Euro Students Skip the Bill for College Education
The United Kingdom has an effective, straightforward method to help its citizens attend and graduate college. When students in the United Kingdom are provided with loans by the government, they are not required to pay until they begin earning £15,000 ($24,565) annually. At that point, they begin to repay their loans through the tax system.
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A key part of this payment plan is the fact that paying for loans through the tax system only works if you actually pay taxes. Reports show that thousands of students from the European Union and students who have left the United Kingdom after graduating simply aren’t paying back the money they owe.
The average cost of college education in the United Kingdom is £3,225 ($5,281). More than 2,000 students who should have begun paying back these fees have not been located since their graduation. According to the Student Loans Company, students from the EU already owe more than £11 million ($18 Million) in unpaid loans, and this number is growing every year since 2006.
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Students from EU member states have been eligible to receive taxpayer-funded, low-interest loans since 2006. These students are technically required to set up direct debit payments or regularly submit payments online.
But according to published figures, out of 4,800 students who were supposed to have begun repaying their loans in 2007, 2008 and 2009, almost half of these students simply have not begun payment. There are currently 2,300 students classified as ‘in arrears’ or ‘not repaying.’ 600 students have already settled their debts, and only 100 more are listed as repaying.
The Student Loans Company has stated that these non-paying students are currently being tracked down through the identity and home contact information the provided to apply for the loans, as well as email addresses and phone numbers.
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