not enough to live in london comfortably.
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To people that have finished university, and are paying off their loan...
- Thread starter Naffa
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The primary gain is that you've got a job as far I'm concerned and one which does/should have a compensatory amount added in terms of London weighting so you're not really losing out by living in London either i.e. the higher costs are offset by this amount. There are other benefits to London of course but primarily I'm here because I've got more opportunities than if I'd stayed in Scotland.
In first year of doing Comp Science and I'd estimate I'll probably end up with roughly £20,000 worth of debt after the degree is finished.
It is a lot to have but I'm in the way of thinking I should get at least a decent job after graduating and the repayments will have little or no effect on me.
It's an entirely different story if the degree you come out with isn't worth the paper it's written on.
Hopefully I'm right.
It is a lot to have but I'm in the way of thinking I should get at least a decent job after graduating and the repayments will have little or no effect on me.
It's an entirely different story if the degree you come out with isn't worth the paper it's written on.
Hopefully I'm right.
I am a graduate. Three years after leaving uni my basic salary is £35k with overtime topping that up to atleast £40k. My monthly repayment (borrowed £9k) fluctuates between £170pm to about £230pm depending on how much overtime worked that month.
After tax, student loan and pension payments I come away with £2kpm minimum, up to about £3.3kpm, totally dependent on overtime.
My degree is not related to my job and I could do it without the degree at all. I also don't have to work hard at all, very very relaxed public sector job.
On a flat month with no overtime I barely get by as I bought and live in London and would love that extra £200pm from the student loan. It will take about 5 years to pay off I think.
Going to uni for me was a bit of a waste financially as I am not using my degree in my job, however, I think would still have done it due to the experience and friends made. My life would be very different now if I hadn't have gone.
After tax, student loan and pension payments I come away with £2kpm minimum, up to about £3.3kpm, totally dependent on overtime.
My degree is not related to my job and I could do it without the degree at all. I also don't have to work hard at all, very very relaxed public sector job.
On a flat month with no overtime I barely get by as I bought and live in London and would love that extra £200pm from the student loan. It will take about 5 years to pay off I think.
Going to uni for me was a bit of a waste financially as I am not using my degree in my job, however, I think would still have done it due to the experience and friends made. My life would be very different now if I hadn't have gone.
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![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Errr no, perhaps in the dreams of your average student!
No, the PWC graduate programme for example starts on approx £21k.
£37k grad starting salary, haha. Only in a few very rare cases. And if you are **** hot enough to get a £37k grad starting salary you are going places very fast and a £200 a month loan repayment is nothing compared to your massive earning potential.
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I pay around a couple hundred quid per month, but I often thought about boosting my payments but then realised that it's a cheap loan and I'd rather save my money for fun things like holidays and fun stuff. The debt really didn't worry me. I managed to clock up more debts with credit cards as a student than anything else 
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I quit after the first term but I am still paying my loan 4 years later. Glad I didn't do any more!
In all honesty I just don't like education. I don't have the stamina to learn things that arn't directly useful. I need instant reward I think. Probably some kind of major phycological issue as overall I am more intelligent than average but don't get involved enough or take much interest or really care. but anyway.
Luckily I have managed to work my way up and am on about 25k now but to get any further I might have do some qualifications. Looking at a CCNA as I deal with Cisco stuff all the time and probably know half of it.
Either that or go into my own business, probably wouldn't be IT.
However in all honesty I wouldn't let the debt worry you. If you want to do it then do it, I just didn't want to.
In all honesty I just don't like education. I don't have the stamina to learn things that arn't directly useful. I need instant reward I think. Probably some kind of major phycological issue as overall I am more intelligent than average but don't get involved enough or take much interest or really care. but anyway.
Luckily I have managed to work my way up and am on about 25k now but to get any further I might have do some qualifications. Looking at a CCNA as I deal with Cisco stuff all the time and probably know half of it.
Either that or go into my own business, probably wouldn't be IT.
However in all honesty I wouldn't let the debt worry you. If you want to do it then do it, I just didn't want to.
The main massive question for anyone thinking of going to uni is where will this degree take me. Where is the future with this degree? Which is a fair point, what people fail to realise is uni is so much easier if you enjoy the course. I know a lot of people who absolutly hated there course. To me do something you enjoy and you will do well. Dont choose something for the salary at the end. Something which would concern me in your position is a move from music to politics :S. Seems like a drastic career change.
If you get on a grad scheme. Then the degree and the loan is well worth it, However you look at it.
Shout FACT all you want - if there are grad schemes starting at 37k at PWC, then they will have places which are few and far between and reserved only for the absolute pinnacle of student.
Most of the intake will be on circa £21k. Its how it works. It's pointless picking out extreme examples of elite students and using that as an average grad salary!
Yeh sorry i just assumed most grads do grad schemes. The "average" graduate salary might be much lower, as you said, but on Grad schemes, I believe the average is 24K.
Further, for the big four in London and surrounding Satellite offices, the salary is much more than 21k.
Further, for the big four in London and surrounding Satellite offices, the salary is much more than 21k.
Most grad schemes are not 'average' of £24k either! Have a look around, pick the big companies, and take a look.
HM Customs is £21k, NHS Grad is £20k, the big 4 are £21k or less in most of the roles... its clear as day on the grad scheme websites (Though I guess they are all closed now).
Well perhaps they need to update the application packs which quite clearly stated that the majority of roles are NOT 'much more' at all. A friend of mine actually worked for KPMG on the grad scheme and started on 15k, though he reckons that its probably closer to 17-18k now.
You do get more for London, typically 20%, but of course that increase is cancelled out by the extra cost of living. And of course London is just one city in our country, not everything to everyone.
Out of interest where does your information come from?
[TW]Fox;16059488 said:
erm actually they are
the average looking at 2008 and 2009 was about 24-25 for 'graduate schemes' or graduate employers...
though the average salary paid to graduates is 19k this is irrespective of where they ended up so includes people who didn't get onto a grad scheme but took a random job...
http://www.prospects.ac.uk/cms/Show...e_average_graduate_starting_salary_/p!eaLXbeX
~£100 every 4 weeks (not paid monthly).
Got used to it and hasn't really bothered me. Just try to ignore the crap company they are and just think of it as the cheapest loan you will ever have. Plus at this time it is 100% capital, whereas at the beginning of 2009 it was more like £50+ in interest out of the ~£100.
Got used to it and hasn't really bothered me. Just try to ignore the crap company they are and just think of it as the cheapest loan you will ever have. Plus at this time it is 100% capital, whereas at the beginning of 2009 it was more like £50+ in interest out of the ~£100.
