Worried about student debt Watch

Ray1999
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I might start University next year, but I'm worried about student debt. How is everyone coping with their student debt? What lifestyle changes/cut backs did you have to make, if any, to help pay for it? Is it something you're concerned about? Do you feel it was worth the debt to go to Uni, or would you rather have no debt, no degree?
Thanks for any replies.
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virgil1
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It depends on what you mean by student debt.

If you mean student loan: no that doesn’t worry me at all. I graduated about 10 years ago and still owe about 20 grand. It comes out of my pay at about £200/month but it’s money I’ve never seen and it only kicks in at a salary of around 20 grand (this figure depends on what student loan you have as there are many) and then is a small percentage of your wage.

However I was in a right mess with credit cards and overdrafts. I might of been ok if I’d have got a decent job after graduating but I ended up on minimum wage for years.

I got a decent wage in the end and got it sorted but it was a bit dicey for a while.
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ch0c0h01ic
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(Original post by Ray1999)
I might start University next year, but I'm worried about student debt. How is everyone coping with their student debt? What lifestyle changes/cut backs did you have to make, if any, to help pay for it? Is it something you're concerned about? Do you feel it was worth the debt to go to Uni, or would you rather have no debt, no degree?
Thanks for any replies.
Your student loan repayments (if you are above the repayment threshold) are taken from your monthly pay via PAYE. You won't really notice the money is gone because you never actually get your hands on it.

Whether student debt is worth it is only something you can decide. It does depend a lot on the type of course and employment prospects afterwards, do your research. Unfortunately most people only think about student student debt and career prospects when they've already spent several years at university and run up £10,000s in debt.

Bear in mind that most career paths do not require a degree unless you are looking at something more specialised such as medicine, dentistry, engineering, etc. If you just want to do unskilled work or work in the service sector save yourself a lot of time and money, start yourself on the career ladder.
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carrotstar
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(Original post by Ray1999)
I might start University next year, but I'm worried about student debt. How is everyone coping with their student debt? What lifestyle changes/cut backs did you have to make, if any, to help pay for it? Is it something you're concerned about? Do you feel it was worth the debt to go to Uni, or would you rather have no debt, no degree?
Thanks for any replies.
Student debt from tuition fee cover and maintenance loans with Student Finance England are different to regular debt. You don’t see the money disappearing when they’re paid back, you only start to pay them back once you earn over a certain amount, and they are wiped after 30 years.

So essentially, you can’t miss the money if you don’t get it in your pocket if that makes sense. I don’t think it makes an awful lot of difference. The majority of us will never pay back all of it before it’s wiped anyway.
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Simonthegreat
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(Original post by ch0c0h01ic)
Your student loan repayments (if you are above the repayment threshold) are taken from your monthly pay via PAYE. You won't really notice the money is gone because you never actually get your hands on it.

Whether student debt is worth it is only something you can decide. It does depend a lot on the type of course and employment prospects afterwards, do your research. Unfortunately most people only think about student student debt and career prospects when they've already spent several years at university and run up £10,000s in debt.

Bear in mind that most career paths do not require a degree unless you are looking at something more specialised such as medicine, dentistry, engineering, etc. If you just want to do unskilled work or work in the service sector save yourself a lot of time and money, start yourself on the career ladder.

Good advice
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