Rising tuition fees and the difficulty of finding employment has put pressure on many students who are currently studying or have completed their degree. Consequently, several young people today thinking about going to university have been put off applying, and with news headlines stating that a £50,000 debt awaits them after collecting their graduation scroll, it’s not hard to work out why. The debt which inevitably mounts up can seem insurmountable and may seem like an added burden when really all you want to be doing is going out an enjoying your student life…
National Sleep Awareness Week was at the beginning of March, the time of year that also celebrates National Bed Month (although perhaps as a student you don’t need any more encouragement to stay in your bed!) Nevertheless, it’s an important reminder that you shouldn’t lose sleep over financial worries.
In many ways, student debt is good debt. Not only do you come out with something worthwhile at the end of it, but you only pay back in relation to how much you earn after you graduate. You don’t have to worry about debt collectors knocking holes in your door, as student loan repayments are automatically deducted from your pay packet once you start earning £21,000 or over. In addition to this, if you haven’t paid the whole thing off after 30 years, the debt is wiped. If you never earn over the threshold, it’s likely that you will never pay your loan back.
This may be easier said than done, but if you’re at university, have graduated, or are thinking about going, you needn’t lose sleep over your student debt. Give yourself the best possible chance of a bright and successful future by focussing your efforts on getting the grade or qualification you deserve. The rest, as they say, will take care of it yourself. Check out the finance section in our student life advice, if you come a little unstuck. We are here to help.
After all, you shouldn’t have to resort to specialist help with your student debt or the debt management plan fees that come with it. Don’t let debt stop you from enjoying your student experience!