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07May

Why education loan debt isn’t like many financial obligation

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Why education loan debt isn’t like many financial obligation

Before we proceed to speaking about financial obligation more generally speaking, it is well worth very first clarifying that there is an impact between education loan debt (so that your maintenance loan and tuition charge loan combined) as well as other types of financial obligation.

Whilst it is just normal that you would have the weight of graduating with a sizable swelling of financial obligation over the head, usually the therapy of knowing there is the debt may be the part that is hardest.

This year, one in two of you told us you didn’t understand your student loan agreement in our National Student Money Survey. For the sake of your mental health, we think it’s worth clarifying a few things about why these loans are different whilst we would never describe student loans as a ‘good deal’ and we certainly don’t agree with the interest rates currently charged on them.

4 perks about education loan financial obligation which makes it distinctive from other financial obligation:

You only repay once you are earning enough

Unlike other types of financial obligation, education loan financial obligation takes into account just how much you earn and bases repayments about this figure.

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