Student debt - anyone panicking?

i think ill be in about £34k debt after i finish 5 yrs of uni. FML. im sooo glad i gotta part time job which will help not add anymore debt to tht. and i hava placement yr which should get rid of atleast 5grand worth of debt

Reply 46

georgia

14

£10k ish. Probably. It's not worth worrying about, really - will get paid off soon enough.

Reply 47

Dubstepper

and i hava placement yr which should get rid of atleast 5grand worth of debt

Why would you want to do that?

Reply 48

Quady

Why would you want to do that?

what u mean WHY wud i wanna do that?

Reply 49

Dubstepper

what u mean WHY wud i wanna do that?

Why would you want to pay off the student loan from placement earnings? You aren't forced to so whats the benefit in doing so? You could just let the money sit in a bank making you richer.

What placement are you going to get where you will save 40% of take home pay?

Reply 50

Atrixa

10

I'm more worried about actually being able to eat while I'm at uni. If I can't get a part time job, I'm f***ed.

Reply 51

Quady

Why would you want to pay off the student loan from placement earnings? You aren't forced to so whats the benefit in doing so? You could just let the money sit in a bank making you richer.

What placement are you going to get where you will save 40% of take home pay?

oh you are SOO clever i never thought of it like that haha. but either way i will pay things off at the time or i will have it sittin in an account. hmm i dunno.

Reply 52

Dubstepper

oh you are SOO clever i never thought of it like that haha. but either way i will pay things off at the time or i will have it sittin in an account. hmm i dunno.

And theres no guarentee you'll pay it off so why pay before you have to?

And you didn't answer the second point about which placement would you get where you can save 40% of post tax income...? BP?

Reply 53

Quady

And theres no guarentee you'll pay it off so why pay before you have to?

And you didn't answer the second point about which placement would you get where you can save 40% of post tax income...? BP?

hmm yeah i guess so. to be honest ive got 3yrs to go before i think bout it so when i get there i will sort it.

erm i have no idea wht ur on bout?

Reply 54

Dubstepper

erm i have no idea wht ur on bout?

You said you're going to save [at least] £5k when you go on placement.

Assuming you do well and get a £15k placement then your take home pay will be £12,274.20.

So you'll have £606/month to live on if you save the minimum you say.

Take rent out of that, bills, travel oh and food. You'd have no 'life'.

Reply 55

Quady

You said you're going to save [at least] £5k when you go on placement.

Assuming you do well and get a £15k placement then your take home pay will be £12,274.20.

So you'll have £606/month to live on if you save the minimum you say.

Take rent out of that, bills, travel oh and food. You'd have no 'life'.

ahh yeah your right. ahh well never mind. its nice to knw ur thinkin of my situation and all bein all arsey bout it tho :smile:

Reply 56

seyoung1

6

Dubstepper

i think ill be in about £34k debt after i finish 5 yrs of uni. FML. im sooo glad i gotta part time job which will help not add anymore debt to tht. and i hava placement yr which should get rid of atleast 5grand worth of debt

I think this is a good idea. It means that when you eventually get into your proper job you'll be paying back much less than if you hadn't cleared any of it. Also i'm not sure of your situation but usually, the older you get, the more bills etc you'll have to pay, mortgages personal loans etc so cutting down the amount you'll pay on your student bill will help you pay other stuff.

Reply 57

seyoung1

I think this is a good idea. It means that when you eventually get into your proper job you'll be paying back much less than if you hadn't cleared any of it. Also i'm not sure of your situation but usually, the older you get, the more bills etc you'll have to pay, mortgages personal loans etc so cutting down the amount you'll pay on your student bill will help you pay other stuff.

exactly wht i was thinkin!

Reply 58

seyoung1

I think this is a good idea. It means that when you eventually get into your proper job you'll be paying back much less than if you hadn't cleared any of it. Also i'm not sure of your situation but usually, the older you get, the more bills etc you'll have to pay, mortgages personal loans etc so cutting down the amount you'll pay on your student bill will help you pay other stuff.

It doesn't matter how much debt you're in 1k or 10k or 20k its the same deduction from your wage.

The point is its on deposit so you can pay it off at any time. However its also available for mortgage deposit etc if needed.

Reply 59