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Student debt - how do you cope?

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  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    stargalaxy wrote:
    Seems to be a fairly clear message coming from this thread. I spoke earlier on to a woman who'd spent three years doing a degree in Accounting. She says that debt is one of those things I would have to accept and not worry too much about. "University was the best experience of my life, but the way you're thinking about this, you're going to destroy yourself worrying about money". She's probably right.

    Agreed completely. There are more important things to worry other than you student loans.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I don't understand how people get over 15k of student debt though- where is it coming from? There's a student overdraft, about 1.5k and then the loans- aren't they just a few k per year for three years? What am I missing?
  • JsTJsT TheSite Graduate Posts: 18,265 Incredible Poster
    katralla wrote:
    I don't understand how people get over 15k of student debt though- where is it coming from? There's a student overdraft, about 1.5k and then the loans- aren't they just a few k per year for three years? What am I missing?
    I get about £4450 each year, on a four year course, excluding credit cards, overdrafts and other loans sees me a minimum of £17,800 in debt.
  • littlemissylittlemissy knit chick Posts: 9,972
    katralla wrote:
    I don't understand how people get over 15k of student debt though- where is it coming from? There's a student overdraft, about 1.5k and then the loans- aren't they just a few k per year for three years? What am I missing?

    Well, 5 years at uni and about 3k of loans a year (on average) plus my student overdraft brings it up to that quite easily. It's very easy to mount up. Just take what you read and do the maths. And a lot of people's courses don't last for just 3 years. I have been at uni a total of 6 years.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    ^^^ yeah, that'll be why. I've been part time and funding myself for the most part, that's why I didn't really know. I've had one student loan so far- the rest of my debt went on non-student overdraft and credit card etc. hence me being more worried about it than if it were purely student debt.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Well, 5 years at uni and about 3k of loans a year (on average) plus my student overdraft brings it up to that quite easily. It's very easy to mount up. Just take what you read and do the maths. And a lot of people's courses don't last for just 3 years. I have been at uni a total of 6 years.
    Six years? Have you asked whether you can live at the uni? :p

    Seriously though, how long are you gonna be there?
  • littlemissylittlemissy knit chick Posts: 9,972
    stargalaxy wrote:
    Six years? Have you asked whether you can live at the uni? :p

    Seriously though, how long are you gonna be there?

    I changed my course after one year. The degrees in Scotland are all 4 years. So, my first year was a waste of time (sort of), then my 4 year course and I am currently doing a PGCE so that's another year.

    I shall (hopefully) be finished in June for good :D I can't wait. I hate being a student :|
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    katralla wrote:
    I don't understand how people get over 15k of student debt though- where is it coming from? There's a student overdraft, about 1.5k and then the loans- aren't they just a few k per year for three years? What am I missing?

    i get about £3300 loan a year. 3300x3=9900. then i have overdrafts totalling £1950.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru

    I don't think students worry ENOUGH about the debt they're getting themselves into.. a lot of people I know believe they'll leave uni and enter a job earning 100k a year, and think they'll pay it off in no time - and I just laugh because it's really not like that.

    Ilora x


    but seriously, where is worrying going to get you? there is no way i could get by without a loan. and in no way do i believe i'll enter a job that pays that much! go ahead and laugh then, but until you go to uni you're not in the right situation to comment, imo.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I've been to uni. I tried it, and it wasn't for me. I had my student loan come through, my parents even took out a 10k loan for it as well so I know what I'm talking about.

    Ilora x
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Being in debt, to me, is huge. Which is why I've chosen to get a degree from my local college in the same amount of time I would if I was going to Uni to do it. Only, there'll never be thousands of pounds worth of debt against my name.

    I don't think students worry ENOUGH about the debt they're getting themselves into.. a lot of people I know believe they'll leave uni and enter a job earning 100k a year, and think they'll pay it off in no time - and I just laugh because it's really not like that.

    Ilora x

    Except of course your 'degree' from your local college wont be worth as much as one from a proper Uni.

    Student loans are just like tax, you pay a bit more than other people after you get a job, you never see it so you dont miss it.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    "Why should someone not be able to fulfil their dreams because of a financial barrier?"

