Professional studies loan HSBC - big debt, advice please!

drsusan

Hi, Ive recently joined the forum as Ive just finished uni and am faced with a large amount of debt.

Ive just finished studying medicine in London and in order to do this in addition to my standard government loan (which im not worried about after reading Martin's article) I also took out a professional studies loan from HSBC in 2006, borrowing a total of £16,998 which will be repaid with 95 monthly repayments of £270.28 with a 9month holiday so payments start in February 2010. At the time of taking out the loan the pay for doctors was a lot different, but now new doctors are working less hours and pay has been cut.

I will be living in London and earning around25,000 a year before tax, paying off this loan and around £50 a month for the government loan. It has suddenly all sunk in and I am not sure if this is even possible.
My questions are 1. does anyone have any advice!
2. Is it worth starting paying back without this 9 month holiday and does anyone know if this is possible with HSBC? I cant find it in the documentation
3. Is it worth taking out a different loan to pay this one off as the interest rate is 2.75% above base rate

any advice welcome thankyou

Oldernotwiser

I'm afraid that I don't know the answer to your question about the Professional Studies Loan but you've underestimated your repayment on your Student Loan. This will be just over £80 per month. Sorry.

I'd have a look on other boards on this site which will give you more information about cutting down your living expenses and managing on less money. If all new doctors have debts like these I'm sure it must be possible to do it.
Good luck.