Big a1

I suppose it is what can make a message board interesting...

TurboKitty

This, and some of the other comments on this thread are a tad on the harsh side. The situation regarding people who want to go to university is not like it used to be, and pretty much the only way to get a degree these days is to get seriously into debt. The 12k debt this guy has is probably the majority of the money he had to sustain him for the 3 or 4 years of his course. Could you manage on 12k for 3 years?!

An educated workforce makes more of a contribution to the economy of this country, so why should youngsters be expected to pay for their own education? And if they do, why should the Government expect to get any extra income tax should they end up earning more as a result of the education they had to fund for themselves? As usual our dear government want it both ways.

It's not about wanting something for nothing, it's about wanting to get a good education without having to enter the world already seriously in debt. It's not easy for anyone making a start now as many employers demand both education *and* experience. How is it possible to get experience when nobody will give you a chance?

Give this guy a break. I, for one, know exactly where he's coming from. I graduated in 1995 and I am still paying off my student loan. I was luckier than he is because I got through the system before grants were totally abolished and I got a minimal amount of support. My parents also put themselves massively into debt by helping to support me.

I'm not supporting handouts for people who do degrees that are unlikely to be much use, or those who don't want to bother to apply themselves and do well. However, don't underestimate how much of a worry it is to enter the working world up to one's ears in debt.

Dream Weaver

Well said kitty.

Stay positive Big a1, things will be better in the future, trust me.

Ted Maul

so I can't run up huge debts irresponsibly, then avoid paying them back by claiming bankrupcy and get away with it without much impact on my life? what's the world coming to...

Reffro

Just realised I goofed on the average earnings bit. It used to be you could defer if you were earning less than £1760pm gross, under the new style loans that has all been re-jigged. Go to www.slc.co.uk and read the FAQ's for most of the info you'll need.

Jap2Scrap

Keep deferring the loan like I've had to. Graduated in 2000 and still I don't earn enough to be forced to make repayments. Bugger is that when I took my loan it WAS interest free. We had grants then too but they've since sold the loan and now it does accrue a small amount of interest (circa 1% IIRC).

davegtt

turbokitty, the point is, its a choice, if you want to go to uni it should be for the right reasons, to earn a degree that will get you a good job and support you for a long time in life on something better than minimum wage, it would be acceptable to walk out of uni with this sort of debt and earn good enough money to pay it off, youve paid to get a better future if you like.

And those who choose to not take this route live on minimum wage or rely on good ole tradesmanship to get them through life... many fall lucky and get apprenticeships in other areas which obviously helps them get a good degree of qualifications and experienced mixed, this is the way to go if your serious about future working, uni if for people who cant be ar$ed to go to work or for the extremly clever IMO

Leslie

Is it really an advantage to go to university these days. Doesn't sound much like it to me. Might be better to go to work after school education and get experience in a job. Maybe with quicker promotion eventually. I suppose to a certain extent it depends on how your degree relates to the job you eventually do.

Hell of a debt to start your working life with though.

Les

Petem95

Currently 2.6%

However Im getting over 5.0% on them in the bank, so still worthwhile

davegtt

the way to go (and always has been IMO) is a modern apprenticeship. unless your going for something that you cant walk into or start at the bottom of the food chain stay away from uni.

hedgehog

Just remember that in a few years us older folks will be depending on Big a1 to pay for our pensions. Don't be too hard on him, he might seek revenge :-)

Big a1

In hindsight I don't think I would have gone to University based on the success I am having in trying to find a job.

Before I went I had a preconcieved idea that as soon as I left I would walk into a well payed job, which I haven't.

My mother has struggled to help me in any way she can but that has not always been possible, hence having the amount of debt I have.

The situation I am in now is I have a degree, but no job and 12k of debt. Yes it was me who made the call to go to uni, however I did not imagine I would be in the situation I am in now.

Jerome

Firstly, you are still living with your parents. Their credit rating will also be screwed long after you've left home.

Secondly, 12k is a ridiculously small amount to consider bankruptcy. The Bankruptcy Court will probably turn down your application for such a small amount (in terms of bankruptcy anyway). They will not be impressed by the fact you don't have to pay a penny back until you earn reasonable money either. IIRC it is written off after a certain length of time if you never reach that threshold.

Thirdly, you will not be able to emigrate to many other countries for the rest of your life - especially the USA. You may not be bothered now, but who knows what (or who) the future holds.

As said before, you'll have the worst credit black mark for at least 6 years. For certain other things (some mortgages/certain jobs), bankruptcy will be relevant for life.

