So much thinking... is university worth it? My experience and your situation 👽🍵

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Ratchet Hoe
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Hi so I have applied and the intention is to go this September BUT with Covid-19 hitting, I have had a lot of time to think. The course I have chosen to do is Set Design and is going to be three years and it is at a drama school in London.

I am so nervous and is making me think if this is really the right choice. I am happy with the course I have chosen to explore as I did 2D portraiture in my last project before Covid-19 but can see myself doing 3D modelling, designing and learning that! The financial side worries me too as it's the loan which is lower than the accomodation and tuition fee. People say it's like a tax but the thing is that it's NOT a tax and it's like it so I am concerned that it will burden me when u haven't even started in the world yet.

What is your experience so far? And what do you think about mine? I think helping each other out at this point is the best step
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LuigiMario
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Martin Lewis of moneysavingexpert refers to it as a tax, as repayments only kick-in above a threshold, and are about 9% of salary above that threshold. Enjoy your set-design! I’ve just been at the Dalì theatre in Figueres, Catalunya today. Wow, he designed some wacky things.
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Yeah_boi
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I'm no expert but your username makes me think you'll enjoy it.
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Ratchet Hoe
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(Original post by LuigiMario)
Martin Lewis of moneysavingexpert refers to it as a tax, as repayments only kick-in above a threshold, and are about 9% of salary above that threshold. Enjoy your set-design! I’ve just been at the Dalì theatre in Figueres, Catalunya today. Wow, he designed some wacky things.
I know that you only do after a certain amount of income but it NEVER gets payed even if that ends at 40 years of age, so what is the point in adding that much money or debt to your name? And when you do earn that salary and it's taken away, doesn't that water down to if you were below the income anyway? I am interested in the course, just very nervous and wondering if it's even worth it as it is something so new to me
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Ratchet Hoe
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(Original post by Yeah_boi)
I'm no expert but your username makes me think you'll enjoy it.
A Ratchet Hoe has their thoughts too! 😭🤡 But no like I am thinking like is this the worst path!
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Yeah_boi
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(Original post by Ratchet Hoe)
A Ratchet Hoe has their thoughts too! 😭🤡 But no like I am thinking like is this the worst path!
Getting more education is far from the worst path!!

A much worse path would be becoming a drug addict!
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Ratchet Hoe
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(Original post by Yeah_boi)
Getting more education is far from the worst path!!

A much worse path would be becoming a drug addict!
I know what you mean but the financial part of it is so scary, and whether it's worth my time
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MalcolmX
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university is worth it. just don't do a naff degree at a naff university. e.g. travel and tourism at mmu.
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Helloworld_95
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(Original post by Ratchet Hoe)
I know that you only do after a certain amount of income but it NEVER gets payed even if that ends at 40 years of age, so what is the point in adding that much money or debt to your name? And when you do earn that salary and it's taken away, doesn't that water down to if you were below the income anyway? I am interested in the course, just very nervous and wondering if it's even worth it as it is something so new to me
It's not a debt in your name in the same way that any other debt is. It really is just a tax with a lot of weird rules. While it does still accrue interest while you're earning below the threshold, the impact that this will have on your actual income later is pretty minimal unless you are making 6 figures in those later years.

9% above 25k means that it has a limited effect on your quality of life, because if you're making 25k you're already gonna have a pretty good quality of life, and going beyond that is just a bonus.
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Ratchet Hoe
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(Original post by MalcolmX)
university is worth it. just don't do a naff degree at a naff university. e.g. travel and tourism at mmu.
The real question is if they're basically pointless then why are they adding them as courses? Greasy.
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Ratchet Hoe
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(Original post by Helloworld_95)
It's not a debt in your name in the same way that any other debt is. It really is just a tax with a lot of weird rules. While it does still accrue interest while you're earning below the threshold, the impact that this will have on your actual income later is pretty minimal unless you are making 6 figures in those later years.

9% above 25k means that it has a limited effect on your quality of life, because if you're making 25k you're already gonna have a pretty good quality of life, and going beyond that is just a bonus.
I find it weird how they take it out like that though where other countries that have it free such as Sweden have a tax where everyone pays for it. I find it DODGY how it usually is never fully paid
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Helloworld_95
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(Original post by Ratchet Hoe)
I find it weird how they take it out like that though where other countries that have it free such as Sweden have a tax where everyone pays for it. I find it DODGY how it usually is never fully paid
The entire point is to ensure that not everybody pays for it. University is massively oversubscribed in the UK, particularly compared to countries like Sweden, Germany, etc where it is free, and that's why tuition fees and student loans exist. They also allow for a much more rounded university experience where universities can invest more in societies, counselling services, etc whereas the university experience in most countries where it is free is very barebones, you'll get the teaching but not much else. The French system is actually a perfect example of this because it operates on two systems which include both ends of this. Far more people in the UK go to university than need to (about double) and so it's unfair to put that burden on everyone, hence the UK system puts some of the burden on university graduates. The alternative would result in a massive drop in availability of university places which would almost certainly create a massive class divide due to the UK's culture towards university studies.

It's also not dodgy at all from the student perspective. You pay back proportionate to what you benefit from it, meaning that people who benefit more financially from their degree are subsidising those who don't benefit as much from it. If you have a situation where everyone pays it back fully then it disadvantages graduates who earn less/advantages graduates who earn more, so in fact you want as few people to pay it back fully as possible because it means the very rich graduates are subsidising university studies more.
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MalcolmX
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(Original post by Ratchet Hoe)
The real question is if they're basically pointless then why are they adding them as courses? Greasy.
unis; $$$$$$$$
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grandmadoris
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im doing a set design course as well (as u know aha) and tbh the financial side of uni massively frightens me to but at least our courses are very specific, like it really prepares you for a specific set of jobs
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yeetouttawindow
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(Original post by Ratchet Hoe)
I know what you mean but the financial part of it is so scary, and whether it's worth my time
i started repayments recently; its all very real. monthly deductions on top of income taxes for 30 years. luckily it has genuinely been 'worth it' but would be depressing as hell to see the money taken out to pay for something that holds no value especially if at a time when desperate for funds
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