberal step for the consolidator state.

Graduates who move overseas and fail to repay their student loans after their studies should be arrested, suggests an education expert who has authored a report on what the UK can learn from New Zealand’s higher education sector.

Sam Cannicott, former Regent’s University London employee who now works for Statistics New Zealand, described how New Zealand’s “no-nonsense approach” to collecting student loan repayments from graduates overseas highlights the “timidity of the steps taken in the UK.”

 

[brogdale]

The shameful day has arrived; today formally marks the end of any last vestige of the concept of student grants.

From Monday, the grants, worth around £3,500, have been replaced with additional loans which will have to be paid back at the end of an undergraduate course, once they are earning more than £21,000.

NUS vice president Sorana Vieru told BBC Breakfast: "It's a disgraceful change that basically punishes poorer students simply for being poor, so they have to take a bigger loan than those students from privileged backgrounds.

"It could put off students from underprivileged backgrounds from applying, who might not understand how the loan system works, or are very debt-averse. We also know that mature students are way more debt-averse than younger students and BME (black and minority ethnic) students perceive student debt on a par with commercial debt."

Fincap's debt farm just got an extra field; rapacious cunts.

 

[chilango]

Worth noting in passing that my loans that got sold off to Erudio no longer qualify for the 25 year write off or expiry due to old age as I was politely told by some woman on the phone.

Lying, thieving bastards.

Oh well. It'll never be paid off anyway, so no huge skin off my nose.

 

[brogdale]

Worth noting in passing that my loans that got sold off to Erudio no longer qualify for the 25 year write off or expiry due to old age as I was politely told by some woman on the phone.

Lying, thieving bastards.

Oh well. It'll never be paid off anyway, so no huge skin off my nose.

It was with very good reason that, when Osborne drew up the FCA competencies, he specifically excluded student loans from their remit.

 

[Pickman's model]

I've said it before and will doubtless repeat it in future, when I talk to people about university I point out so many courses at continental universities a) taught in English and b) cheaper than 9k per year.

 

[brogdale]

I've said it before and will doubtless repeat it in future, when I talk to people about university I point out so many courses at continental universities a) taught in English and b) cheaper than 9k per year.

True.
But, from personal experience, I can assure you that when the decision arises for many youngsters there are a whole range of non-financial issues that come into play when they make their decision about where to study. It takes quite a self-assured, confident 18 year old to up-sticks to go and study in Holland etc. It's clearly not a very viable alternative for many youngsters...particularly those coming from backgrounds with limited cultural capital

 

[Pickman's model]

True.
But, from personal experience, I can assure you that when the decision arises for many youngsters there are a whole range of non-financial issues that come into play when they make their decision about where to study. It takes quite a self-assured, confident 18 year old to up-sticks to go and study in Holland etc. It's clearly not a very viable alternative for many youngsters...particularly those coming from backgrounds with limited cultural capital

Yeh but let's give youngsters the option and let them make an informed choice

 

[brogdale]

Yeh but let's give youngsters the option and let them make an informed choice

Definitely. I really tried with my eldest...even took him to (beautiful) Leiden...on world record shop day! He still ended up in Brighton!

 

[8den]

 

[Pickman's model]

that's a face which would look better with a couple of black eyes and fewer ears

 

[brogdale]

As we might have predicted...

The government is facing calls for an urgent review of student financing after official figures showed that the number of state school pupils going on to higher education had dropped the year tuition fees soared to £9,000.

A report by the Department for Education showed that the percentage of state-educated students going into higher eduction in 2013/14 fell to 62%, from 66% in the previous year.​

​

 

[agricola]

As we might have predicted...

​

... and that is just after the rise to nine grand; I would imagine this year's figures will be far worse and if Labour go into the next election promising to get rid of them altogether (ie: if Corbyn hangs on) you could well the system collapsing entirely (given that you would think most people would much rather sit out a year, earn some money and wait to see the outcome of the election rather than sign up for forty grand plus of debt).

 

[brogdale]

Tuition fee rise 'sneaked out' on website - BBC News

The move to increase university tuition fees in England to £9,250 has been launched - without any announcement from the Department for Education.

The changes to the fees, affecting more than 500,000 students beginning in the autumn, was put onto a government website last week.

Opposition parties have called it "shabby" and "avoiding scrutiny".

The Department for Education has rejected suggestions it wanted to deflect attention from the increase.

Tuition fees in England have been fixed at £9,000 since 2012 - but the government wants to allow fees to increase each year with inflation, with an initial increase to £9,250 from the autumn.

Cunts

 

[DotCommunist]

merry fucking christmas

 

[ATOMIC SUPLEX]

POB lives

 

[treelover]

Universities minister announces sale of student loan book
Critics question assurances that move will have no impact on those paying off loans and will generate £12bn for the exchequer
Universities minister announces sale of student loan book

Very bad news

 

[brogdale]

Mrs B went to an Andrew McGettigan lecture last night and returned with some depressing observations about the use of student loan data in shaping neoliberal HE in the UK.

In addition to all the kleptocratic corruption, already covered in this thread, McGettigan gave an overview of how the consolidator state intends to farm graduate loan data to marketise the entire sector. The post-2012 loan repayment mechanism ensures that the state will have 'live' income data on every indebted former-student. They are going to use this data to rank every degree subject (by individual institution) using the collated earnings of graduates of each course. The explicit intent being that future cohorts of students will make their HE course choices on the single metric of likely future income; the criteria of what constitutes a 'good' degree equating to future pay.

McGettigan was addressing a Arts-based audience and offered a pretty depressing outlook for the future of Arts within this framework. Not only will the neoliberals have created a fully privatised HE system, by shifting the cost burden from the collective to the individual, but also used their 'platform' data to impose a one-dimensional, philistine metric to underpin marketisation of the sector.

All pretty depressing, and made all the more so by the rather abject complicity of the HE managerial elite.