5 Student Finance Essentials You Need to Know With Martin Lewis | This Morning

With the class of 2024 graduating secondary school this month, Martin Lewis has 5 things all university hopefuls should know about student finance. Plus, he’s got money-saving tips for anyone struggling with student loan debt and parents planning for the distant future.

Broadcast on 16/07/2024

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[MrLangham]

The true issue is the 7.5% interest rate … if it was at the base rate of 4-5% we could actually make a dent!

[jonathanhill]

I had about £65k in student loans (graduated 8 years ago). I got lucky and got a £40k payout from company shares. I immediately paid off my postgraduate loan (8.5% interest rate) and most of my plan 2 loan (~6.5% interest rate) when Liz truss crashed the economy because the interest rates had risen. I now have £20k debt leftover. It doesn't go down, it's a lifetime tax that most will pay double the original loan value in their lifetimes. On average I earn £100k a year, 29 years old, and I don't have enough money for a house deposit... Thinking of moving abroad. What a brain-drain country the UK is.

[ReedMyresDavid]

How do most of you guys still make profit, even with the downturn of the economy and ever increasing life standards

[ianwall]

Make no mistake it is a tax of 9% of everything over £25. If you become a high earner it will cost you a fortune in your forties and fifties. As a graduate you would hope to earn x4 £25k in 30 years time

[InLostTime]

It's honestly super disadvantageous. I have two student loans and I pay back almost £200 per month which I will never see for another 21 years after paying it for 6. To put it into context, 27 years @ 200 a month is £64800. Ridiculous.

[AdamIslam-mcnd]

All we need to know it gets wipe off after 40 end off no matter what we earn it is won’t fully pay for it unless you would like too

[jackb]

This is dangerous advice. I attended university when it was 3k a year for the course and 3k a year maintenance. Im on a well paid job in finance which i started in 2009. Its taken me close to 15 years to repay these loans in a job i could have trained in without university. Had i put these repayments, plus the time i lost not working earlier, into a pension, id be able to retire many years earlier. Only go to university if you absolutely have to for your desired profession or come from money.

[MW-mleq]

It’s awful that they expect parents to contribute. It should also be postcode representative e.g.) Brighton living costs are more than Sheffield so a child with HH income of £60k will get slightly more if they’re at uni in Brighton than at Sheffield

[Stettafire]

Honestly these comments are filled with scaremongers and folk who can't do a basic Google 🙄

[khabibsson]

Slightly misleading video, if you don’t pay off the loan early enough you will be losing out on hundreds of pounds a month which you could have invested to help you retire earlier.

[ifhqkgp]

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9, 000 in an IRA and $40, 000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150, 000. If I can do this in a year, anyone can.