advice needed

skye

I have debts of £11,500 (of which my boyfriend owes me around £500), howevever I would like to go to university (I'm not going anywhere in the job I am in), but I need to do a years access course first in the evenings whilst working in the day, so I would pay off as much as I can. Do you think I could put the rest I haven't paid off on a 10 year low cost loan and get all student loans etc to tide me throught the 4 year degree? Is this feeasble or just a lost cause?

mattp_3

are you planning to work while at university??

skye

possibly part time eg bar job or whatever I could get depending on how much spare time I have, haven't really thought that far ahead yet

Shadowplay_2

A 10 year loan paying off 11K+ would cost you, even with the best loan on the market at 5.6%, £56 per £1000 a year. this = well over £5,000 in interest alone over the life of the loan.

do you live at home? is it possible to rebudget and pay off as much as possible, then look at going uni in 2 or 3 years time?

i have been to Uni and even with all the loans, working all summer and during termtime + a little help from family i still left Uni with £4,000 of debt ontop of the £16,000 student loan. also its more expensive now!

:eek:

sorry not trying to be negative... would you employers not consider funding a course? NVQ's can be of benifit in the work place and you can do them at Level 4 which is Degree level.

skye

I wanted to change careers as I don't feel like my life is going anyway - I work in admin at the moment and wanted to become a pharmacist but I gave up my A-levels and some how got to where I am now. The thought of paying off a bigger debt when I am actually qualified scares me less than gradually paying this debt off on £15,015 a year now and having no prospects. I've got my NVQ 3 in business admin but I've been looking for a new job for ages in these fields and around here there is not much that is better paid.

I have lived with my boyfriend for 2 years (housing assocation flat so rent is not too bad) and I don't really think I could, move back to my parents now. My debts are from being young, stupid spending it on crap and going out too much, however I am finally getting it down (also using 0% balance transfers etc).

skye

The idea is that once I am qualified and have got a job I could hopefully paid off the loan sooner - just the financing uni and the current debt (which I would have a year to get down before I went) is the hard part.

johannamse

it does sound great...do a degree get a well paid job and pay it off really quickly when qualified, but life has a habit of interrupting our plans. If you are really set on doing degree then aim to get rid of as much debt as possible now.

Have you thought about the Open University, as you often dont need the same access courses as normal degrees - so could start sooner, it would be cheaper and you could continue to work. You do need to be motivatewd though.

skye

unfortunately open university doesn't do the degrees or courses i need to do

fluffymuffin

Unfortunately I would have to agree with that - I thought that when I was at uni - oh doesnt matter will be able to pay off the debt when I have finished - as did all my friends and we are all still paying it off now and we didnt have any debt when we started. However that being said we were all young and stupid!

Few suggestions have you tried finding out about doing the course part time? This would obvisouly take longer but may also allow you to work and learn. Also as you are not relocating I assume you know the university you are going to - I dont know if this applies to all but both uni's I went to did "hardship grants" these vary in amount dependent on your circumstances but I would have thought you were a prime candidate as you haven't run out of money becasue you spent it all on beer but becasue you have a genuine need (unlike some of the people I knew who ended up with them!).

You could also check if they have any special funding - not sure about pharmacy but you never know - my masters was in an environmental subject and I got the fees paid for by the European Sustainability Fund. I know this doesnt help with your exisitng debt but could significantly reduce any incurred from being a student.

Good luck with it and I hope you find a way of making it happen.

Shadowplay_2

The real danger here is the assumption that just becuase you will have a degree means you will get a higher paid job.

You could get more in debt and still end up with a job that pays the same or even less than what your on now.

The job market is saturated with Degree's and also, unemplyement has been rising over the last 6 months.

whilst at university you will acuire £20,000 more debt ontop of any outstanding debt that you have now.

do you have A-Levels? will you be able to attend a 'Red Brick' University?

not trying to be negative just realistic

Downsizing__for_sanity

I believe the OP wanted to go and do Pharmacy, so if they succeed, yes, there is a very good chance of a well-paid job at the end of it.

I think you really do need to do as much research as you can - I've decided to go back to university to do another degree, and so I've worked out how many pay packets I've got left til then, and worked out what I need to pay off before then. You may not need to do an Access course if you can do A-Levels at an evening class. I found that because I had to be at college one night a week as well as studying, I went out and spent much less money than usual.

This is from Cardiff University web page regarding entry requirements..
Mature Student Applications
We welcome applications from mature students, defined as those aged over 21 years of age by 1st October in the year of admission. Mature applicants are not always subject to our standard entry requirements; departmental admissions tutors will be pleased to offer advice on alternative qualifications.

A significant number of mature students join us with Open University or Access qualifications, and we are actively involved in promoting these alternative routes for admission
standard entry requirements; departmental admissions tutors will be pleased to offer advice on alternative qualifications.

Good luck whatever you decide,

DFS