Career Change Money Worries re Returning to University as Mature Student

GC-Scotland

Despite having previously studied for 6 years at uni and working for the last 4 years, I seem to be up to my eyes in debt and also miserable in my job.

I have always worked (even part time during school and through out uni) and have never been a big spender but yet I ended up with lots of loans and credit cards. Some of this was due to helping family and I honestly dont know what happened to the rest because except for my small car I have no assets to my name and live with my parents.

Nevertheless I am so unhappy in my job that I want to go back to uni in august to study primary teaching for 1 year. The problem is that Im worried about what money I will live on as well as keeping up the £725 monthly loan payments I have. My current debt = £30k which is made up of a previous consolidation loan (which cleared my credit cards) and a previous Graduate Loan I had to take out during my previous post grad diploma year.

I have been trying to plan out what I need to save between now and august as well as what I can realistically make in a part time job during the year's teacher training course (if I can fit shifts round the full time and intense course). Even if I sell my car, I dont know how I'll manage without having to rack up more debt just to survive the year!

Please help with any advice you can give me. I regret not doing teaching straight after my first degree but as I cant go back and given the level of debt I have at present, I need to get it clear in my mind what to do going forward.

Thanks in anticipation

Tixy

Have you worked out a monthly budget to see how much of the £30k debt you can clear before August? If not then I would suggest uou start with that. Work out how frugally you can live for 8months (but be realistic) and therefore what monthly debt repayments you will end up with

Even with no debt its a struggle to get through a year at Uni, and certainly with £725 debt repayments I would think it will be near impossible. What about deferring Uni for another year and focusing on clearing all or most of your debts over the next 20months?
As you are unhappy in your current job are you hunting for another at the moment?

GC-Scotland

Thanks. I am well into the application process & am currently waiting on confirmation for my interview. I want to start in August rather than defer & delay another year.

I'll def look into the bursary side of things and I will also be applying for a further student loan. As I want to do the Primary PGDE/PGCE at a Scottish uni (being a Scottish resident/student) then some help seems to be available (even if its just an extenstion to my existing student loan).

If the course is so intense that working p/t might not be an option, then all I can do is possibly:

1. down grade my car & save the balance
2. save up as much as I can between now and August
3. apply for another student loan/bursary
4. get by some how through out the year either by working during vacations, using a student overdraft &/or using my credit cards to get by if it really comes to it (which is obv not ideal but might just have to be done).

If anyone has come across ideas that would otherwise help that would be great but it might just have to be the case that I need to do the best I can & see what happens!

I'd prefer not to mess with my credit rating but I will def be in contact with the loan companies about extending or reducing the payments for the year (even tho this will prob lead to extra interest over time sadly).

CLAPTON

GC-Scotland wrote: »

I'd prefer not to mess with my credit rating but I will def be in contact with the loan companies about extending or reducing the payments for the year (even tho this will prob lead to extra interest over time sadly).

it will completely trash your credit record but then bankruptcy may be a sensible option anyway

slummymummyof3

A PGCE is very intense; especially during your school placements!!! You may struggle to work part time as well as plan lessons and hand in assignments; particularly during your last placement where you will be expected to teach 90% of the timetable (remaining 10% will be your PPA time)

Have you considered applying for GTP positions - you would be paid as an unqualified teacher and have on the job training for the duration of your training. It might be worthwhile looking on your county council website for school GTP vacancies - admittedly there are more secondary than primary, but you may strike lucky.

I would suggest you start some regular volunteering in a local school prior to any interview you have - to show you are proactive. You will be expected to complete a certain number of days in a school prior to the start of the course anyway and the school will be asked to complete a reference for you. This will also help you decide whether teaching really is the way forward for you.