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    Hello TSR.

    I have been offered an unconditional offer from Lincoln for Law (LLB), if I accept them as my firm choice. I'm only 17 and I'm worried.

    I really want to go to university, however, I'm just wondering whether it's worth it.

    3 years of the highest maintenance loan = £24600
    3 years of tuition funding = £27000
    Leaving me with a debt of £51600

    This is without the Legal Practice Course which will cost even more money, before I reap any benefits of the degree. (I do remind you, going to university is very dear to me, though)

    I would plan on getting a part-time job, but at 17, everything just seems a bit much.

    The question I put to you, is; is this money manageable? Is it doable? Will I ever pay this back?

    All information is very much appreciated, and sought after. I'm just looking for assurance I'm making the correct decision I suppose. My background is a poor one, and my parental financial backing is second to almost everyone.

    Many thanks.
    Pretty Flacko.
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    You may not pay it all back. It gets written off after 30 years.
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    This is something most of us stress about.
    The way I see it the sacrifice is worth it in the end. I am going to uni at 42,and already have plenty of debt! You have to keep in mind that even when the time comes to pay it back, it is in very small amounts compared to a normal loan or even a mortgage.
    As someone older and a little more"worldly wise",I would suggest trying to write out and stick to a monthly budget. There are examples online. Dont go mad and spend it ok n booze and takeaways. Learn to cook, it will save you lots of money, honestly.
    It WILL be worth it in the end.
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    Think of it as a graduate tax. It's not paid back in the same way you pay back any other loan you take out.
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    Unlike other forms of loan, Student Finance is currently arranged so that you only make repayments when you can afford to. You don't make any repayments until you earn £21,000. After that, you make small repayments calculated on how much you earn over £21,000. Under the current scheme, if you earned £23,000, you would only repay £15 a month from your wages (repayment based on £23,000-£21,000= £2000, 9% of £2000=£180 a year, divided into 12 monthly payments = £15 a month).

    As Tiger Rag says, the overall SF scheme is currently based on the assumption that a large number of students will only repay part of their total loans, before the loans are wiped out after thirty years. Unless you get a well-paying job and earn consistently good money, you'll be getting some or all of your uni education for free. The government is basically using SF to bet that it will improve your earning power. If it does, then you repay part or all of the government's stake. If it doesn't, the government loses the bet and is penalised - you aren't.

    Since graduating in 2011, I've made two SF repayments. It isn't onerous.
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    Thanks for all the helpful replies, people. They have put my mind at ease for the time being.
 
 
 
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