    Noticed this from the original Daily Mail link.

    Why indeed, why should the fact that noone would be willing to pay me stop me being a professional footballer, I demand Tony Blair take action!!!

    Morons........

    If people are worried about debt than they shouldn't go to university.........
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    bongbudda wrote:
    Except of course your 'degree' from your local college wont be worth as much as one from a proper Uni.
    Erm, why would that be? A degree is a degree mate. The fact that I'll have one shows commitment and ability, no matter where I studied it.

    Ilora x
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Erm, why would that be? A degree is a degree mate. The fact that I'll have one shows commitment and ability, no matter where I studied it.

    On one level you are right, most employers will appreciate a degree, full stop. But in a highly competitive employers' market, they can afford to pick and choose the candidates whom they may consider have a more 'prestigious' degree. Obviously this won't be the case for a lot of jobs, but it would be naive to assume that it doesn't happen, because it does. Otherwise why would people bother going to Oxford? :chin:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Because they're pretentious... :razz:

    I'll be freelance eventually, so as long as I don't care where my degree came from, no jobs are lost :yes:
    Plus, I'd never apply for a job where they make 'where I studied' the main criteria for actually getting a job :yuck:

    Ilora x
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I've been to uni. I tried it, and it wasn't for me. I had my student loan come through, my parents even took out a 10k loan for it as well so I know what I'm talking about.

    Ilora x


    wait there, you went to uni for what was it...10 minutes?

    you had a student loan AND your parents took out a £10,000 loan? wtf.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I was there for just under a week actually :razz:
    I had no intention of leaving uni when the loans were taken out, I didn't think for one minute that I was going to 'quit'.

    I had to leave due to unforseen circumstances.

    Ilora x
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I had to leave due to unforseen circumstances.

    ...then surely you didn't go to college because you didn't want to be in debt, as you said in your original message?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I was there for just under a week actually :razz:
    I had no intention of leaving uni when the loans were taken out, I didn't think for one minute that I was going to 'quit'.

    I had to leave due to unforseen circumstances.

    Ilora x


    i never asked why you left or anything, you didn't have to get all defensive.

    after a week at uni you really cannot say you know what it's like having the loans etc.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Erm, why would that be? A degree is a degree mate. The fact that I'll have one shows commitment and ability, no matter where I studied it.

    Ilora x

    If only it were that simple, we could all save ourselves the hassle and just apply for a cheap and cheerful online 'degree' from East Skegness 'university'.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    i agree with what everyone else has said, its just something that you have to put to the back of your mind, im going to finish with about £18000 debt but i just try not to think about it
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    .
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    mr stargalaxy, stop worrying and go and have fun!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Replicant wrote:
    mr stargalaxy, stop worrying and go and have fun!
    I'm a worrier by nature, unfortunately. I'm trying not to worry too much about this one, with limited success.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    stargalaxy wrote:
    I'm a worrier by nature, unfortunately. I'm trying not to worry too much about this one, with limited success.

    going to uni is stressful trying to settle into a new place, but you'll get used to it, and you WILL have fun :p you'll be fine :thumb:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    yeah, when i was choosing unis this time last year, i was concerned about the debt issue of going away - so i chose my home uni at exeter. still a good uni, but manchester would have been better - course and not living at home reasons.

    thinking about it, it's not really a lot of money considering your future earning potential and average graduate starting salaries. i regret not seeing this and not going away.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Getting a job from now until you start uni will help you to save a bit before you go, (if possible) Work in the holidays, and dont spend all your loan in the space of a month which someone I work with did last month.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Shining on wrote:
    yeah, when i was choosing unis this time last year, i was concerned about the debt issue of going away - so i chose my home uni at exeter. still a good uni, but manchester would have been better - course and not living at home reasons.

    thinking about it, it's not really a lot of money considering your future earning potential and average graduate starting salaries. i regret not seeing this and not going away.


    How long have you got left? Maybe you could transfer?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    katralla wrote:
    How long have you got left? Maybe you could transfer?

    yeah, in my first year. am making enquiries about transferring, but don't really want to end up having to repeat a year. at 20, when everyone else in my year seems to be 18, i feel old enough now!

    thanks for the thought.
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