Mature student advice needed!

Kung_Fu_Kitten

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Hello, I desperately need some advice from you lovely folk. I have a full time job, mortgage etc etc but have gotten into university to do a Masters programme for 2 years full time starting this Sep. Which means taking the plunge in leaving my very well paid and secure job, somehow getting part time or sessional work to pay the bills, (which I have worked out would come to £558 per month if I sold my car)...I would also have my fees paid and hopefully get a small grant to help with finances, but not really enough to even pay the mortgage to be honest...but my question is this: I have credit card debt of £3,000 and was wondering if it's worth opening a student account and putting it in there for the 2 years, thus helping to alleviate more financial pressure for now. Does this seem like a good idea? Or a really stupid idea? I've also thought about deferring for a year, but what's another year really, at some point I have to take the plunge...it's too good an opportunity to miss.

Thanks for reading.

southoftheriver

My personal opinion is that leaving a well paid job when you have debts and possibly no guarantee of a job afterwards is risky.

In your case I would possibly defer until next year on the promise that I would pay off the 3,000 loan in full.

What course is it? Good luck whatever you decide

Oldernotwiser

I'd agree. Spend the next year paying off your loan and you'll be in a much better position.

PhD.V

If you're definitely going then it's worth checking out the student account deals before you decide what to do with the credit card debt. Just to warn you, I know that I could only get a maximum £500 overdraft in the first year then it rose to £1000 in the second and I think it was about £1500 in the final year. So you may not have enough credit to move it all! That said, the zero interest rate for me lasted for a year and then only went up in increments over the next year or two so if you can't find a job immediately after you graduate you won't be hit with massive interest payments right away. It's obviously up to you but if you can manage financially then I think you should go ahead with it, it seems like you want to.

Voyager2002

Firstly, I would strongly advise that you hold on to the job, and explore whether you could study part-time. It is usual to take one year to complete a master's degree on a full-time basis, and two years part-time, so unless this is something really specialised it should be possible to graduate at MSc level two years from now, even if you keep your job. Have you looked at the Open University? At the many other institutes offering part-time study opportunities?

You ask about the credit card debt and student bank accounts. Usually student bank accounts are only offered to undergraduates, but you might be lucky. Obviously, if you get the opportunity to borrow without paying interest than take it, and using an interest-free loan to pay off an interest-bearing debt is always sensible.

David_Brent

I would stick with your job and save the moeny from your salary to cover the cost of your course. Leaving your job and raking up further debt is not a good idea at all. If you can't afford to do it don't..!

payless

Masters programme for 2 years full time starting this Sep.

as mentioned many are done over 12 months ?

leaving my very well paid and secure job,

:

I have credit card debt of £3,000

if you get debt with a well paid job.. hows it going to be with no job?

I would also have my fees paid and hopefully get a small grant to help with finances,

what course ? grants are restricted for masters these days