A Groan at a Loan - How do people do it?
Hi guys, have just been to HSBC to have an informal chat about getting a £50k loan to finance me through training starting in Jan '05. I will have to pay back £600 PER MONTH over 11 years starting 6 months after graduation!!! I was indeed (as I hope most of you would be) quite shocked and wanted to know if there was anyone out there who has been through the same process successfully (or unsuccessully) in terms of getting a job and affording the repayments.
Once I started thinking about additional costs on top of these repayments while living somewhere such as rent, food, petrol, tax etc. I really started wondering how I'm ever going to do this! If I hope that my first salary will maybe around the £25,000 mark including allowances, then after tax and the loan repayments every month (plus additional costs), then I'll have no money to live!!!!!!
However, I believe that now is a good time to start training and I want to try and do everything in my power to start soon.
Anyone out there know how I feel? Please can someone give me hope?!!!
Thanks.