Student loan interest means doctor fears he will never pay it off
BBC • • world
Key Points:
- Dr. Jack Tagg, a 30-year-old doctor, is struggling to pay off his student loan debt, which has increased from £55,000 to £80,000 due to high interest rates, adding over £25,000 in interest since he began his studies.
- The UK student loan interest rates vary by region and loan start date, with rates up to 6.2%, causing debt to accumulate rapidly, impacting graduates' financial wellbeing and future plans such as home ownership.
- While loans are written off after 30 years, Dr. Tagg and other graduates worry about the long repayment period and its deterrent effect on pursuing professions like medicine.
- Welsh students benefit from more generous maintenance packages and grants compared
