Thanks very much for your reply – you are exactly the type of person I had in mind when I said I was shocked about these loans.
There is nothing wrong with someone looking towards a future in any profession but a loan of this size must be considered very carefully. There is no guarantee of work once qualified and yet this is a huge repayment commitment.
I am very concerned about people being sold a ‘dream’ which is so expensive. I know the vast majority of students commit themselves to the training and will pass. However, there is a big difference between 18 months hard work to pass a course and 11 years to repay it.
It is all too easy to buy into a ‘dream’, but in your early 20s it is very difficult to know what career path to take. From my own experience, there is a great deal of satisfaction in embarking on one profession (non aviation), earning good money, making sound investments and progressing in life. Then being able to walk into Oxford aged 29 with the cash to do the course. Upon graduation I still had the financial stability to remain current etc.
When I did my course most people were in my financial position (whether it be by their own hard work or being fortunate in having money) and so I am surprised and alarmed that so many people are being taken in by this.
It is very simple, don’t buy what you can’t afford. You would be better getting an Aston Martin, at least it would have a residual value in 18 months!
I am afraid that more people will lose their homes than will get a job.