"Here’s a maths problem for you.
Adam borrowed £44,000 to go to university and has paid back £7,000 since graduating four years ago. How much does he owe? The answer is £54,000. That's because he is one of thousands of graduates in England and Wales who took out a type of student loan between 2012 and 2023 on which interest rates hit a record of nearly 8% earlier this year."What sort of graduate is going to be taken by surprise over having to pay interest on a loan?
"Adam, 26, studied in London for a BSc in economics..."
The kicker?
He now works in finance in the capital...
*boggle*
H/T: CJ Nerd via email
I'm rubbish at economics, but I find it interesting that the government changed increases in state funded pensions from RPI to the CPI, and saving shed loads of cash, as it's considered to be 'more realistic in today's society', yet charging interest in state funded student loans according to the RPI. Cynical, moi?
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