Student loans are for students’ convenience and their studies. Education in the UK can be a lot more expensive. So, universities and the government help students finance their studies while students manage their accommodation, travel and other daily routine expenses.
In the UK, a student loan is financial aid that helps students with other aspects of their education, which include tuition fees, book expenses, and other living expenses as well. But even after such a helpful system, some voices of students are being heard, who are declaring that the student loan system is unfair. But why? Let’s find out!
How Does it Work in the UK?
In the UK, the student loan system varies, depending on where the student is living. England is the most controversial when it comes to student loans, where the Student Loans Company (SLC) offers help to students in two forms: a tuition fee loan and a maintenance loan (daily routine expenses).
Students who have been studying online since COVID-19 and getting help from online assignment writing services UK instead of teachers feel like universities are taking more than they give. “Interest is so high that you end up paying three times more than what you originally took out just to get an online education,” Roland William complained in the Students’ Survey Report 2023.
To some students, this system has given hope and a chance in life. George Campbell, a graduate from Manchester, mentioned on Reddit, “Coming from a middle-class background, it wouldn’t have been possible for me to pay the tuition fees upfront, but the student loan gave me a chance to study. Now I earn enough that I can pay back my debt, and I have no issues with that.”
How Does the Repayment Structure and Interest Work in the UK?
The interest and repayment structure in the UK is linked to the Retail Price Index (RPI), based on different percentages of income. This means that the longer you take to pay off your debt, the larger it becomes. Many low-paying fields, such as students from arts and social science, may never be able to repay their debt until it is written off after 30 to 40 years.
Students who study on student loans take their education very seriously and try to make every penny count by seeking external support and online exam help for their best performance. But when such students face Plan 2, they feel betrayed. A postgraduate from the arts departments commented, “Plan 2 is just criminal; it’s literally a graduate tax that most will never pay off.”
The majority of students are against the repayment structure of loans in the UK. The positive reviews are from those who started university around 2012. But Billy Russel from Liverpool, in the Student Council journal 2022, noted, “Knowing that my loan will be written off after 30 to 40 years takes a bit of the pressure off. It’s not hanging on me forever.”
How Does Student Finance Work for International Students?
The UK might be welcoming for international students from all over the world, but the system of student loans UK doesn’t apply to international students, neither Plan 1, nor Plan 2, nor Plan 5.
There are alternative ways that international students use to afford their education, such as scholarships, sponsorships, bursaries, and part-time jobs. The main thing that works for international students is making contacts, which is the perfect way to ask for help with studies and finances by casually saying, “Do my assignment for me”, or “Can you lend me some cash?”
An international student, Maria Gonzalez, commented in online threads, “Please do not take a loan to do a master’s in the UK! I have seen quite a few posts from international students taking out £60k-£100k or so to study a 1-year master’s in the UK. Some of these loans are at 15% yearly interest. Never do this under any circumstances. You are asking for a lifetime of debt problems.”
Are Postgraduate Loans Real in the UK?
Postgraduate loans are one of the many real things. The government provides postgraduate students with Master’s and Doctoral loans. The repayment method is not much different from that of the undergraduate system. The student will have to pay 6% of their salary over the threshold (currently £21,000 per year before tax).
Students aren’t fans of postgraduate loans either because they also remain for a long time in every student’s life. Reggie Coy, a student from Manchester, commented on Reddit, “Unless you’re a very high earner, you’ll pay more in your lifetime for your one-year postgraduate than your whole undergraduate degree.”
Students’ funds don’t fully cover the tuition and living costs. Even after taking student loans, some students juggle part-time jobs and studies. This pressure can affect their performance in exams and dissertations. That’s why many students turn to dissertation writing services UK for better guidance and efficient support.
So? Is it Fair or Not?
The question remains, though. Is student loan UK fair or not? The answer depends on the three groups that have been discussed so far.
- Home Students: The reviews used to be mixed, but since 2012, the positive remarks about student loans are getting rare. Especially since COVID and the breakthrough of online learning, students have started to feel like they are getting into a lifetime of debt for something that isn’t even worth it.
- International Students: International students are found to be frustrated and disappointed by the neglect and lack of support. Even after paying twice as much as national students pay, international students don’t receive any financial assistance, which is what they call “totally absurd.”
- Postgraduate Students: The expenses also increase with the academic year. The student loan interest requires a big amount for years, which amounts to more than what the students originally took.
The answer is quite clear, and it’s clear to see that none of these is satisfied with how the student funds are failing in their single goal of funding students’ tuition and daily costs.
What’s the Final Verdict?
The final verdict says that students do not feel that the student loan system is fair at all, especially after the rising living expenses and fees. They believe that the payment threshold is low and targets the lower and middle-income earners. The worst is what international students face; they are required to pay a lot without any financial support.
Until reforms are made to consider students’ real-life financial pressure, many will continue asking the same question: Is higher education really worth the debt?
