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Student Loans

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Hello guys

It has been 6 years since I left university with a second class degree. My degree has never benefitted me and I am currently 30K in debt. I was never warned by careers advisors or anyone at my college about the risks of debt management. I am convinced employees at colleges get commission for each student they send to university, otherwise why would they be so keen for people to go? There are people out there with a first class degree and a PHD and they are unemployed. Despite this tutors and college principals are still telling people 'You will regret not going to university'. What a load of crap. Everywhere I go in my city I see my local college advertised and yet they claim to be in the top 5 in the country. Why are they spending so much on advertising if they have students queuing up to go there?

Carefully consider the decisions you make in your life and don't believe everything people tell you. If people are pushing you into something ask yourself 'What do they have to gain?' Good luck :banghead:

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If you left uni 6 years ago, and did a three year course - then you must have been on the really old fee system. In which case, how did you manage to rack up 30k in debt?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I'm very suspicious of people, and it usually pays me to be. Have got connections with the student loans company or HMRC?

    I had a year off because of illness but still had my loan paid to me and then there is the interest. I suppose I should consider myself lucky, there are students in America that have debts of 50k plus

    What annoys me is that colleges are brainwashing people in thinking that they will pay off their loan in 5 years. It has taken me 6 years so far :banghead:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    What annoys me is that colleges are brainwashing people in thinking that they will pay off their loan in 5 years. It has taken me 6 years so far :banghead:

    I'm about to start uni and am fully aware it is going to take me a lot longer than 5 years to pay off my loan.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I wish you ever success! However be aware that for some occupations it is pointless in going to university. I spoke to someone that had a PHD in maths and he could not get a job in finance. He said the PHD is worthless. It really depends on the occupation, the person and what you want from life. Make some notes and don't let others influence you. You are welcome to read my blog on whatuni.com 'The importance of research'. I really don't want you to have any regrets! I was never told about occupation questionnaires by 'experts'. As John Lennon said 'Find a job you love and you will never have to work a day in your life'
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    No, I've got nothing to do with the student loan company. I did a 4 year degree, had a year off due to illness and I know what my debt is like. For £1500/year fees and £3500/year loan that totals £5000/year. You shouldn't have been charged fees if you had the whole year off for illness, and those are both conservative numbers, which totals £20,000 for four years.

    You're right, uni isn't for everyone - but the right course for the right person can be more than worth the cost. Potential students definitely need to go into it with their eyes open, and spend sensibly while at uni. Just because you've got a loan or access to credit doesn't mean that it all needs to be used. That applies equally whether or not you're a student.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    don't let others influence you.

    Like you are trying to influence people here that university and numerous other things are pointless?

    I think you have had a very one-sided experience. The university I am currently at and the university I will be starting at to do a PGCE in Septmeber have both been very realistic in saying it will take more than five years to pay off loans, given you have to be earning over a certain amount before repayments start. It isn't the responsibility of a careers advisor to give advice on debt management. It is up to you to seek the advice; as a university/college student information like that will not be spoon fed to you.

    Sure, university isn't for everyone, but I'll be honest, most people realise that either before hand and don't go, or doing their first year.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    However be aware that for some occupations it is pointless in going to university. I spoke to someone that had a PHD in maths and he could not get a job in finance.

    A doctorate in mathematics doesn't make you any good at finance. Perhaps he ought to have studies business or finance at University if he wanted to work in those fields.

    Going to Uni isn't for everyone, and not everyone who goes to Uni is going to be in a high-flying £100k a year job when they graduate. But, for most careers, having a degree will enable you to go further than not having one. You may not always notice this in your first job(s) out of uni, but by the time you're in your 30s or 40s you probably will.

    That said, not all Universities are equal and not all degrees are equal. There are degrees from certain Universities that, to not put too fine a point on it, are not worth the paper they're written on.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I don't think anyone at college ever told me it would take me 5 years to pay off my student loan. They said it's written off after either 25 years (or is it 30?) or when I reach 60 / 65.
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