£29,000,000 In Loan Debts Have Been Written Off.
The Student Loans Company has announced that they have written off £29,000,000 in loan arrears;. This is an amazing sum but points to the malaise of a system where the best educated in our society namely the university graduate leaves university with an average of £23,000 in loans debt. This has come about as a result of the Government abolishing free fees for students since 2006. Prior to that date their were no fees to be paid by the student. Since then students have had to pay for their course books, their tuition fees, in addition to obviously be saddled with costs associated to general living. This would all have been a total impossibilty for any student except for those from wealthy families had it not been for The Student Loans Company who advanced student loans. These loans were only for the duration of their studies and after graduation the loan had to be repaid. As soon as a graduate reachd the salary of at least £15,000 per annum payment of the loan started. The salary of £15,000 is hardly a good one for a highly educated individual who is only starting to have earnings at all at the age of at least twenty two years old or even older after years of studies.After deductions for Income Tax, National Insurance, etc. the graduate will be left with not much more than two hundred pounds each week from which payment of the student loan has to be repaid.This leaves very little for living never mind getting married. These loans although handy while at university can however spoil lives after graduation because of the struggles involved attempting to pay back these loans. Some simply cannot pay the loan, while others continue with further studies and as such they cannot pay back the loan either. Some of the student loans were granted to students from Europe who have returned home without repaying their loan. This has lead to The Student Loan Company writing off £29,000,000 of loan debts they have no hope of collecting.
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