Student loans


Might be to do with the technicality your pension isn’t funded by your NI contributions. Your contributions went to people who were claiming when you were working.

Your pension is coming from those who are paying NI now. It isn’t a pension pot that you build up like other pensions. It’s a benefit funded by tax payers.

Or it might be because you’re not actually grafting for it.
Theyll have a way to explain it no doubt but it still just feels intrinsically wrong , those years of work and deduction bringing me "unearned income " .
I can wear it on occupational pension and certainly if i had elective private pension as investment but the state one just rankles a lot .
Its not counted on benefits which are also NI funded
 
Havent even reckoned it up mate, not much as i say 🙂 . If i dont start working maybe £200 pa , if i do appreciably more obviously .

I’d tell anyone not to fund their kid’s education because the debt they’d accumulate.

It’s pretty much madness of the highest level.
 
I went to university late and took student loans. Anyroad I'm now ( slightly early) retired and below repayment threshold but when my state pension kicks in I'll be above it.
Even though state pension is exempt from being counted as NI applicable income they class it as "unearned income" which isnt exempt and ill then be paying again .
Im not so much bothered at paying as the fact theyre counting 40 years of graft paying into national insurance as unearned income . Twats, its not as if im sat on a stocks portfolio and a row of rentals .
21st century , boomer problem but still its annoying , also makes me think twice about " rejoining the work force " as they want .

Depending on which scheme you had, they get written off after so many years


And you can defer state pension by a few years, and get bigger payments later on
 
Theyll have a way to explain it no doubt but it still just feels intrinsically wrong , those years of work and deduction bringing me "unearned income " .
I can wear it on occupational pension and certainly if i had elective private pension as investment but the state one just rankles a lot .
Its not counted on benefits which are also NI funded
Why is it wrong to pay what you owe?
 
The think twice is because if i returned to work the 9% student loan would be in addition to standard income tax . If you didnt actually have to work would that all in deduction rate on extra income not make you consider . The principal remains the same is my state pension funded by NI " unearned "
I listened to something a few years ago which really put the state pension into perspective for me.

Your contributions you make aren’t saving for your pension, it’s paying for the old people who need supporting whilst you’re working. So in this case, it’s me who is contributing towards your pension and not you so it is unearned.
 
Sorry lads , not cutting it for me I've seen me arse. I took a degree to go into social service , did 15 years while there paying good NI and now the proceeds are unearned income . They can fuck right off , im seeing my MP.....mebees 😉
I listened to something a few years ago which really put the state pension into perspective for me.

Your contributions you make aren’t saving for your pension, it’s paying for the old people who need supporting whilst you’re working. So in this case, it’s me who is contributing towards your pension and not you so it is unearned.
Thanks for the support but its largely semantics to me , i can only earn when i earn and retire when i retire . As ive said anything voluntary fine but paying NI was not and it came as mandatory state deduction as a consequence of my earning , the proceeds must therefore have been earned. How they used the money in their control was up to them . Semantics works both ways .
It’s not meant as an insult. Earned income influences your pension contribution allowance, unearned income doesn’t.

Rental income is also “unearned” but many landlords certainly earn they money.
No comparison for me between the consequence of capitalist speculation and mandatory state deduction from earnings sorry
Why is it wrong to pay what you owe?
Principal , theyre wrongly defining my income ( at least in spirit , according to me) so have the terms wrong
 
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No comparison for me between the consequence of capitalist speculation and mandatory state deduction from earnings sorry

Are you saying loans should be free?

Student loans are a trade off for higher earning potential. I don’t understand where capitalism comes into it.
 
Are you saying loans should be free?

Student loans are a trade off for higher earning potential. I don’t understand where capitalism comes into it.
Landlordism is by definition capitalism . I would indeed like education to be free but as it isnt just define what its repayment is based on fairly
 
Only workers pay the NI which suppodesly is ring fenced for pensions etc. It's unearned in the sense that you don't have to earn it, it's a universal benefit at its basic level.
Yet benefits are not counted for student loan repayments . State pension is either earned income as a consequence of your work and NI or a state benefit, it wasnt a chosen investment . Why the shilly shallying to save saving " yeah your pension will cop it too "
I wouldn’t do a degree if you paid me.
I would but youd have to pay me well these days . I was one of those that had to put the hours in .
£200pa repayment isn't bad for the £30k or whatever you'll have received in maintenance.
Aye but ive been paying £1500-2k a year for the last 13 year. Its probably all but payed off .
 
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Landlordism is by definition capitalism . I would indeed like education to be free but as it isnt just define what its repayment is based on fairly

It seems fair to me. Education is free until 18, that’s tremendous if you ask me.

No one is forcing anyone to take up a student loan and there’s plenty of career choices that don’t require a degree.
 
It seems fair to me. Education is free until 18, that’s tremendous if you ask me.

No one is forcing anyone to take up a student loan and there’s plenty of career choices that don’t require a degree.
True but some jobs such as nursing or social work are a mandatory degree, why should people willing to fill those drastically undermanned publuc service roles finish with 30k debt and still pay it off out of state pension . ..but i didnt start off asking for it all for free, just dont tell me i didnt earn my state pension .
 
Two things not mutually exclusive marra 😄

So do you think state pension is "unearned income" ?
It's just terminology, the deal and wording where you haven't paid owt back yet obviously looked canny for you. Now less so . Its owed.
 
It's just terminology, the deal and wording where you haven't paid owt back yet obviously looked canny for you. Now less so . Its owed.
Ive paid nearly all of it back i reckon , all for the privilege of being an overpaid social worker 😄
 
True but some jobs such as nursing or social work are a mandatory degree, why should people willing to fill those drastically undermanned publuc service roles finish with 30k debt and still pay it off out of state pension . ..but i didnt start off asking for it all for free, just dont tell me i didnt earn my state pension .

I’d definitely agree that medical degrees should be free (on completion).

That was my original point, no one is telling you you haven’t earned your state pension, pension income in general is “unearned income” it’s just the definition because there’s different rules that apply. You could be sitting on a £1,000,000 workplace pension from a lifetime of hard work and it’d still be “unearned income” when you draw from it as it’s not directly from employment.
 
I’d definitely agree that medical degrees should be free (on completion).

That was my original point, no one is telling you you haven’t earned your state pension, pension income in general is “unearned income” it’s just the definition because there’s different rules that apply. You could be sitting on a £1,000,000 workplace pension from a lifetime of hard work and it’d still be “unearned income” when you draw from it as it’s not directly from employment.
We'll agree to differ on the semantics , as far as I'm concerned i earned it and dont like paying cos someone says i didnt . C'est la vie , ill have to in the end but theyre still kernts .
 

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