Worth getting a loan of 30 GRAND? Watch

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Kiril
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Hey guys..

I was just wondering if you could give me your opinion on a question that bothers me. I've received an offer from the University of Edinburgh to study Computer Science there, and I'm quite confidet I can achieve the grades, but the thing is, I'm still accounted as an overseas student, which means if I was to go there, I'd have to be paying 10 grand per year, which makes 30 grand for the lenght of the course. As you are English and know how things are, can you please tell me if it's worth my parents taking that monsterous loan for me to go and study computer sceince at Edinburgh.

Regards, Kiril.
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Mark_KK
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(Original post by Kiril)
Hey guys..

I was just wondering if you could give me your opinion on a question that bothers me. I've received an offer from the University of Edinburgh to study Computer Science there, and I'm quite confidet I can achieve the grades, but the thing is, I'm still accounted as an overseas student, which means if I was to go there, I'd have to be paying 10 grand per year, which makes 30 grand for the lenght of the course. As you are English and know how things are, can you please tell me if it's worth my parents taking that monsterous loan for me to go and study computer sceince at Edinburgh.

Regards, Kiril.
Here is a simple solution to a complex problem that can be applied to anyone in a similair situation:

1.
Work out the cost of the education including accomodation / flights etc...

2.
What will the qualification you gain lead on to?

3.
Assuming that (2) is a job how much money will you earn and will you be able to cover your initial outlay in a reasonable period of time?


For example if I want to be a commercial pilot and the training is going to cost me £60K then it is probably not worth it as:

1.
There is no guarantee of a job.

2.
Some pilots only earn £25K per annum.

3.
Even if I could get a highly paid pilots job it would take me several years to meet the cost of the training.

4.
Remember to take tax into consideration and make sure all of your calculations take into account net pay not gross! ALso take into account cost of living. Even if you are earning £2000 per month after tax the chances are 70 or 80% of this will be earmarked for your mortgage / rent etc...

For example if I can only afford to pay back £2 - 3 K per annum then it would take me 20 years to pay off my £60K initial training - NOT WORTH IT!!!
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fishpaste
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I suppose if you're going to a do a degree somewhere in the world, and it's going to cost you around that whatever, then yes it is.

If there are ways around it, e.g. going to uni somewhere else, or staying in the UK for 3 years before commencing your course etc etc, then use them, because I'm not sure the degree will pay for itself too soon.
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doodlebeetle
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is a lot of money for your degree...

My 3 years is costing somewhere in the region of £15k (thats including ALL costs), the majority of which is being funded by an effectively interest free £10k student loan. I also have the option of a number of bursaries and hardship funds at my college, and various awards if I do very well academically.

As well as the approach suggested by Mark, before thinking it will all be funded by loans, you really need to be exploiting all possible grants and scholarships you can find first. It might turn out you don't need to be borrowing as much as you think.

- Check the Uni website for advice.
- When i was applying for uni, there was a website that listed available scholarships. Find out what you're eligible for.

Can you defer University? If so, will the time that you've been in the UK allow you to be classified as a home student?

Also, some of the people i have met here took a gap year before uni, not to travel, but to do year long internships. Had i known about this during my college years, I would definitely have had a go at it. Some really big companies (like PwC for example) have very attractive programmes (though I'm not sure what its like for CompSci). It also increases your employability, because having a degree isn't everything. Work experience is incredibly important, but most students don't realise until its too late!
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Moog
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Why not just go to uni in your own country?!
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J.S.
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(Original post by Kiril)
Hey guys..

I was just wondering if you could give me your opinion on a question that bothers me. I've received an offer from the University of Edinburgh to study Computer Science there, and I'm quite confidet I can achieve the grades, but the thing is, I'm still accounted as an overseas student, which means if I was to go there, I'd have to be paying 10 grand per year, which makes 30 grand for the lenght of the course. As you are English and know how things are, can you please tell me if it's worth my parents taking that monsterous loan for me to go and study computer sceince at Edinburgh.

Regards, Kiril.

If you're looking to study for an undergrad. degree, I am assuming you're fairly young, perhaps between 18-20. I think it's an incredible amount of pressure to have on you at such a young age. The situation is far different for those classed as home students, the conditions of repayment are relatively favourable for them. Your loan will be for 30,000 and will also accrue interest above inflation. Also, it will have to be paid back regardless of what you go onto earn. Repayment will not be conditional, it will be set at a particular point in the calendar. Suppose what you could do, if you know what it is you want to go into (students of Computing often do!) take a look at the typical salary that's offered and do a cost benefit analysis, draw up a plan on when it's likely/at what rate you will pay off the debt.

If that doesn't worry you, for whatever reason, then go for it! Wish you well!
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Moog
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Sorry forgot to mention above: Not to mention the fact that your taking a uk students place and im disgusted that people are suggesting you stay in england first to gain citizenship. This is tax payers money you are encouraging him/her to waste!
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ToshTrent
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(Original post by Moog)
Sorry forgot to mention above: Not to mention the fact that your taking a uk students place and im disgusted that people are suggesting you stay in england first to gain citizenship. This is tax payers money you are encouraging him/her to waste!
:eek:

Good point Moog!

So Kiril... what exactly do u hope to gain by goin to uni abroad?
Other than running up a £30k bill for your parents?

Tosh
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babyboo
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couldnt agree more
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ghostkim
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(Original post by Kiril)
Hey guys..

I was just wondering if you could give me your opinion on a question that bothers me. I've received an offer from the University of Edinburgh to study Computer Science there, and I'm quite confidet I can achieve the grades, but the thing is, I'm still accounted as an overseas student, which means if I was to go there, I'd have to be paying 10 grand per year, which makes 30 grand for the lenght of the course. As you are English and know how things are, can you please tell me if it's worth my parents taking that monsterous loan for me to go and study computer sceince at Edinburgh.

Regards, Kiril.
I will not give you any advise... I will give you some questions... (I really hope they will be helpfull, otherwise just ignore my reply)

What options do you have? Go back to your country and continue to study there? Apply for a Job? "Cheaper" university/course? (if so: wouldn't you regret then, about that you could spend more and get more/ much more)

Obviously you've already spent a lot of money in UK (hi Moog), so what for? Did you get what you want?

Maybe there is something you are about to discover? (but maybe Not)

Computer Science - is it really what you Want To Do?

How harmfull would it be to take such a considerable loan for you and for your parents?

Would it (pressure, feeling responsibility) affect Your Attitude? Efforts? (positive? negative? What *else* would it teach You)

What is the possibility (in %) that You or Your Parents would regret of that *Investment in Your Light Future*?


For You - is it about "just to get a good level of education" or "something more" (I mean: experience, life)?

(As for me, I wouldn't come to UK if I would want "just to get eduction/knowledge"... developing of an academic intellekt is not the only reason)

... and so on ...

I lied... Here is an advise:
Ask Your Parents. (2 variants - they say "not sure" - means no, they say "not sure, but..." - decide yourself)

Good Luck
Overseas student (just like you)

PS: That's just the way I would make my decision.

________________________________ ___________
Btw

Would any of you be satisfied if someone like Kiril would make a breakthrough in a Computer Science and it would lead to "UK is N1 in Computer Science"

The point is: "this question" doesn't deserve the place on this board

Didn't want to "touch" anybody in any way.
(Just an opinion which can be ignored)
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