GASP!! Sudden realisation!

SamMoffatt28

OOH heck I've just got my letter from slc and have just realised how much debt going to Uni is going to get me into! :eek: Even if I just get my tuition fee loan I'm going to be £9000 worse of in 3 years time! I am trying to make life better for my family, not worse by getting into more debt... OMG!:eek:

executiverocker

on the plus, you have to earn over £15000 a year before you pay anything off, then its 9% on anything u earn over that.

Lowest interest rate around

Gets written off after 25 years

wacko911

Yea, but the 9% really adds up on all overtime (in a job that pays over 15k - ie you DONT work for McDonalds) you will loose:
22% Income Tax
11% National Insurance
9% student loan
___
42% DEDUCTION from your overtime

Working double time and getting paid single time - yea!

tr3mor

I would think the majority of people graduating from uni would be salaried, rather than paid by the hour, so overtime wouldn't make much difference.

In any case, you'd be getting taxed the 33% on it no matter what!

It's such a cheap debt. The only people who should care about it are the people who spent 3 years !!!!!! around at uni then walk into a job they could've done at 18.

SamMoffatt28 wrote:

OOH heck I've just got my letter from slc and have just realised how much debt going to Uni is going to get me into! :eek: Even if I just get my tuition fee loan I'm going to be £9000 worse of in 3 years time! I am trying to make life better for my family, not worse by getting into more debt... OMG!:eek:

What does your debt have to do with your family? When you finish uni it'll be your debt, nowt to do with your parents, so get a job and pay it off.

melancholly

SamMoffatt28 wrote:

OOH heck I've just got my letter from slc and have just realised how much debt going to Uni is going to get me into! :eek: Even if I just get my tuition fee loan I'm going to be £9000 worse of in 3 years time! I am trying to make life better for my family, not worse by getting into more debt... OMG!:eek:

but you went through all that stress of applying and sorting it all out!! and if i remember your course is quite vocational (social work?! or i might be making it up!) so you may find that there are very good job prospects when you leave! if you apply to every source of money going and maybe do some work in uni holidays, it doesn't *have* to be £9000 you owe..... and think of the nice low interest rate!!

SamMoffatt28

tr3mor wrote:

What does your debt have to do with your family? When you finish uni it'll be your debt, nowt to do with your parents, so get a job and pay it off.

The debt has everything to do with my family, I am a married mum of 4.

meancholly wrote:

and if i remember your course is quite vocational (social work?! or i might be making it up!) so you may find that there are very good job prospects when you leave!

Yes I am doing social work, you didnt make it up, lol! and yes I will have good career prospects it just came a but of a shock when I realised that I am going to have more debt when I finish Uni than I have ever had in my life! I'm sure it will be worth it though for the quality of life I will be able to afford in the future even whilst paying off my student debts.

DrFluffy

I think my graduation debt will be in the region of £45k :eek:

SamMoffatt28

DrFluffy wrote:

I think my graduation debt will be in the region of £45k :eek:

OMG! :eek: :eek: :eek: :eek: :eek:

tr3mor

SamMoffatt28 wrote:

The debt has everything to do with my family, I am a married mum of 4.

Fair enough then

Honestly, you shouldn't see it as a normal loan though, it's only 9% of what you earn over £15k, so if you get a job paying £20k, you'll pay £37.50 a month, it'll come straight off your PAYE too.

kittykate_2

I thought the GSCC paid all tuition fees and gave you a bursary for social work?! Therefore, if you can live off the bursary, you shouldn't have any debt when leaving uni.

EDIT: Yes, i am right http://www.gscc.org.uk/NR/rdonlyres/5AACE5B8-F976-472D-BEE9-39ED2A944CDA/0/BecomeasocialworkerFAQ.pdf

Students studying for a social work qualification may be eligible to receive a non-means-tested bursary worth on average £3,000 per year, in addition to tuition and a £500 allowance for practice placement costs.

If you didn't know about this then you desperately need to get in touch with the gscc now. I wonder why your university didn't tell you about this, and why they are having you apply for a loan for tuition. When I was at uni (last yr) all my social work mates had their fees paid.

SamMoffatt28

kittykate wrote:

I thought the GSCC paid all tuition fees and gave you a bursary for social work?! Therefore, if you can live off the bursary, you shouldn't have any debt when leaving uni.

EDIT: Yes, i am right http://www.gscc.org.uk/NR/rdonlyres/5AACE5B8-F976-472D-BEE9-39ED2A944CDA/0/BecomeasocialworkerFAQ.pdf



If you didn't know about this then you desperately need to get in touch with the gscc now. I wonder why your university didn't tell you about this, and why they are having you apply for a loan for tuition. When I was at uni (last yr) all my social work mates had their fees paid.

I just got my bursary through yesterday - until that point I wasnt sure if I was eligible for the bursary, I applied for it ages ago and you know what its like when you have to wait for paper work to be processed. I had to apply for the fees loan in case I didnt get the bursary, so now I have the loan and the bursary , lol. I'll put the money in a high interest savings account and pay it off later (either that or save it for next years fees)