This is sort of debt related, but also just seeking advice.

My parents want me to go to uni next Autumn, which is OK. It costs £9,000 a year, and my degree will take 3 years to complete. In addition to the tuition costs of £9,000 per year, I also will have other expenses. So I am guessing in all I’ll need over £30,000 to get a degree.

That is a lot of money, and it will all be financed with student loans and stuff like that. So when I graduate I’ll be in some real debt.

Is it worth it? I ask as you seem to know a lot about debt and debt related matters.





You ask a very difficult question to answer, and one you may need to take time to think about and answer yourself.

How’s that for getting out of a question!

Seriously, as you know, £9,000 a year tuition for a 3 year degree is £27,000, plus the extras. Is it worth it?

To some yes. Uni graduates do earn more money over their lifetimes than many non-university graduates. However, there are many trades that pay well, without that investment of £27,000 plus.

There are apprenticeships that can you can do, for the same period of time, or less, and have a trade that pays well.

Paying student loans back in the UK is a very easy process. Until you earn more than £27,295 a year, you do not make any payments. Then once you earn over that amount you only pay back 9% of that overage each month.

Yes, you may stay in debt for many years, maybe until you reach the age of forgiveness of student loans, which is 30 years after you were due to repay them, but you always have your degree.

Speak with your parents, do some more research, and you can make an informed decision.

Follow what you like to do and believe in. The money will come if you are doing what you like, and if the money doesn’t come, then you are doing what you like.



student debt

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