Is 60 thousand pounds too much debt?

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solar222222
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I am currently finishing Year 1 on a course that I'm really unhappy with. These are my choices:

- Stay for one more year at my current uni so I can do an amazing study abroad programme (6 months), but then transfer the end of that year to another uni, Middlesex. I would transfer into Year 2, so I'd basically repeat a year and do 4 years uni.

- Go straight into Middlesex Year 2 this year.


What I'm concerned with is the money. Another year at uni + the cost of study abroad would come to around 60 thousand pounds of debt when I finish uni. While if I transfer directly to Middlesex, it will be around 45 thousand. The thing with that is, does that matter? Cause I can't pay either. Even if I make £30,000 a year (being generous to myself here) it will still take more than 30 years to pay off, at which point the debt will be erased.

Please, any advice would be appreciated.
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Drez999
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(Original post by solar222222)
I am currently finishing Year 1 on a course that I'm really unhappy with. These are my choices:

- Stay for one more year at my current uni so I can do an amazing study abroad programme (6 months), but then transfer the end of that year to another uni, Middlesex. I would transfer into Year 2, so I'd basically repeat a year and do 4 years uni.

- Go straight into Middlesex Year 2 this year.


What I'm concerned with is the money. Another year at uni + the cost of study abroad would come to around 60 thousand pounds of debt when I finish uni. While if I transfer directly to Middlesex, it will be around 45 thousand. The thing with that is, does that matter? Cause I can't pay either. Even if I make £30,000 a year (being generous to myself here) it will still take more than 30 years to pay off, at which point the debt will be erased.

Please, any advice would be appreciated.

I suggest you get advice/have chat with student support services at your Uni.

Good luck.
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godhimself
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Yep
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lulno
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I would say yes, but it is all the same if you don't pay it back.
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BigYoSpeck
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(Original post by solar222222)
I am currently finishing Year 1 on a course that I'm really unhappy with. These are my choices:

- Stay for one more year at my current uni so I can do an amazing study abroad programme (6 months), but then transfer the end of that year to another uni, Middlesex. I would transfer into Year 2, so I'd basically repeat a year and do 4 years uni.

- Go straight into Middlesex Year 2 this year.


What I'm concerned with is the money. Another year at uni + the cost of study abroad would come to around 60 thousand pounds of debt when I finish uni. While if I transfer directly to Middlesex, it will be around 45 thousand. The thing with that is, does that matter? Cause I can't pay either. Even if I make £30,000 a year (being generous to myself here) it will still take more than 30 years to pay off, at which point the debt will be erased.

Please, any advice would be appreciated.
From the sound of it, the study abroad option is academically useless if you'll wind up on the same year at the new university regardless of if you do it or not. Is it realistically going to give you experience that will aid your career or will it just be some fun? As you can only get 4 years of loans would your time not be better spent doing a year in industry?

If you want to get some travel abroad in while you can there are plenty of opportunities after university such as TEFL and working holiday VISA's to Australia, New Zealand, and Canada. I don't think amassing student debt to get some travel in is wise, at least with a working holiday you could actually make some money from it.

And don't be too sure about earning £30k being generous. It sounds great now but with inflation that will eventually become quite a low income. If you graduate to say £20k now, then in 25 years just cost of living increases alone will need £40k to match that, and with some career progression, it's realistic to expect to be earning over £50k within the repayment period of your loan even if you aren't going into a lucrative field. Food for thought about how much longer your repayments could last if you take on the extra debt without good reason.
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999tigger
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(Original post by solar222222)
I am currently finishing Year 1 on a course that I'm really unhappy with. These are my choices:

- Stay for one more year at my current uni so I can do an amazing study abroad programme (6 months), but then transfer the end of that year to another uni, Middlesex. I would transfer into Year 2, so I'd basically repeat a year and do 4 years uni.

- Go straight into Middlesex Year 2 this year.


What I'm concerned with is the money. Another year at uni + the cost of study abroad would come to around 60 thousand pounds of debt when I finish uni. While if I transfer directly to Middlesex, it will be around 45 thousand. The thing with that is, does that matter? Cause I can't pay either. Even if I make £30,000 a year (being generous to myself here) it will still take more than 30 years to pay off, at which point the debt will be erased.

Please, any advice would be appreciated.

If you dont like your course then move and do not wait.
If you need to start in the first year.
You get one gift year to cater for situations like this.

If you want a year abroad then take a working/ holiday

70% of people will not pay the money off. It is quasi debt, so slightly different than a normal commercial debt.

I would just find a new course which I enjoyed and was useful.
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solar222222
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Thank you for replying not only to this, but also on the other forum.

(Original post by BigYoSpeck)
From the sound of it, the study abroad option is academically useless if you'll wind up on the same year at the new university regardless of if you do it or not. Is it realistically going to give you experience that will aid your career or will it just be some fun?
It would be useless academically, but career wise I don't know. I should have specified that I'm studying Film, and UCLA is the best uni in the world for that. I think it will give me an advantage over most students who are just graduating from former polytechnics in the UK. Also, I would learn some good skills there.

Also, UCLA is a pretty prestigious university anyway. And if wanted to live in the states afterwards, wouldn't this help me?

(Original post by BigYoSpeck)
As you can only get 4 years of loans would your time not be better spent doing a year in industry?

If you want to get some travel abroad in while you can there are plenty of opportunities after university such as TEFL and working holiday VISA's to Australia, New Zealand, and Canada. I don't think amassing student debt to get some travel in is wise, at least with a working holiday you could actually make some money from it.
I did not consider this. I will look into it thanks.

(Original post by BigYoSpeck)
And don't be too sure about earning £30k being generous. It sounds great now but with inflation that will eventually become quite a low income. If you graduate to say £20k now, then in 25 years just cost of living increases alone will need £40k to match that, and with some career progression, it's realistic to expect to be earning over £50k within the repayment period of your loan even if you aren't going into a lucrative field. Food for thought about how much longer your repayments could last if you take on the extra debt without good reason.
Well that's terrifying.

However, in your other comment you mentioned how Middlesex, despite have a 97% record, students only make 15k a year. You said I should worry about that, and I am. I assume the reason it's so low is that most uni students go on to be runners, which doesn't pay much, and slowly make their way up.
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username738914
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(Original post by solar222222)
I am currently finishing Year 1 on a course that I'm really unhappy with. These are my choices:

- Stay for one more year at my current uni so I can do an amazing study abroad programme (6 months), but then transfer the end of that year to another uni, Middlesex. I would transfer into Year 2, so I'd basically repeat a year and do 4 years uni.

- Go straight into Middlesex Year 2 this year.


What I'm concerned with is the money. Another year at uni + the cost of study abroad would come to around 60 thousand pounds of debt when I finish uni. While if I transfer directly to Middlesex, it will be around 45 thousand. The thing with that is, does that matter? Cause I can't pay either. Even if I make £30,000 a year (being generous to myself here) it will still take more than 30 years to pay off, at which point the debt will be erased.

Please, any advice would be appreciated.
The actual debt means nothing if you're looking at the way repayment terms currently work. It's a question of whether you personally think the repeated year (time-wise) is worth it for the chance to do this study abroad.

You've already agreed to having 9% of your income over £21k taken from your paycheck by simply going to uni - anything else on top of that is largely fluff.

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username3412046
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Try to think of yourself in 10 years time looking back. Which decision do you think you would look back on with regret?

Don't think about the debt. It's meaningless in the real world. It's essentially just an ever so slight rise in tax. It doesn't affect your ability to get a mortgage, car finance etc. so it's really nothing to stress over.
Life is fleeting. Don't spend it worrying about something as valueless as money.
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BigYoSpeck
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(Original post by solar222222)
It would be useless academically, but career wise I don't know. I should have specified that I'm studying Film, and UCLA is the best uni in the world for that. I think it will give me an advantage over most students who are just graduating from former polytechnics in the UK. Also, I would learn some good skills there.

Also, UCLA is a pretty prestigious university anyway. And if wanted to live in the states afterwards, wouldn't this help me?
Anything that sets you apart from other people applying for the same role is a positive. But will your degree actually reflect that time at UCLA? I know typically with a degree that has a year abroad the degree itself will be renamed to reflect the year abroad, will the way you're doing it still do that or will the new university you attend just present you with the standard 3-year bachelors?

If there is the option of a sandwich year where you will go to a real work environment and the degree you come out with will reflect it in the title then I think in most cases that will be of more value to an employer, the place you do the industrial year at may even provide a job offer for when you graduate.

However, in your other comment you mentioned how Middlesex, despite have a 97% record, students only make 15k a year. You said I should worry about that, and I am. I assume the reason it's so low is that most uni students go on to be runners, which doesn't pay much, and slowly make their way up.
I'm not too familiar with the industry but from what I can gather a lot of people start in either very low or unpaid positions trying to break into it. It's likely a factor in that low graduate pay along with the percentage that ends up in unrelated entry level jobs.

I do remember reading an article a short while ago about how the media industry favours those from a wealthy background because a great many of the internships you need to get a foot in the door are unpaid.
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Blue_Cow
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If that was £60k of commercial debt (from a bank, from a credit card) then I'd say yes, that's a lot.

University/SFE debt? Nah.
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TY_9999
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(Original post by solar222222)
I am currently finishing Year 1 on a course that I'm really unhappy with. These are my choices:

- Stay for one more year at my current uni so I can do an amazing study abroad programme (6 months), but then transfer the end of that year to another uni, Middlesex. I would transfer into Year 2, so I'd basically repeat a year and do 4 years uni.

- Go straight into Middlesex Year 2 this year.


What I'm concerned with is the money. Another year at uni + the cost of study abroad would come to around 60 thousand pounds of debt when I finish uni. While if I transfer directly to Middlesex, it will be around 45 thousand. The thing with that is, does that matter? Cause I can't pay either. Even if I make £30,000 a year (being generous to myself here) it will still take more than 30 years to pay off, at which point the debt will be erased.

Please, any advice would be appreciated.
Unlucky mate
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hollycx
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Just do whatever makes you happy, absolutely do not worry about how much debt you will be in, it really doesn't matter. What you pay back goes off what you earn, not how much you owe, and realistically you are never going to pay it off anyway
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SulfurRingROKer
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£60k for 4 years of uni? For international students Cambridge and imperial engineering courses take off £150k simply for bachelor's, and mech engineering at bristol takes out £70k just for 3 years for international students
and tbh it's not like that is affordable just because i'm an international student either, it's really discriminating people who want to achieve higher education by the boundary of wealth

but just in general, my teachers who are from the UK say that it's common for student loan to stick with you for a long while, the amount is quite immense and it will take 20-30 years just to repay the entire amount (one of my teachers has been paying it off for 20 years now, is married with a house and has 4 kids, and says he still has like 8 years to go), it is illogical but think that it's just additional form of tax that you have to pay for a long time along with other people who went to university
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