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Repaying student debt

Further education can be a very expensive but worthwhile decision. Many people are often put off at the horror stories regarding tuition fees and the money needed for living and accommodation. The exact amount that you will owe for your education will depend on a number of different factors. Universities and colleges will all charge varying rates for their tuition fees and of course the area that you decide to move to will largely influence the cost of living.

The amount you will owe will also depend upon how well you can manage your own finances and keep a check on your spending. Many students choose to work part-time during the term and full-time in holidays to help pay for their courses and provide an income. For those poorer students there are also the options of bursaries, scholarships and maintenance grants if they prove to be eligible. The benefit of these is that they do not have to be paid back. However, some students are forced to rely upon a student loan to see them through their education and this is one of the biggest debts that you will have once you complete your course. The amount that you can borrow will depend upon you course and the income from your household.

How much will I owe ?
This will ultimately depend upon the amount that you had to borrow to complete your studies. Some students may not need to borrow as much as others as they may be able to receive help from their family or find work. However, for some they may not have wealthy parents and some courses are often too intense to allow for a part-time job. Some students may find that they leave University with debts between £8,000-£10,000. It is not uncommon for some students to find that they need to take out a personal loan and this will, of course, further add to the amount you owe.

If you decide to rely on a student loan then you will find that you do not begin paying this back until you have completed your education and earn more then £15,000 a year. You will then pay back 9 per cent of your earnings to the student loans company.