University debt worth it?

I've just started university and I'm starting to regret it because of the debt I'll have after it, It'll be about 35k-45k. Is uni really worth having this much debt on my shoulder ? I don't know what to do. I'm doing criminology and there's loads of areas I can go into but the debt just worries me, I cant stop thinking about it. Im so lost.

Reply 1

Callicious

It's written off after 30 years and it's only an extra 10% tax on your income over £25,000. Honestly not a big deal.

I'll have £100,000 of it after this 5 year course is done, and I have no plans to pay it all off, my repayments won't even beat the 5%+ interest they charge on it.

Reply 2

Ramipril

Whilst I'm of the belief people should think a lot harder about whether going to university straight out of school is actually beneficial to them in the long run, I don't think the student debt in this country is something to see as a burden. You most likely won't pay it back and if you ever earn enough to start paying it, it won't be that much out of your pay cheque.

Is your choice worth your time? Is it worth the money (not just your tuition fee)? Do you need to start right now? Will those career options you're interested in actually be there when you graduate, and do they actually require a degree to do? Don't just make it abut the money.

(edited 3 years ago)

Reply 3

999tigger

Original post by Anonymous

Its quasi debt and repayments are based on what you earn, not what you owe. If you arent going to pay it off (vast majority never do), then whether you owe £5000 or £500,000 makes no difference., When you understand that, then you will realise your worry is misplaced and pointless. Also detracts from getting the most out of uni and performing at your peak, which means poorer value for money.

(edited 3 years ago)

Reply 4

maah001

Don't think of it as a debt. It is not a debt in the normal sense of a loan / credit card / mortgage etc. as you only pay back when you are earning above a threshold, and the amount you pay only depends on how much you earn, not what you 'owe'. The amount of the loan is pretty meaningless.

Think of it along the lines that the government has paid for your university education, and when you are earning you are paying an additional tax to reflect this. As mentioned elsewhere on the thread, any outstanding 'loan' is written off after 30 years. Unless you've been fortunate to succesful enough to earn a significant salary though out your career and therefore pay it all off. In that case you've probably done alright for yourself!

(edited 3 years ago)

Reply 5

University of Portsmouth Student Rep

Official Rep

Original post by Anonymous

Hi!
I study criminology with criminal justice. I found that the majority of careers that I would like to go into require having this degree.
The debt it written off after 30 years and the interest I find doesn't affect me so much, as it is based off of what you earn not to do with what you owe. If criminology is the career path that you would like to follow then it is most likely worth continuing to study. Think about what the degree will offer you, as you are paying for it and whether you personally think that this will outweigh the costs for you personally. In my own experience the future career paths outweighed the debt costs.

I hope this helps!
Chloe - Official Student Rep :smile: