‘Student loans are absurd – being born three days later would have cost me tens of thousands in extra tax’
Mr Dickson, who now works in analytics, went to university in 2011, the last year before the coalition government upped fees from £3,000 to £9,000 a year and changed the structure of student loans so that they accrued far more interest.'I've had to spend £520 on private healthcare as the waiting list was too long.
“Paying off my loan is the cliff that I see approaching and I can’t bloody wait for it – all of a sudden an extra 9 per cent marginal tax rate will be removed. That’s going to be hundreds of extra pounds in income a month, which is a huge difference,” he says. Those with Plan 2 loans start paying their loans back at a slightly higher salary – but as well as facing higher initial balances – have faced interest of RPI plus up to 3 per cent, meaning their interest has previously gone above 7 per cent.
Mr Dickson says the “absurd” system that those in the twenties face is a symbol of the current government’s policy making.
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