🎓 Feeling like you were mis-sold on student loans? You’re not alone! 🧑🎓
Half of former UK university students with Plan 2 loans (2012-2023) say they feel misled, and over half wouldn’t take out the loan again if they had a choice. Why the dissatisfaction? Many cite being left in the dark about how these financial commitments would impact them long-term. 📈
With recent debates over frozen repayment thresholds, rising interest rates, and whether student loans are a “stealth tax,” the issue is more relevant than ever. Vix Leyton from thinkmoney believes these loans are treated more like a formality than the major financial decision they truly are. 📜💡
For many young people, taking out a loan is their first brush with credit, yet the financial education often doesn’t stack up. Imagine starting adult life not fully understanding how interest, thresholds, or the length of your commitment work. That’s a financial wake-up call many wish they’d had earlier! 🚨
And the confusion isn’t just with the newer loans. Over a third of those who took out Plan 1 loans (pre-September 2012) also feel they were mis-sold. Many admit they didn’t receive adequate advice and would rethink borrowing if given the chance. 🤔💭
In fact, only a third of Brits with Plan 2 loans know the current size of their debt, a number that falls to just 16% among those with Plan 1 loans. The numbers speak for themselves.
‼️ Let’s call for better guidance upfront, so students don’t sleepwalk into such significant financial commitments. It’s about time we closed the advice gap and ensured future graduates embark on their careers with clarity and confidence. 📚💪
What are your thoughts? Drop a comment below! 💬⬇️