• Home
  • News
  • Entertainment
  • LAD Originals

To make sure you never miss out on your favourite NEW stories, we're happy to send you some reminders

Click 'OK' then 'Allow' to enable notifications

Not now

People Are Having A Terrifying Realisation About Their Student Loan

Poppy Bilderbeck

| Last updated 

People Are Having A Terrifying Realisation About Their Student Loan

A former student has revealed the harsh reality of paying back your university fees.

Until I saw this, I hadn't given a second thought to my student loan. Out of sight, out of mind, right?

However, one former student's decision to check up on how her repayment is going led her to make a horrific discovery, and one which has left many UK university graduates - including me - absolutely s**tting themselves.

A graduate has revealed her shock when she realised how much student debt she has left to pay. Credit: Alamy
A graduate has revealed her shock when she realised how much student debt she has left to pay. Credit: Alamy

Former Love Islander Shaughna Phillips took to Twitter in shock after checking her outstanding balance despite having been paying her student loan off for six years already.

She said: "I’ve just done some digging into my student loan, and I’m speechless.

"I started paying my student loan back in 2016, my outstanding balance was £38,040. Since then I’ve made 75 payments (there’s 75 months in between then and now).

"My current outstanding balance is £41,120.


"I actually feel abit sick. If you minus the interest added on to my student loan last year, it works out that I paid off £40. For the entire year."

Fellow university goers have flocked to the post in a similar state of complete and utter terror.

"Do you know if the interest get wiped after 30 years as well as the loan still? Im panicking now," one said.


Phillips replied: "At this point I truly believe ignorance is bliss because I don’t even want to know."

A concerned mother commented: "Omg how can that be. I thought the interest was so low. My daughter was advised not to clear hers as it would be the cheapest loan she’d ever get !!"

"I think the interest used to be low, and then the debt was bought by another company who increased the interest? How this is legal I will never know," the Love Islander responded.


Phillips went on to warn prospective students to really think about the benefits of going to university considering the hefty amount of debt they will ultimately find themselves in.

When asked if she recommends university, she replied that it's a 'difficult question'.

"It looks good on your CV, but not £40k good lol. I personally think it’s the worst quality of education I’ve received and it’s the only one I’ve paid for.

"However, my media training / knowledge definitely helps me in my current career," the former Love Islander reflected.


Money Saving Expert Martin Lewis has offered some reassurance, noting 'the amount owed (the borrowing plus interest) doesn't change what you repay each year'.

"In fact the only thing the amount owed changes is how long you'll repay for. The more you owe, the less likely you are to clear the debt within the 30 years," he continued.

He reminded that ultimately, after 30 years of you leaving university, the loan is wiped 'regardless' of whether you've paid a bit back or nothing at all.

Although he did note: "The fact [...] that Governments can retrospectively change the system is wrong – that should be stopped".

Calls have since been growing for student loan debt to be wiped, particularly for students who spent their years studying amid the coronavirus pandemic.

Despite being told in the first few weeks that 'in person lectures are invaluable,' as one user eloquently put it, the classes of 2020-2022 ended up paying nine grand a year for the 'University of Zoom'.

A spokesperson for Student Finance England told LADbible: "SLC administers student funding and repayment policy as directed and agreed by the UK Government and the devolved administrations in Scotland, Northern Ireland and Wales. 

"The amount a student repays is based on their income not what they borrowed. Students are required to make repayments as per the terms and conditions of their student loan. Students in England and Wales who started their courses on or after 1 September 2012 are on Plan 2 loans and repay 9% of what they earn over the repayment threshold.

"The interest rates on student loans are set by Government and interest is applied from the date a student receives their first payment. Anyone who has questions about how repayment works and how much interest they are paying should check out the information on GOV.UK."

Featured Image Credit: Alamy

Topics: UK News, Twitter, Viral, Education, Money

Poppy Bilderbeck
More like this

Chosen for YouChosen for You


Expert explains real reason why your washing machine’s last minute feels like eternity

5 hours ago

Most Read StoriesMost Read

Benidorm icon Sticky Vicky has died aged 80

2 days ago