"Helen Lambert borrowed 57,000 to go to university and began repaying her student loan in 2021 after starting work as an NHS nurse. Since then she has repaid more than 5,000, typically having about 145 a month taken from her pay packet. But everything she hands over is dwarfed by the 400-plus of interest that is added to her debt every month, thanks to rates that have been as high as 8%."
"She was particularly unlucky because from 2017 to 2020 the three years she was at university there was little financial help available for nursing students. NHS bursaries, which covered tuition fees and some living costs and were worth up to 16,454 a year, were axed in August 2017, just weeks before she started her course. It was not until September 2020, after she had graduated,"
"Lambert is one of millions of graduates who have a plan 2 student loan. They include the 29-year-old Labour MP Nadia Whittome, who this month posted on Instagram that she had left university in 2019 with 49,600 of debt and then a few months later became an MP, giving her a salary that puts me in the top 5% in the country. Six years on, her repayments have shaved just 1,000 off that debt."
Helen Lambert borrowed 57,000 for university and began repaying her student loan in 2021 after starting work as an NHS nurse. Since then she has repaid more than 5,000, with about 145 a month taken from her pay packet. Interest additions of over 400 a month, at rates up to 8%, have pushed her outstanding balance past 77,000 by November. Twenty-five years remain of the 30-year repayment period. Nursing students lost NHS bursaries in August 2017; a partial grant to help living costs appeared in September 2020 after her graduation. Many Plan 2 graduates see minimal principal reduction despite years of repayments.
Read at www.theguardian.com
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