My daughter is currently at Uni and will leave with 50K debt. It's now £9,250 per year for the course then she gets quite a high maintenance grant (which is dependent on our income) so that brings it to around 50K.Good grief, what sort of uni course means racking up £50K of student debt? Genuinely interested, not being critical. I know some courses take years - veterinary surgeon 7 years, for example.
Wow, I don't have children so I'm not really in the loop about uni costs. Seems wrong to saddle youngsters with such huge debts when they're only just starting out.My daughter is currently at Uni and will leave with 50K debt. It's now £9,250 per year for the course then she gets quite a high maintenance grant (which is dependent on our income) so that brings it to around 50K.
It is a lot and there's interest on top of that but they only start paying it back when they're earning £25,000. It's written off after 30 years. The debt is not taken into account when applying for a mortgage.Wow, I don't have children so I'm not really in the loop about uni costs. Seems wrong to saddle youngsters with such huge debts when they're only just starting out.
Just keep in mind that when he gets a dividend he needs to keep some money aside for his self assessment tax bill! Lots of people get caught out by that. We get billed in January and JulyThis year we really struggled with debt, my husband has a very well paid job but I was on maternity leave & we bought a new house before that. We failed to adjust our lifestyle & racked up some serious debt, credit cards, loans, leasing a car & other store finance. It was a very tough time & even after I returned to work part time, we never had enough money to make ends meet. Eventually I contacted step change, realising I was never getting anywhere paying the minimum amount. It was so bad they suggested I declared myself bankrupt.. which does put your house at risk so that was never an option. We both worked so hard to buy our house, we wanted to do everything & anything to protect the house. We reduced as many payments as possible & got rid of one of our cars which meant we could finally be accepted for the DMP. It has been a weight off, we actually feel like we can enjoy like again. When we worked it all out, it came to approx £43,000 for the both of us. We now pay £550 a month which means we can afford to pay our mortgage & bills. It’s still hard to budget because we live in an affluent area we do sometimes feel the pressure of keeping up with the neighbours. My husband will receive a dividend from his company at the end of the tax year & we hope we can then pay a lump sum off the debt. It’s really shit.. realllllyyyy shit but there is help out there. It does feel good to only buy things with our actual money now. The day we become debt free will be a good day!
Oh thank you. Yes, My husband knows to sort that out. Im not surprised people forget that though & spend it all!Just keep in mind that when he gets a dividend he needs to keep some money aside for his self assessment tax bill! Lots of people get caught out by that. We get billed in January and July
Exactly this! It was just a journalism course. I doubt I’ll ever pay the majority of it backMy daughter is currently at Uni and will leave with 50K debt. It's now £9,250 per year for the course then she gets quite a high maintenance grant (which is dependent on our income) so that brings it to around 50K.
How much is the overdraft costing you? Depending on the rate you might be better off getting a small personal loan to cover it and then pay the loan offAnyone got any tips on paying my overdraft back? It’s only £600 but I’m on a really low income using a seperate bank account at the moment
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