Student Debts? 30000 to 40000? (Update)

In the UK this month lots of potential students will soon be receiving their a-level results, and a good number of them will not be thinking about university because they have been led to believe that they are going to end up with debts of £20000 or more.

Will somebody please explained to me what calculations these guys that release these figures to the press are doing to come up with numbers like this?

I’m in university now, tuition fees are £3,250 which is paid of by a student loan so a 3 year course makes that 9750 and 13000 for 4 years.

Then we add the optional maintainance loan to cover the living costs which is almost the same as tuition fees or higher if you decide to go to university in london (you can’t complain if you chose to go to a university in london). Making it around 9000 for a 3 year course, or 12000 for a 4 year course.

Now in total that a minimum of approx £18750 student loan debt. If it was any higher than 25k then there’s a 80% chance that it was by choice your university studies will cost you any more.

Also don’t forget that there is not much interest is to be paid on student loans except to match the rise with inflation. So you go to university, work hard, get a graduate job and you will be wondering why you ever got worried in the first place.

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1 Response

  1. Nick says:

    I go to university in Manchester.

    Tuition Fees = £3250/year

    Rent = £3900/year

    Living costs = £4000/year

    Total = £11150/year.

    Take out one of the three (say it’s paid for by parents) then it’ll still leave you with £20000 debt by the end. If you don’t get the loan you still have to finance it somehow… and given not many 18 year olds have £20000 sitting around, it’ll probably be some sort of loan whether it’s from Student Loans Company, parents, bank or something else.

    So I don’t think I’d be able to afford an extra £6000 a year!

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