In summary - don't do it man! If SN hasn't convinced you, see the Citizens Advice Bureau.

Jerome

Furthermore, you have "only" been looking for a job for 4 months. I was out of work for over 6 months during the early 90's. Even when I got a job, it was one I really hated. Be more patient.

Also, consider getting some jobseeking advice. Maybe your CV is full of typos for instance (bin fodder if it lands in front of me), or maybe you are looking in the wrong place etc. Start a new thread here titled "Help me get a job" rather than consider bankruptcy.

geeva

"Just remember that in a few years us older folks will be depending on Big a1 to pay for our pensions. Don't be too hard on him, he might seek revenge :-)"

not likely, if he is bankrupt and jobless we will probably be paying his benefits/tax credit/unpaid student loan for a while to come

TurboKitty

I'm not sure it is. As I said, I graduated in 1995. I went to a very well respected university and I did well. I would now be considered successful by most, I think, but although I undoubtedly learned some useful skills during my time at university, I am reasonably sure I could have reached where I am today without a degree. I no longer work in a field even slightly associated with my degree subject, and I am now sufficiently established that nobody gives a damn whether or not I have a degree. However, maybe I wouldn't have had a chance at some of the earlier opportunities that helped me along the way without it. Who knows?

My boyfriend didn't have the opportunity to study for a degree and he regrets it. I don't really think he's missed much though.

TurboKitty

You think there will still be state pensions in a few years? LOL! Do you also believe in the tooth fairy?

matt85

Unless you're at Oxford/Cambridge etc i dont really think many degrees are worth much at all nowadays due to the ridiculous nature of some of them and the sheer amount of muppets that have them.

Some are obviously useful but to consider getting into a debt of £10-20k to get a, for example, Media Studies degree from The University of Nowhere is stupid. And to expect a well-paid job at the end is naive to say the least.

Matt

(a current student)

Chip

You ever seen the garden at Highgrove?

Chip

Chip

Listen sonny, it was you who was insulting me by saying you may want to make yourself bankrupt,why the hell should a hard working guy like myself and others have to bail out someone like yourself just because you dont want a loan hanging over you.

You go on to say about buying a house. What are you going to do then, live in it but dont pay the loan off. We all owe money at times in our lives and just get on with. To suggest declaring yourself bankrupt is just an easy way out.

You say you went to University. Well now youve left with a degree I hope you can start at another university.

It's called the University of life and sometimes it gets very hard to live with.

Chip

David Lock

There speaks a man with more ***** than most (in-joke)

Don't let it get you down - most folk on here have probably got debts i.e. mortgages etc 10 times your loan debt. Yep I know they have jobs to support it but you'll get one soon but it does get you down I know. What was the degree in BTW? DL

Big a1

Chip, you talk about the University of life. I struggle to see how you manage to get through that with such a narrow minded view on things.

Have you even taken time out to consider everything that I have said surrounding the issue...?

The issue is not me wanting something for nothing, as I have said earlier that has never been the case for me. You talk about yourself as a hardworking citizen, as if I can not be included in that. On what basis? I have worked since I was 14, I have never been out of employment since then. I have juggled 2 jobs a degree and various other commitments so I dont think I need someone as condescending as you talking to me about hard work. Do I, sonny?

DL, It was a business related degree

TurboKitty

Big a1, ignore him. He's either continuing to wind you up because he can see he's getting to you, or he's genuinely too ignorant of the facts to bother with. Either way, don't waste your time.

GC8

TurboKitty; back from the dead!

TurboKitty

Nope, I was never dead

GC8

OK: TurboKitty; no longer oppressed and suffering the injustice inherent in the system !

Chip

So face up to your responsibilities then.

And less of the sonny, can't stand cheeky kids

Chip

paulr

Still paying off your student loan yet buy a scooby?

Young people have a different attitude to borrowing money to "us older ones".My dad would never,and has never had any loans (cept mortgage)for anything and never would.
"if you want something save up for it" he'd say.Makes it all the more enjoyable when you get it.

(unclebuck style rant over)

pflowers

Big a1, for christ's sake just shut up and pay it back when you are asked to.

Its 12 grand, so what you spent it, if thats your only worry then you are a lucky man. Anyone would think the bailiffs were at the door or someone had nicked it out your pocket.

Welcome to the real world.

No offence, just can't stand moaners.

King Eric

Go to Sainsburys. Work night shifts and weekends for a year...give yourself a bit of money to live every month and you will then be able to pay your debt off in a year!!