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# Student debt - anyone panicking? watch

1. £22k debt from first degree
£16k debt from second degree (IF I get a place on the funded course.)
2. Well i'm starting uni in September but to be honest the debt doesn't bother me at all. I'm actually in £85000 worth of debt now because of my house being repossed and having various different personal loans, car loan outstanding bills etc so i'm not too worried about the student debt i get. At least i'll only have to pay back £20 per month or something.
3. (Original post by seyoung1)
At least i'll only have to pay back £20 per month or something.
or 115 if you get a proper starting job
4. not at all, you only have to pay back something like £20 a month, nothing when compared to normal loans.
5. (Original post by MrGreedy)
not at all, you only have to pay back something like £20 a month, nothing when compared to normal loans.
I thought it was 9% of earnings over 15k/year?
6. along those lines
15k anually = 1250 per month
actual monthly pay - 1250 = income on which repayments are due
9% of income on which repayments are due is the amount you pay a month
eg, person earns 1500 a month
1500-1250=250
9% of 250 = 22
£22 is your monthly repayment value for student loan
I thought it was 9% of earnings over 15k/year?
sorry forgot to quote you
see above post
8. (Original post by MrGreedy)
along those lines
15k anually = 1250 per month
actual monthly pay - 1250 = income on which repayments are due
9% of income on which repayments are due is the amount you pay a month
eg, person earns 1500 a month
1500-1250=250
9% of 250 = 22
£22 is your monthly repayment value for student loan

Surely

2525-1250 = 1275
9% of 1275 = 114.75?

Surely

2525-1250 = 1275
9% of 1275 = 114.75?
yes, if you are earning that much a month then that is how much you will pay.
10. (Original post by MrGreedy)
yes, if you are earning that much a month then that is how much you will pay.
so its not 20 quid...

This month for me it will be about 135.
so its not 20 quid...

This month for me it will be about 135.
i was assuming it for a person who earns 18-21, thats how much i think I will start of with hopefully.
12. My debt at the end of my course will be around 23,000.

And I'm really that worried at all. It's life.
13. if i get onto GEM then mine ill be around the 50k mark
14. (Original post by brokenangel)
if i get onto GEM then mine ill be around the 50k mark
Same. eek! Well hopefully I can keep it down to about 40k

I borrowed 17k (exc. interest) for my first degree, 10k (inc. interest) for my second (but that's going to be paid off in the next 5 years)

If I get into medicine, I think I'll be borrowing something near to 20k for maintenance. Hopefully, through hard work I can save up some money for fees and stuff to keep my final debts down.
15. (Original post by ghanglish)
Same. eek! Well hopefully I can keep it down to about 40k

I borrowed 17k (exc. interest) for my first degree, 10k (inc. interest) for my second (but that's going to be paid off in the next 5 years)

If I get into medicine, I think I'll be borrowing something near to 20k for maintenance. Hopefully, through hard work I can save up some money for fees and stuff to keep my final debts down.
ouch mine would be alot less as i currently have more in a saving account than im in debt with student loans. However id rather keep that as emergency money/ house deposit. The rate of interest and repayments on student loans is so low anyway it not worth rushing to pay them off
or 115 if you get a proper starting job
Oh right. I was told it would be around 20-30 a month. But still, 115 for that much of a loan is really good compared to how much you pay for a personal loan.

I'll also be bankrupt by then as well so won't have the other £85000 to repay. Happy days!
17. how will you guys get a mortgage if you'll be paying your student debt off for years?
18. (Original post by prospectivEEconomist)
how will you guys get a mortgage if you'll be paying your student debt off for years?
I'll rent
19. (Original post by prospectivEEconomist)
how will you guys get a mortgage if you'll be paying your student debt off for years?
Hows would that impact getting a mortgage?
20. (Original post by orangeboy)
Anyway, I'll just sit here and wish I could win the lottery to clear off this debt then I could get a good job around £20,000 a year at least and get a mortgage and life happily ever after. Haha
If you won the lottery why would you need a 20k job? Just something to do?

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