Help With Student Loans - HERE!

Lokolo

Oldernotwiser wrote: »

I'm of a similar age to you

I always imagined you as quite young (even with your username!), weird.

The_One_Who

mayb wrote: »

Not everyone has rich parents or can work for many hours during their course - that very much depends on the course of study chosen some are more onerous than others, the timing of lectures etc. Working before going to university is an option for some, but you need to be over 24 before you are considered as a mature student and not be assessed for fees by your parents income.

Not everyone wants to wait to get qualified and get on with their working life and so it is not really an alternative answer to paying your way through university. The student loan is the most common option and often the only one. It is nice to see that not all students have the problem but it doesn't stop it from being a problem for many.

Life is all about compromise. It's what's wrong with some people today, they have to have it now instead of waiting until they can. If you want to go to university but can't afford it then you can either take the loan and all that comes with it, or work for a few years to help fund your way through it.

For my career I will need to do a Masters, and if I can't afford that I have the choice of working for a few years to get the funds, or to take out a CDL. I will weigh up my options at the time before jumping in with the loan option.

I am 20, my family aren't rich and by government standards I'd be classed as living in poverty. I still know about my credit card, my phone contract, my current accounts, my student loan, etc, etc.

Oldernotwiser

Lokolo wrote: »

I always imagined you as quite young (even with your username!), weird.

I am, just not in years!

Halaku

Hello,

Are UK students studying abroad but in an EU institution entitled to student loans? If not, what options are available for obtaining finances?

neas

Most students at uni don't do everything they could've to lower their debt.

I had a 12k student loan when i graduated my 4 Year MENG course (3k a year)..

I worked during every summer.. and every weekend (12-15 hours a week) and saved up 6.5k in an issa... so i only ended up half the loan in debt because I worked my !!! off...

I didnt drink as much, concentrated on my final career and course and am now in a reasonably paid job (not 15k a year etc)... and repaying my student loan.

I found and find (know a few uni mates) that they live for the moment as uni is a 'life experience'... so they go out 3-5 times a week.. spenindg 20-30 quid a time... Some might work but they blow it all on toys/ clothes or beer.

Then shock horro they graduate (if they graduate) with 12k+ student loans 3-4k+ overdrafts (to fuel the party lifestyle).... and some of them don't even get jobs from their degrees.

The bottom line is.. that in this world you got to take responsibility for your career and learning... if you study a degree with poor job prospects... fool on you.... and/or you go and blow all your loan and overdrafts on beer fags, and good times... then more the fool on you.

Who wants to start their working life.... aged 21-22 with 15k worth of debt... rising at 700-800 quid a year in interest(RPI based or what not), earning just 15k a year! when they would've been better off if they hadnt gone to uni?

I aint one of these people but man it must be depressing being in this situation.. All i'd say I'd hope the memories of the
booze filled fun life at uni are great because its gonna hinder you for years.

I only stopped working weekends 5 months before my final exams... so i could concentrate on the course.

Anyoen saying I did an easy course... I did Electronic Engineering... 20 lectures a week most terms with 9 hours a week practicals PLUS a 33% final year project and 5-6 project coursework (each taking a good 10-12 hours a piece)... it was hard but worth it now.

rb10

Very good post neas. I am at university, and during the last few weeks quite a number of people have started struggling financially ... their loan and grant last came in at the end of September, and there's no more until January. They have spent most of it. Already.

Personally, I can't stand the idea of leaving uni in loads of debt, so economise wherever possible, and also worked over the summer holidays and now work at uni on Satudays. I have not touched the first installment of my loan (it's sitting in a savings account ). And I am paying for all my accommodation myself (many people's parents will pay for them). So as you say, it can be done, if only you are careful with money.

But, you say "12k+ student loans" - many current students will have way more than that, as you have £3145 tuition fee loan (08/09 figure, to go up next year) + up to £3365 maintenance loan (again 08/09, to go up next year). So that's £6510/year, which makes £20k+ over 3 years or £26k+ over 4 years. Before interest. Ouch.

neas

indeed... but if you can mitigate it even by 5-6kl.... thats 5-6k.. you are better off... when you realise the world is a tough place...

wheelel

Halaku wrote: »

Hello,

Are UK students studying abroad but in an EU institution entitled to student loans? If not, what options are available for obtaining finances?

Yes. I studied in France last year, and was eligible for some extra loan to assist with the extra costs of travelling abroad (travel etc.), so got everything I usually do, and more.

If you're studying in an EU institution as part of the ERASMUS scheme, you will also be eligible for a non-repayable Erasmus Grant. Mine was £2700.

Hope this helps.

snowyemma2008

Hello i finished my 3 year degree this year & have just been sent the final amount I owe on my student loan, fortunately I started the year before the top up fees were introduced and i chose to stay at home & commuet yet i still owe £12,500, more than originally anticpated as i owe an awful lot of intrest (nearly £500 for one year!!). I didn't live the 'student life' and go out drinking and to clubs all the time, I also had a part-time job for 12-15 hours per week. So my debt is a lot lower than it could have been, however i need a postgraduate dip for my profession & am saving up £3,000 rather than borrowing from the bank to add to my debt. I feel sorry for those who started a year later, especially those from low income families who are going to be in a lot more debt than myself, it's so expensive nowadays to be educated and go to university.

Oldernotwiser

snowyemma2008 wrote: »

Hello i finished my 3 year degree this year & have just been sent the final amount I owe on my student loan, fortunately I started the year before the top up fees were introduced and i chose to stay at home & commuet yet i still owe £12,500, more than originally anticpated as i owe an awful lot of intrest (nearly £500 for one year!!). I didn't live the 'student life' and go out drinking and to clubs all the time, I also had a part-time job for 12-15 hours per week. So my debt is a lot lower than it could have been, however i need a postgraduate dip for my profession & am saving up £3,000 rather than borrowing from the bank to add to my debt. I feel sorry for those who started a year later, especially those from low income families who are going to be in a lot more debt than myself, it's so expensive nowadays to be educated and go to university.

Still, with a £3,000 Student Loan,12-15 hours part time work and living at home you must have had some expensive spending habits somewhere! However, as you say, it could've been worse.