Debt before uni

sgx.saint

I'm 24, a mature student at University in my first year. I have far more debt than the OP, but I am on a self managed DMP and have been for over a year.

So attending University has had no direct effect on my credit history as it is already very low.

I like the OP had to wrestle with my mind to decide whether returning to Univeristy was the right option. After a couple months of thought, I decided it was and here I am.

I am managing my money fine, my creditors are being repayed at rates they are all happy with and I am enjoying my course. Although it is very tough indeed!

Without a degree, I wouldnt be able to get a foot in the door of some of the blue chip companies that in the end I want to work for in the field of Computing and IT.

So in my case, going back to University was the best choice.

I guess like everything, it entirely depends on your circumstances.

GreyPilgrim

If it's what you really want to do, and you're confident that it will secure you a job and a career at the end of it then do it.

But for gods sake clear the debt first, and then spend a lot of time saving a good enough chunk to see you through your time there - being debt free is not good enough I'm afraid! I would strongly recommend you have a bit of cash behind you too.

(*these are the words I wish someone had screamed in my ear before I went off to Uni on a whim...*)

devils_nose

Wow - I'm in the same boat.. I'm currently applying for uni to start next September. I'm currently in £7k worth of debt but it is all on 0% and I WILL have it paid off by the time I have to give up full-time work and I'm hoping to have a few thousand saved to help me along the way too. No work is guaranteed whether you've got a degree or not but if you want to change direction and want to go to uni then I think you should do it!! I know how dreary it is working in a thoroughly unsatisfying job.

james32_uk

I must have had about 15k when I went to uni aged around 23. I'm paying for it now but I am SO glad that I did it.

In a great job now that I really like - would still be shelf stacking if I hadn't.

Catseyez

Hi,

Earlier this year I was over £6,000 in debt and paid it off because I was determined to start uni in September with a positive balance in my account.

If you really want to go to uni and start without debt, you should be able to pay it off in time but you will have to make sacrifices. I barely had a social life whilst I was paying mine off but it helped in preparing me for uni life as I can't always afford to go out and now have to stay in working on assignments! Whoever said student life was a doss? :rolleyes:

I think you should go for it but you will have to put in lots of hard work! To be honest, paying off debt is much harder work than studying for assignments and exams!

Also not having debt means I don't have that added stress of having to budget to meet my monthly payments, that's a HUGE burden off my shoulders I can tell you!

Fortunately, the nature of my course entitles me to a bursary and with sensible planning I am managing (so far anyway!) to get through uni without accruing any debt.

What subject are you thinking of doing by the way? If you're that serious about it, I advise you sit down and work out how much student finance you will need and how much debt you will be left with at the end of it. Unless you're choosing a subject which is funded with a government bursary, with the current £3k per year for tuition fee loans on top of an average student loan, you're looking at graduating with something between £21k - £25k of debt. Is it really worth it for the career that you want to go into? Have you looked at other entry routes, perhaps? There are plenty of careers that offer on-the-job training and support if you want to study further and gain professional qualifications.

Good luck! Keep us posted as to how you get on!

Catseyez x