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SystemSystem Posts: 12,854
edited September 2017 in General

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  • Richard_NabaviRichard_Nabavi Posts: 30,822
    Dr Barry seems to be very confused. Is the complaint that graduates will have to pay off stupendous amounts of debt, or that they won't ("It would be touch and go as to whether even at that salary they would ever repay their full debt")?

    The truth is, the interest rate is largely irrelevant, as is the sum advanced. This is a graduate tax in all but name; for a 30-year period, graduates will pay an extra 9% of any income over £21,000. A few might pay less, if they earn massive amounts early on, but for most, that is the deal. The interest rate could be 3% or 20%, it would make no difference to what they pay.

    Personally, I think an additional marginal tax rate of 9% on top of our already high marginal tax rates is too high, especially since the existing marginal rates veer around so erratically according to your income. Oddly, though, people complain about the 'debt' and the interest rate, but not about the one figure which really matters.
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