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    ......or is it just me?

    I just checked my 'balance' and it's around the £27 000 mark. Sheeet. I'm going to be paying it off forever, literally. =[

    Has anyone else got anywhere near this amount? Are you worried? I wasn't until i had a proper think about it and how long it's actually going to be hanging over my shoulders for...

    Is it actually true that if you haven't paid it after 25 years they wipe it off? Or is that total crap.

    At 21 i'm £6000 in debt OVER the number of years i have even been alive! So scary :'(
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    Nah I'm more worried about the stack of personal loans I'll have to take out in my lifetime...
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    (Original post by LouisianaPuuurchase)
    Nah I'm more worried about the stack of personal loans I'll have to take out in my lifetime...

    You might not have to though? Are you in any student debt?
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    I'm in £21,000 or so of debt; £1,000 for every year of my life, and it doesn't bother me at all.
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    i don't want to think about it

    that 25 yeah stuff its true :p:, but most first jobs your be paying it, start paying back after £15k

    think of the poor people who want to do 2nd degree's, like medicine
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    (Original post by Hana_87)
    You might not have to though? Are you in any student debt?
    Yep, but the time I've finished my degree it will be well over 20,000. Then I'm going onto Masters which I'll have to get a personal loan for, and then I'll get a job and need things like mortgages and credit cards and cars...you know, there's more important things to worry about - it's not like you have to pay it all back at once.
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    £21k in debt... kind of worried about it, but at the same time, it isn't considered a debt like credit cards etc... but yeah it needs to be paid off... i think about it, but not overly worried
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    i've got no money to get in debt with.
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    (Original post by Hana_87)
    ......or is it just me?

    I just checked my 'balance' and it's around the £27 000 mark. Sheeet. I'm going to be paying it off forever, literally. =[

    Has anyone else got anywhere near this amount? Are you worried? I wasn't until i had a proper think about it and how long it's actually going to be hanging over my shoulders for...

    Is it actually true that if you haven't paid it after 25 years they wipe it off? Or is that total crap.

    At 21 i'm £6000 in debt OVER the number of years i have even been alive! So scary :'(
    It's true, but you start paying the loan off as soon as you start earning over £15,000 and it's taken out along with your tax and stuff on the PAYE system. IIRC it's a tiny percentage of the amount you earn that gets taken. So basically if you don't get a job that pays more than £15,000 for 25 years after university you won't need to pay off the loan.
    But if you've gone to university and you can't even get a job that pays atleast £15,000 that's not great
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    Although I've not yet started, I've calculated I'll have £26,760 of debt from tuition fees and accommodation alone. It's a hefty sum, no doubt, but once you start working this amount is taken off your salary and at something like only 9% of your monthly receipt.

    EDIT: I've just checked Listen To Taxman, and it says: If you were a student, and availed of a student loan, you will begin to repay this loan once your earnings go above a certain threshold. This years threshold begins at £15,000. Student loans will be repaid at a rate of 9% of the additional income over and above this threshold.
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    I haven't even started university and I am quite frightened at the prospect of student debt even though I know it's inevitable. I've calculated it and the minimum debt that I will be in at the end of the three years will be £21,000.
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    I've got about £26000 at the moment and only halfway through. Good times.
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    (Original post by becca2389)
    I've got about £26000 at the moment and only halfway through. Good times.
    does that include interest?
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    (Original post by natalie_gs)
    does that include interest?
    Nope. Further good times.
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    Nah not really but I haven't even checked tbf
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    I'll be in about 35K of debt when I finish uni (London loans and three and a half year's tuition fees). I'm not worried at all, I doubt I'll ever pay it back. I have some savings, and will save after uni, so I won't even notice the repayments going out. They're so tiny anyway :dontknow: After uni I'm off travelling until my savings run out, then I'll be teaching English which won't ear me more than 15K a year, I don't think.

    I'm confused slightly though. When it says loans are written off "Loans written off 25 years after they became eligible to be repaid", does that mean they're written off 25 years after the date you would start paying them back (ie the April or whatever after you graduate) or 25 years after you start earning over 15K a year?
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    I know I should be worried but I really don't care that I'm about 23k debt. It's all good.
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    Im actually out of debt even though I had taken a maximum loan .. Ive actually now got £10k savings after payment so no
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    Realistically, I acknowledge that my degree will probably increase how much I earn by a fair bit, so it's a fair investment. Obviously I'd like everything for free, but that's not really how the world works.

    Anyway, student loans don't have much interest and paying it off isn't really a great problem. It'll just be skimmed off the top of your salary.

    I'm more worried about getting on the property ladder.
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    I think it's going to be about £18k for me once I get it finished. I was worried at first when I saw the Interest going up every month and my earnings (of less than 15k) not even covering the interest that i'm paying. Unless you're on a huge wage, I don't think anybody will be paying it off in their lifetime. At most, it'll only ever be the interest that you manage to pay off and nothing more.

    The way I look at it is like this: Once i'm done with University, i'll just see the £5, £10, £20 or whatever amount they'll be taking from me per week/month as a cost just like any mobile phone contract, or gym membership and not worry about it one bit!

    It's not really debt because it doesn't really effect anything you can do, or want to do in life. It's only scary if you think about it a lot. Don't worry about it so much
 
 
 
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