Because of the UK's dramatic shift from student grants to loans, a startling report from the Institute for Financial Studies predicts that 77.4% of university graduates in the UK's class of 2017 will not repay their full student loan obligations. This is up from 41.5% just six years ago in 2011.
The shift came in the wake of austerity measures that phased out tuition assistance with no repayment requirement. Via IFS:
We have shown that changes to the system since 2011 have significantly increased students’ average levels of debt on graduation. However, a key insight from Crawford and Jin (2014) is that higher debt levels do not necessarily translate into higher graduate repayments. Indeed, those authors showed that the 2012 reforms actually reduced total repayments for the bottom 30% of graduates. This was because the reform significantly increased the threshold at which individuals start to make repayments.
New US Census Bureau data shows that while the median household income for the United States (and 14 states within the USA) increased a bit from 2017 to 2018, “income inequality was significantly higher during the same period for the nation and nine states…. Maryland ($83,242) was among the states with the highest median household […]
The Royal Mint made no new 1p and 2p coins last year, saying there are enough in circulation. The nearly worthless denominations aren’t being phased out, though. Cash use has fallen across the UK, and some feared the end of copper coins when the government announced a consultation on the mix of cash in circulation […]
Do you own a Mac? Unless you’re using it for a paperweight, you almost can’t afford not to get the Magnificent Mac Bundle. It’s a roundup of some truly essential security and file management apps, bundled up with great photo and video enhancers. The best part is that all nine apps are potentially available for […]
As much as vaping has taken over the market during the last decade, there’s still a lot of questions about the technology, as well as health concerns that we’re just now finding out about. One thing you can say about smoking: You know exactly what you’re getting, especially when it comes to pipes that you […]
We can’t all go through life with just a pair of sneakers and flip-flops. Sometimes, you have to invest in a pair of high-quality dress shoes. However, you’ve probably discovered that high-end footwear almost always comes with eye-popping price tags. You’ve got to compromise on second-hand or just suck it up and take out a […]