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    I live in London and going to a London uni this September at the age of 23. I went to Uni at 19 and dropped out after a year and had a mixed experience in halls, but ultimately not a good one.

    But now I'm alot more confident and ready for Uni and would be better equipped for halls. However with my current debt, the 9k tuition fee - I see that the accomodation will amount to 8k! I will be getting the full grant of 3,5k odd. But 17k after 1 year ... I can't work out if it's just pointless. Yet I don't want to miss out on the Uni experience.

    I was thinking of getting a nearby room for £100 a week maximum for the money sake because I live quite far away from the Uni. I'd spend like 4k in comparison at a guess if I were to get a room for £100 a week.

    I can't make my mind up!
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    £17k of "debt" after one year, but you'll only be paying it back at the rate of a few hundred quid a year after you're earning a reasonable salary. The cost of university, in repayments, is just like getting a new smartphone contract... A multi-decade contract, but still, it's not horrific. On a £25k salary you'll be paying back £360 a year... That's not very much! It's a little over 1% of your income! However, they do make their money back through interest - 3 years of university may amount to £80-£100k in repayments because of interest. Though, after 30 years, the debt is scrapped anyway. It's a case of a little, but a lot of it.

    As you've already done halls, you could try something else. I thought it was good living there because of the interaction with a lot more students, but I honestly met most of my friends through the course and not because of whom I lived with.


    In the second year onwards you'll probably share with them. So yeah, halls are fine for the experience, but you seem to have that covered. £100 a week in London though? I've heard bad stories about the Capital, but that doesn't seem awful compared to the cost of some halls.
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    (Original post by SillyEddy)
    £17k of "debt" after one year, but you'll only be paying it back at the rate of a few hundred quid a year after you're earning a reasonable salary. The cost of university, in repayments, is just like getting a new smartphone contract... A multi-decade contract, but still, it's not horrific. On a £25k salary you'll be paying back £360 a year... That's not very much! It's a little over 1% of your income! However, they do make their money back through interest - 3 years of university may amount to £80-£100k in repayments because of interest. Though, after 30 years, the debt is scrapped anyway. It's a case of a little, but a lot of it.

    As you've already done halls, you could try something else. I thought it was good living there because of the interaction with a lot more students, but I honestly met most of my friends through the course and not because of whom I lived with.


    In the second year onwards you'll probably share with them. So yeah, halls are fine for the experience, but you seem to have that covered. £100 a week in London though? I've heard bad stories about the Capital, but that doesn't seem awful compared to the cost of some halls.
    I hate it when people disregard University because of 'debt'. I just think of it as an extra tax. You'll hardly ever notice it anyway!
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    (Original post by midnightice)
    I hate it when people disregard University because of 'debt'. I just think of it as an extra tax. You'll hardly ever notice it anyway!
    Yep. I set a spreadsheet up to budget placements and graduate opportunities, and the student loan was the smallest repayment on there!

    Of the ~25% paid in tax, loan repayment and national insurance for a given income, only 2-3% of that is actually the loan!


    The debt from the loan is really not an issue. The other factors are supporting one's self outside of the loaned money thoug. That is really the only problem in both the way the loan is handed out and why some can't afford to go.
 
 
 
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