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Old 16th Aug 2007, 15:12
  #57 (permalink)  
clanger32
 
Join Date: Jun 2006
Location: Guildford
Age: 49
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L.A. James - two points I'd like to make in response. Yes, the government did scrap grants etc totally in 98(ish). Don't however make the mistake of thinking that they paid for everything for students just before you. The last year of fully funded higher education would have been about 1990. Certainly, when I graduated, I too came out with debts like yours. So I'm sorry, but I don't buy the "woe is me" line based on grad loans.

Secondly, I'm not going to hammer ANYONE for taking a loan to fund their dream, we all must do what we feel is best. Just sometimes people see "best" as being equal to "soonest". If you borrow £60k, over ten years, you will pay back a huge amount more than you borrowed, thanks to our good friend "compound interest". This is pure short termism. Why are you so averse to working for 1/2/3 years to fund your dream? It's almost certainly true that there is a balance point between being young enough to be highly employable and having enough funds to ease the pain of the loan. At 21 years old, working in a contract market for even five years wouldn't harm your job prospects, but WOULD make a material difference to your quality of life after the course. There's also a certain irony that in saying "(decided to buy myself a paramotor kit on credit - doh!)" you recognise the danger and stupidity of credit, but you're still happy to take on what amounts to a small mortgage.

Anwyay, I've droned on enough. Good luck to you. Each individuals circumstances are different and each must do what they see as best. However, I'd just seriously council that every £ of your own money you can put towards your future will be worth about £1.50 of debt. That and that too many kids rush out, stick mum and dads house on the line for a debt which they haven't really thought through how it will affect them
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