Paying back the loan

Happylittlecomper

I'm 21 years old and currently studying a BA Hons in Journalism. I have two years left of my degree and I'm around 6k in debt at the moment.

I was just wondering, how bad is it paying back the loan when you finish university? I often get really sleepless nights over it and worry all the time.

Thanks

x

mountainofdebt

Ah hun -I know its easy for me to say but there's little point in you having sleepless nights about it.

I don't know how much debt she has but someone I work with is paying her loan back at about £5 per month (although I think her interest is about £20 per month so figure that one out) and from what I've been told the debt doesn't count against you for mortgages etc

Personally if I we're your mum I would tell you to concentrate on getting your degree and then worrying about paying back the loan afterwards.

Dunroamin

Happylittlecomper wrote: »

I'm 21 years old and currently studying a BA Hons in Journalism. I have two years left of my degree and I'm around 6k in debt at the moment.

I was just wondering, how bad is it paying back the loan when you finish university? I often get really sleepless nights over it and worry all the time.

Thanks

x

However much you owe, you never have to pay more than 9% of any amount you earn over the threshold. Look on it as a tax and stop worrying.

rozmister

I earn 17.5k a year (literally just started my first graduate job) and I pay them £18 a month from my wage packet.

I owe them LOTS of money too because I had a sandwich year on my degree and I borrowed about £3,000 for that year for fees and living costs. On top of the standard amount of about £6,500 for each year of study in uni. As was mentioned they take 9% over £15,000 whether you owe them £1,000 or £100,000.

agrinnall

If you didn't know how your loan is paid back should you have taken it in the first place? And I hope you're not intending to be a financial or investigative journalist if you can't be bothered to do your own research now.

OrlyKlibansky

Hi guys

Ok, so I graduated 4 years ago and I am still paying my loan back. Its really not that bad. Yes, its annoying it comes out of your wages every month but if it helped you get a degree and a good job then it should not be an issue.

Don't have a sleepless night over it, everyone has to pay it back at some stage but they wont force you if you are not earning enough to live on.

Let me know if you need any more advice on this and I will be happy to pass on my knowledge of this subject.

Poolie

I graduated in 1999 and still paying mine back, I did have 5 years before I was earning enough to start repaying. I am happy to pay it back as it did get me where I am. I am in the process of overpaying mine so I can have the monthly money back into my pocket as it has taken long enough now.

Hele_an

Please don't fret. I graduated in 2004 and have had two years of non payment (one due to not earning enough and one after uni gap year).

My total debt was around £9500 at the end and I currently pay them back £69 a month, you know what, I don't even notice it! Just make your budget around what you have. To be honest i'm not sure how much I owe them but I would imagine its now around £6K (i've not always paid back this much a month, as i've changed jobs a few times)

I see this loan as a long term thing and I don't even think about it - when its paid, its paid and how long that takes? Who knows. They'll get their money back sooner or later.

jbreckmckye

Happylittlecomper wrote: »

I was just wondering, how bad is it paying back the loan when you finish university? I often get really sleepless nights over it and worry all the time.

It's really not that bad. The amount you pay back is weighted with your salary.

I pay around £130 a month, but I'm fortunate enough to be on a good salary right now. Good enough for me to barely notice the repayments. So I really wouldn't worry about it.