What happens after?

Tommy99

Fire_Fox wrote: »

Does the £20k debt so far include your tuition fees? You still seem to be a lot in debt for someone who has two jobs. On the Debt-free Wannabe board there are entire families living on £4000 a year, plus mortgage/ rent and council tax (which students don't pay anyway). Perhaps you would consider posting a Statement of Affairs (link on sticky on DFW board) and trying to cut down your spending now, hence reducing your predicted debt.

Hello

Sorry for posting on the wrong board i thought it was for anyone. I am still at University at the moment. A quick break down is:

First year - Southampton Univeristy
£3000 tution fee
£3400 Maintenance Loan

Second Year - Changed Course to Bournemouth
£3000 tution fee
£3400 Maintenance Loan

Third Year
£3000 tution fee
£3400 Maintenance Loan

Total = £19,200 (Goverment Loan) this does not include interest which last year was £15 per month.

Bank Overdrafts = £2000 0% interest until i finish, which i am paying back with the money i am earning.

I am not in as bad debt as others, but i would rahter not get that far to then realise i have a big problem.

I am cutting down my spending, the average i get per week is £120. My week expenses are on average:

Food:£20
Bills: £20
Going out: £20
Petrol: £15
Car Insurance: £7.50

My intial question was only what would happen after i finish university, i do realise that there are other people in a worse place than i am.

Thank you very much for you response.

Fire_Fox

Tommy99 wrote: »

Hello

Sorry for posting on the wrong board i thought it was for anyone. I am still at University at the moment. A quick break down is:

First year - Southampton Univeristy
£3000 tution fee
£3400 Maintenance Loan

Second Year - Changed Course to Bournemouth
£3000 tution fee
£3400 Maintenance Loan

Third Year
£3000 tution fee
£3400 Maintenance Loan

Total = £19,200 (Goverment Loan) this does not include interest which last year was £15 per month.

Bank Overdrafts = £2000 0% interest until i finish, which i am paying back with the money i am earning.

I am not in as bad debt as others, but i would rahter not get that far to then realise i have a big problem.

I am cutting down my spending, the average i get per week is £120. My week expenses are on average:

Food:£20
Bills: £20
Going out: £20
Petrol: £15
Car Insurance: £7.50

My intial question was only what would happen after i finish university, i do realise that there are other people in a worse place than i am.

Thank you very much for you response.

Sorry if my post came across badly, you are not posting on the wrong board nor am I suggesting that you shouldn't post as others are in a worse position. I think it's great you are concerned now about your future finances - a mature attitude! :T

Did not realise you were on a five year course?? This explains the potential mega-debt! Expected three or maybe four (sandwich, no fees), from which your predicted £45k is an awful lot.

The reason I suggested the Debt-free Wannabe board - as well as not instead of student board - is that
a) it's what you are!
b) it's a very friendly board
c) you will get loads of ideas on how to live well for less.

Completing a Statement of Affairs (a full list of income and outgoings) has really helped me, as a mature student, to realise that I am not only in a position to end Uni with no debt I can actually save up! Lokolo is another poster in the same boat so well worth listening to. Not saying you can do the same, but you certainly can limit your debt. I found the "Live on 4K for a year" thread really inspirational - if an entire family can do that then surely one person can live on even less!

Here is the SoA calculator
http://www.makesenseofcards.com/soacalc.html
Be sure to divide annual outgoings (e.g. car tax, christmas) by twelve to get the monthly average, don't just leave them off. It should be a true, warts-and-all record of where your money is going. If you want to post it here, we can comment but there are some real professionals on the DFW board. Up to you - good luck!

:beer: