Graduates face student debt interest
11/10/2010Graduates may find that their student debt hangs over them for much longer if the government decides to start charging interest on student loans.
At present, loans are charged at what amounts to a zero per cent interest rate, but as the government looks for more ways to save money, all but the poorest students may need to pay interest on their debt.
Kevin Still of Atlantic Financial Management remarks that "there appear to be more and more disincentives for young adults to go to university on the more expensive specialist courses as the threat of a debt mountain post-graduation seems very real."
He warns that "some courses don’t guarantee high salaries and job security to clear debts accumulated, which are likely to include overdrafts, credit card debts and personal loans in addition to the student loan itself."
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