Students who graduated in the last 5 years..
- Thread starter rogan
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Associate
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- 1 Mar 2004
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- Warwickshire
Lived away, think I had 500 or so in an overdraft upon graduating but it had been steady at that level for months.
I'm very surprised by the amounts people are saying here. I presume an awful lot of you had significant financial help from your parents also? I left with very little debt, but I'm quite happy to admit I had assistance from parents as well as being in the pre tuition fee days and qualified for a grant for 3 of my 5 years. I don't think just stating your level of debt tells the full story...
Associate
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In my third year of 4 atm. The student loan only really covers rent so without help from parents, getting grant and bursaries, having savings before going to uni or working part time for quite a few hours I can't see how people can leave with so little debt. Finished first year using all my overdraft, then had a placement for a few months during second year which gave me a bit of spare money to survive going forward. Unless I find some work then I'll be easily over my overdraft by the time I graduate :S
Get a little bit of help from parents but not a huge amount. They're there as a 'if you are short on cash we can lend you some' rather than a 'here have a few k for uni' so money is quite tight.
Get a little bit of help from parents but not a huge amount. They're there as a 'if you are short on cash we can lend you some' rather than a 'here have a few k for uni' so money is quite tight.
Soldato
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3 years Electical and Electronic Engineering plus 1 year paid internship (you pay course fees for that), self funded with summer work I came out with £15k of debt. However I started the year before the £3k course fees came in, my course fee was about £1,350 a year (the original £1k plus inflation since the 90s).
Soldato
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- 29 Dec 2004
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1k overdraft, 4k career development loan.
I graduated and had some of my slc loan remaining. ~£2k I think I had in my account on graduation day. No assistance from parents.
SLC debt at graduation was around ~£25k from what I remember. Subtract ~£9k for 3 years tuition and that works out at just over £5.3k a year ignoring interest. So let's say ~£5k a year with interest.
SLC debt at graduation was around ~£25k from what I remember. Subtract ~£9k for 3 years tuition and that works out at just over £5.3k a year ignoring interest. So let's say ~£5k a year with interest.
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About 25k when I graduate I think.
Have saved about 1.5k a year since being at uni mind. I don't understand the 'students are poor' thing.... I work a couple of part time jobs that don't take up all my time at all, and have silly amounts of disposable income and live in a fairly posh part of Bristol.
Have saved about 1.5k a year since being at uni mind. I don't understand the 'students are poor' thing.... I work a couple of part time jobs that don't take up all my time at all, and have silly amounts of disposable income and live in a fairly posh part of Bristol.
It's alright for some!
Where I was at uni, accommodation alone is often £500+ more than your total loan for the year. Add in living costs, social activities, and all the other costs, and there's a pretty big deficit to make up!
While not all students will be completely poor, there are a large number who are. Or who have to work ridiculous hours each week just to get enough money to fund the difference.
It's alright for some!
Where I was at uni, accommodation alone is often £500+ more than your total loan for the year. Add in living costs, social activities, and all the other costs, and there's a pretty big deficit to make up!
My accommodation is more than my loan. I did an internship in the summer and work about 20 hours week... which really isn't that much. I suppose I'm not one of those people who needs to spend every night going over lecture material which frees up a fair bit of time I guess.
I think a lot of students are genuinely terrible with money and don't understand budgetting at all.
I live in a two bedroom flat with my girlfriend. I'm currently on my third of four years and unless something goes horribly wrong, I will leave with a positive bank balance. With a bit of financial planning, the student loans are sufficient to make up the shortfall in income.
Associate
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- 23 Mar 2009
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- Peterborough
Managed to get through on only my student loan debt also. Which sits at around 17K ish I believe courtesy of a little help a couple of years from my dad who covered rent. I probably should check how much I owe but it comes out of my salary each month in such small amounts that I barely notice. I was living away also, none of that staying at home malark.
However I understand why some had to dip into overdrafts etc. as the average rental costs were often more than what the student loan would cover.
However I understand why some had to dip into overdrafts etc. as the average rental costs were often more than what the student loan would cover.
I don't think that's something to take pride in; an interest free overdraft is wonderful if you are sensible. It enables you much greater flexibility in budgeting. A zero percent credit card does the same, and both build credit ratings for later life.