Clueless about debt now I've finished uni!

chickflick1066

Bear with me guys, I am relatively new to the whole MSE kinda thing.

I am due to finish 3 years of university this year. I am doing an NHS funded course via the bursary and I cannot remember off the top of my head how much I actually owe but I think it's just under £10k of maintenance loan (not full amount) from the Students Loan Company + £1500 of student overdraft.

I have been told the SL gets repaid the April after I've qualified as a nurse so I've got until April 2011 before I start repaying any of that off but I am a little confused about how much I'll be paying off, at what rate per month and don't even get me started on interest, I have not got the foggiest where that starts?

My overdraft is interest free until I officially graduate (December 2010) but obviously I need to pay that back to but I am not sure how to go about that either.

I feel like I am in a lot of debt for a 21 year old and want to go about getting debt free asap but not sure of a realistic time scale that repaying will take.

I am just trying to get off to a good start following the end of uni and now I'll be working in the real world with rent to pay, a car to insure and fill with fuel and utility bills to pay. The list of things I'll have to pay appears to be never ending!

Fiddlestick

chickflick1066 wrote: »

I am due to finish 3 years of university this year. I am doing an NHS funded course via the bursary and I cannot remember off the top of my head how much I actually owe but I think it's just under £10k of maintenance loan (not full amount) from the Students Loan Company + £1500 of student overdraft.

I have been told the SL gets repaid the April after I've qualified as a nurse so I've got until April 2011 before I start repaying any of that off but I am a little confused about how much I'll be paying off, at what rate per month and don't even get me started on interest, I have not got the foggiest where that starts?

It would depend on the terms of the student support you received.

I started University in 2001 and graduated in 2005. My agreement with SLC was that 9% would be deducted off all earnings above £15,000.

Essentially if I earn £16,000 then the first 15k is disregarded, so I would repay 9% of £1000 - £90.

If I earn £23,000 then after disregarding the 15k you are left with £8,000 to calculate the repayment, so 9% of that is £720.

If you are paid monthly via PAYE then it just comes out of your payroll, so in our example income of £23,000 the monthly payment to SLC would be £60.

Does the above make sense?

I am just trying to get off to a good start following the end of uni and now I'll be working in the real world with rent to pay, a car to insure and fill with fuel and utility bills to pay. The list of things I'll have to pay appears to be never ending!

Yup - welcome to the working world