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In the UK student loan entitlements are guaranteed, and are recovered using a means-tested system from the student's future income.
Student loans in the UK can not be included in bankruptcy, but do not affect a person's credit rating because the repayments are deducted from salary at source by employers, similar to Income Tax and National Insurance contributions.
I thought we were in too much debt, there’s no way we’re going to get out of it...
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While consolidating debt often sounds like a promising solution, this could make your situation worse.
Consolidating debt usually involves taking out new credit to pay off existing credit.
However, such consolidation loans have costs: fees, interest, and "points" where one point equals to one percent of the amount borrowed.
Many students, however, struggle with commercial debt well after their courses have finished.
In Japan, an increasing number of student loans are in arrears.
Debt consolidation loans aren't right for everyone.
It's important to check all of the other options available and make sure you're making the right choice.