Average student debt?

dmg24

Remember that to get an average, there will be people with higher and lower amounts. When I left uni I had zero debt and savings.

ruby_eskimo

I'm at just under £12k with £11k being loan and tuition fees (got the minimum loan and my parents paid my £1,200 fees for the first 2 years, got the tuition fee loan for my final year) and then £800 for my overdraft. I graduated a year ago and have only been paying the minimum since April. At this rate I'm going to have to have my debt written off when I'm 65!

Fire_Fox

Lokolo wrote: »

My total living costs is a lot higher than that lol.

Mines around the £9-11k mark. :T

But that does include money going into savings and such.

Living costs for the purposes of the Student Income and Expenditure Survey accounted for accommodation separately, as does the 'Live on £4K for a year' thread on DFW. I think that's a good way to budget as it's housing that is the most variable outgoing regionally.

My total annual budget (not just academic year) is £12K which roughly splits into £4K of essentials, £4K of non-essentials and £4K of savings. So far I am neutral - my debts and savings cancel one another out.

Lokolo

Fire_Fox wrote: »

Living costs for the purposes of the Student Income and Expenditure Survey accounted for accommodation separately, as does the 'Live on £4K for a year' thread on DFW. I think that's a good way to budget as it's housing that is the most variable outgoing regionally.

My total annual budget (not just academic year) is £12K which roughly splits into £4K of essentials, £4K of non-essentials and £4K of savings. So far I am neutral - my debts and savings cancel one another out.

Oh yeh I didn't read it properly.

You're around the same as me I suspect with my savings as well.

£1700 on food!?!?!!?! A year!?!? Thats appaling! I spend a lot less than that!

But yes my maintenance loan goes into savings. My tution is just another debt.

---

However just now I have looked at my budget for year 2009. Upto now and estimates for Oct Nov and Dec I have

Income: £18,307
Expenditure: £17,965

But I am on placement so things are a little different. For example, I have been going out on Friday and Saturdays which are a lot more expensive.

And I am saving a lot more as my income is a lot more with the job.

Fire_Fox

Lokolo wrote: »

Oh yeh I didn't read it properly.

You're around the same as me I suspect with my savings as well.

£1700 on food!?!?!!?! A year!?!? Thats appaling! I spend a lot less than that!

And £1700 is only for the academic year, i.e. nine months give or take. :eek: That could be halved relatively easily, and cut to a third if you were being super-frugal.

The average student gets into debt because they live beyond their means, it really is as simply as that. An employee who earns minimum wage yet overspends by £5K a year on alcohol, cigarettes, takeaways, magazines, CDs and clothing would be considered an idiot - why is this acceptable for educated and intelligent degree students?

I am a mature student so I have my own flat - no expensive halls of residence to worry about. Instead I have to pay service charges, ground rent, buildings insurance, and needed to have my boiler fixed in my first semester at a cool £600. I earn less than £7 an hour in my part-time job yet I can still manage to add to my savings account every month.

littlepinkstars44

I'm on my 4th year of getting my loan and bursary and having tuition fees paid. and i only owe £5000

vaporate

Ppl seem to be way off the average student debt here.

If you count tuition fees, says 3300, accommodation, thats say 4000, and other costs say 3000, thats 10 000 for 1 year, times 3 thats 30 000 for a 3 year degree course.

However, I wouldnt worry too much because even when you do make payments it is only 30 a month, depending on how much you earn over 15k.

It also gets written off afetr 25 years anywya whether you pay a penny back or not, or when you reach aged 65.

Borrow away i say lol, just dont do that with a bank or credit card.

atypical

Those numbers seem high. I spent less than £1,000 on living excluding (self-catered) accommodation this academic year just gone and it didn't feel like I was being especially frugal. How can you spend £1,700 on food alone?!

I'll have roughly £27,000 of debt after my 4 year course. Though roughly half of this is maintenance loans which I am/will be saving not spending.

vaporate

I wouldnt worry about the student loan. Just make sure you tell student loan company where you live and how much your earning and your safe.

How can ppl pay this money back when its around say 50 quid paid back each month,

answer is you wont.

dmg24

vaporate wrote: »

Ppl seem to be way off the average student debt here.

If you count tuition fees, says 3300, accommodation, thats say 4000, and other costs say 3000, thats 10 000 for 1 year, times 3 thats 30 000 for a 3 year degree course.

However, I wouldnt worry too much because even when you do make payments it is only 30 a month, depending on how much you earn over 15k.

It also gets written off afetr 25 years anywya whether you pay a penny back or not, or when you reach aged 65.

Borrow away i say lol, just dont do that with a bank or credit card.

New style loans are not written off after twenty five years.