Associate
- Joined
- 3 Jun 2009
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- 1,348
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- London
Erm, off the top of my head I owe ~£16K. I've been working for over a year now but haven't made any payments either..
Students who graduated in the last 5 years..
- Thread starter rogan
- Start date
If you pay minimum amounts back it doesn't even cover the interest. Probably why mine is 2k higher than when I left!
(plus I went traveling for a year etc.)
Just out of curiosity, how much was your rent/general outgoings, and how much (total) did you receive in loans/bursary/etc. I just ask as what you've described is verging on impossible for a lot of students sadly
Soldato
- Joined
- 5 Aug 2006
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- 11,434
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- Derbyshire
I owned not a penny aside from student loans.
I worked at Tesco for the first 3 years, then I had a placement year, then in my final year I got £1000 sponsorship so focussed on my studies and left good old Tesco.
I always worked through the student holidays. In summer 2008 I worked average 4 nights per week at Meir Tesco (Stoke On Trent) as I was transferring stores and that was the take-it-or-leave-it job when the recession hit.
My parents helped me throughout uni with hall fees, as both parents worked and were over the grant threshold. Also if they had not helped me I would not have been able to go University, so I am very grateful for their help.
I did a year of a PhD but quit as I hated it, but that was funded.
I know plenty of examples of students who owed a fortune when they left University. Makes me laugh when many of them turned their nose up at jobs such as till bitch, trolley boy or burger flipper, only for them to graduate and end up in that sort of role!
Debt aside from student loans:
1 year of Mech Eng - £0
3 Years of Manufacturing Eng - £0
1 year of PhD - I got paid £13k tax free + £4k course fee, free flat/bills/food as was a hall warden......on paper it was awesome, but in reality I was very unhappy so I left.
Student loan debt
For my Undergraduate study of 1 year mech and 3 years man I owed £4800 ish when I left.
A question I must ask everyone.....what on earth did they do for 3-4 months over the summer if they were jobless? I would have been pennyless and bored out my head.
I worked at Tesco for the first 3 years, then I had a placement year, then in my final year I got £1000 sponsorship so focussed on my studies and left good old Tesco.
I always worked through the student holidays. In summer 2008 I worked average 4 nights per week at Meir Tesco (Stoke On Trent) as I was transferring stores and that was the take-it-or-leave-it job when the recession hit.
My parents helped me throughout uni with hall fees, as both parents worked and were over the grant threshold. Also if they had not helped me I would not have been able to go University, so I am very grateful for their help.
I did a year of a PhD but quit as I hated it, but that was funded.
I know plenty of examples of students who owed a fortune when they left University. Makes me laugh when many of them turned their nose up at jobs such as till bitch, trolley boy or burger flipper, only for them to graduate and end up in that sort of role!
Debt aside from student loans:
1 year of Mech Eng - £0
3 Years of Manufacturing Eng - £0
1 year of PhD - I got paid £13k tax free + £4k course fee, free flat/bills/food as was a hall warden......on paper it was awesome, but in reality I was very unhappy so I left.
Student loan debt
For my Undergraduate study of 1 year mech and 3 years man I owed £4800 ish when I left.
A question I must ask everyone.....what on earth did they do for 3-4 months over the summer if they were jobless? I would have been pennyless and bored out my head.
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Just out of curiosity, how much was your rent/general outgoings, and how much (total) did you receive in loans/bursary/etc. I just ask as what you've described is verging on impossible for a lot of students sadly
Loan amount was 4.8k a year with no bursary, so 19.2k total.
Outgoings were somewhere in the region of £650 - 750 a month, £350 a month of which was rent & bills sharing with 2 other lads.
I worked 16 - 20 hours a week during term time and full time during holidays.
/Salsa
Just out of curiosity, how much was your rent/general outgoings, and how much (total) did you receive in loans/bursary/etc. I just ask as what you've described is verging on impossible for a lot of students sadly
Both myself and my girlfriend have a 3.5k loan and a 2.5k grant a year. I make a bit of extra money fixing PCs, laptops, phones etc. Our annual outgoing on our 2 bedroom flat, bills, food, car costs etc is around 13k. We then have around 5k or so of disposable income a year.
We both feel we live comfortably. So when we both manage to obtain graduate level jobs we will maintain our current living standards while saving the extra income for a deposit for a house.
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I think it entirely depends on what your salary is. My loan payments were automatically started when I left university, as they started at £15K annual salary and I earnt more than that in my first graduate job.
For me, I have maybe a year and a bit left before my £11K loan is fully repaid through compulsory PAYE deductions. When I was 18, I always dreamed of repaying the loan before I turned 30, so I'm very happy that that will now become a reality.
The majority are entitled to at least a fair bit from the means tested section, mind. I'm not at all from a poor background and get £5kish each year.
I had enough in first year. Have thankfully moved on now...
Who said I'm taking pride in it? I just answered the question.
I'd rather not have debt because yeah sure it's a 0% overdraft while you're a student and what happens when you're at the end of your course still £1000 into your interest free overdraft and oh wait I'm not a student anymore bye bye 0% overdraft. No thanks. I have worked full time over each summer since I've been at university so that I can live comfortably and not have to use an overdraft. Sure I could just live out of an overdraft like some of my friends but I'd rather not because of the scenario I describe above. Also earning extra money allows me to treat myself to stuff if I want to.
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Hey I'm with you! I work three jobs at uni to give myself a lifestyle which is probably much better than the majority of students have.. it doesn't mean that utlilising free credit when it's available is a bad thing. I'm completely aware when I'm no longer a student I can't use that overdraft... but while I am, I may as well take advantage of the freedom of budgetting it allows.
Man of Honour
- Joined
- 29 Nov 2008
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- London
Still at uni, I haven't dipped into my overdraft just yet (part time job helps!) but it's only my first year and I'm just about to move out so we'll see.
You seem to know little about the student accounts.
that interest free overdraft carry on for up to 3 years. For example.
mine was 2 at end of uni. After I left I was given 1 year to drop it to 1k interest free then following year 500 then 0. So no you not saddled with interest to pay.
Soldato
- Joined
- 2 May 2011
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- 12,334
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- Woking
I had a £1,400 overdraft when I left a year and a bit ago. I paid it off last month 