It’s well known that people who choose to go to university will likely have accepted that they’re going to come out the other end of the four years studying with a debt thanks to student loans covering housing, tuition fees, books and the occasional crazy night out on the town.
Chances are anyone who you talk to who’s been to university will be still paying off their student debts to this day, and these people are well into their thirties too!
This is the price they pay in order to hopefully get a higher paying job once it has all finished. Many students will go on to getting a high flying job and may even be able to pay the majority of their loan off within a few years but with the recent credit crunch many would be students are not going to be able to afford the expense of university, or at least their parents won’t be.
The Association of Investment Companies (AIC) has recently conducted a survey amongst parents and a massive 78 percent believe the credit crunch is going to seriously affect the ability to fund their children’s education. The same survey predicts that in the future many students will leave university with debts of up to £20,000 tied round their necks.
These students are now thinking more along the lines of getting a high paying job rather than their dream job in order to pay back the debts they have to student loan companies and banks. Nearly a quarter of graduating students believe they’ll be saddled with their debt problems for fifteen years which may start discouraging some young adults from investing in their future with a university degree.
Whilst state issued student loans (from the SLC Student Loans Company) do not require repayments to commence until after the graduate starts earning over £15,000 in the UK there are still other types of debt that may have been racked up such as credit card debts since many banks used to have a habit of preying upon the penniless student to take out new credit cards.
Whilst it can put people off there are so much more good reasons to go to university and luckily these days there are plenty of debt solutions available as well as attractive rates on student loans which understand that the student may struggle with repayments.
If you are struggling and need advice on debt management then don't waste valuable time, look into arranging your loans perhaps via debt consolidation loans or other methods of debt management to make sure you get the debt behind you.
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