Worried about your student loan?

With tuition fees getting higher and higher, the cost of going to university is often the main reason you’d reconsider your options. Do I really want this much debt at the end of it? Am I really going to get a job good enough to pay off this debt?

I was pretty lucky I went to uni when the fees were still in the £3000’s – and even then I felt cheated. My boyfriend at the time only had to pay £2000 and it wasn’t too long ago that uni was a whole lot cheaper than that.
When looking into uni options, it frustrated me that it cost so much. Uni applications were on the rise and this was how they were handling it – by making it a costly decision to make. However, just because you were ‘clever enough’ or even just had enough drive and determination to go onto further education, didn’t mean you had the money to afford it. Obviously, that’s where the student loan comes in.

For those of you who haven’t been to uni in the UK, the government offer you a student loan or grants to pay for your course fees and living allowance. How much you are given is based on your family income.

These loans/grants are paid back once you have left uni (normally no sooner than the April the following year) using a monthly repayment scheme. This takes a percentage of your salary before your wages have even entered your bank account.

This might seem weird – they take your money without you knowing?! But seriously, this is a good thing. I pay back my uni fees without even realising I’m doing it. I don’t see the money go in and out my account, it’s like the money wasn’t mine to begin with.

Uni for me was the start of my career. It cost me over £30,000 in debt to get the job, but I can honestly say I wouldn’t have got the job if I didn’t go to uni. As for the £30,000 – as scary as it might sound, it’s like I don’t even have it.

I’m not saying everyone should go to uni. I know the uni lifestyle isn’t for certain people and I know some jobs don’t require a degree, however if you are considering uni and worried about the debt, don’t be.