Student Loan - How much debt after uni?

AmDaMan

AmDaMan

AmDaMan

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An annual statement has just arrived from the SLC and i'm surprised to find that I have £9000 of debt:eek: and each month the interest is around £35.

This will annoy me for sure after uni as I hate having any outstanding debt (who doesn't). The question is:

1) How much do they deduct from your monthly salary if you earn over the threshold? As the interest @ £35 - a payment must take forever if they just deduct a small amount?

2) How much debt were you in after uni and has it affected you much at all?

cheers
 
I've not left yet but will be in around 15,000 grand. I dont lose any sleep over it as its a relatively low interest rate, probably the cheapest debt you'll ever have!
 
The interest's in line with inflation, so really it's not "interest". It's the best loan you'll ever get.. I'm in the same amount of debt as you but it's not really even worth thinking about.
 
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AmDaMan said:
An annual statement has just arrived from the SLC and i'm surprised to find that I have £9000 of debt:eek: and each month the interest is around £35.

This will annoy me for sure after uni as I hate having any outstanding debt (who doesn't). The question is:

1) How much do they deduct from your monthly salary if you earn over the threshold? As the interest @ £35 - a payment must take forever if they just deduct a small amount?

2) How much debt were you in after uni and has it affected you much at all?

cheers
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Why do you sound surprised at your debt; surely you knew how much you were borrowing each year!

I owe around £12k. The interest is around £60 a month and I pay off £80. Not a great deal you'd say but it's still the cheapest loan I'll ever get and I pay only the minimum.

Edit: Having said that, as I took a year out to work and earn money before uni, I actually put all the loan money into ISAs, so I could pay all the loan off if I want. Before Thursday, interest on my savings was more than the interest on my loan due to inflation so I was better off.
 
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I was in no debt after uni. I didn't bother taking a loan out and just worked everyday either before or after uni instead. was bloody hard work but I think it was probably worth while in the long run :)
 
Average student on maintenance + tuition loans is going to be roughly 18k, probably more.

cokecan72 said:
I was in no debt after uni. I didn't bother taking a loan out and just worked everyday either before or after uni instead. was bloody hard work but I think it was probably worth while in the long run :)
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You were able to afford 3K tuition fees AND rent/board/food on a part time job? :|
 
int said:
Average student on maintenance + tuition loans is going to be roughly 18k, probably more.



You were able to afford 3K tuition fees AND rent/board/food on a part time job? :|
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yeah (though my local LEA paid over half of my tuition fee's due mine and my parents circumstances), i spent a year working my ass off before hand to save up for it then used the rest of my money from my part time jobs to keep me going till i was on my placement year, where again i carried on workin full time and saving, then back to a better paying part time job on my final year. granted i had a £300 OD but thats easily paid off
 
You'll never pay it off unless you earn a serious amount of money... don't think of it as a debt, think of it as an extra 1-2% on your income tax for the next 20 years+... i.e. a graduate tax. :)
 
cokecan72 said:
yeah (though my local LEA paid over half of my tuition fee's due mine and my parents circumstances), i spent a year working my ass off before hand to save up for it then used the rest of my money from my part time jobs to keep me going till i was on my placement year, where again i carried on workin full time and saving, then back to a better paying part time job on my final year. granted i had a £300 OD but thats easily paid off
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Very well done there, even with the LEA help I'm impressed you only hit £300 OD with no debt!
 
lol dont get me wrong, i was at 300OD almost constantly and went over that on a few too many occasions incurring the annoying unplanned OD charge from Lloyds TSB, but i think its been worth it

only problem now is I can't seem to get a job anywhere, and so still have no money and am still in my OD :(
 
Mate just look at it like this, you've come out of uni with a degree and your biggest money worry at the moment is being in your OD ;p
 
I will be like 20k in debt minimum due to changing course, but i will have a 1st in my degree and will be on a road to a decent job.
 
Light weight. Real students come out with £20,000 of debt (at end of three years) and £60 a month interest (at end of two years).
 
Think I'm about £10 grand down, worked part time during uni so no OD for me, just loan :)

No idea what my interest is at though, should probably find that out!

Is it still the case that if you leave the country for 5 years they write it off as a bad debt?
 
As I just found out recently, make sure the SLC are recording the correct amounts you pay back compared to your P60.
 
Just under £10k, for 3 years.

Paying it back at a whopping £10 a week which is ~2.5% of my weekly wage. I'm pretty sure that on last years statement I paid off £50 from the total after I had paid off the interest from the year. :p

The debt makes no difference to me and I have no interest in paying it off quickly, eventually it will go but right now it is the cheapest loan to have.
 
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