One question I get asked all the time, from friends and family and even at a teaching conference I attended a few weeks ago is, are you worried about your student debt? Maybe I’m very naive about the whole thing but my answer is always no, I literally haven’t lost a wink of sleep thinking about the huge mountain of debt I’m going to come out with at the end of my degree, and to be honest I don’t think I ever will.
Now when you think about it, 9 grand a year is a lot of money, then add your maintenance loan and any other money you might have borrowed from your parents and you’ve racked up a pretty healthy sum. But because you never even see half the money enter or leave your account, in my mind, I kind of forget it even exists. I do realise how naive I sound there, but I do kind of think about it as monopoly money that I’ll have to slowly pay off like a phone contract some day in the future. When you look at the facts, you only start paying it off after you earn £21,000 a year, and even then you just have to pay it off in small steps each month like a phone contract. See not quite so scary after all.
I also like to think of it in the way that everyone is in the same boat, all of my friends went to uni, and they’re all totting up debt too, so I feel like I’m not the only one. And it could be worse, I could be borrowing money from loan shark to settle my topshop addiction and then paying crazy amounts of interest. Additionally, it’s nice to think about it as a long-term investment, I’m in the mind set like ‘hey its ok I’ve borrowed loads of money from the government, because I’m learning loads of really awesome stuff and hopefully it will land me a good job some day in the future!’ I really think that’s what you need to keep telling yourself. There’s absolutely zero point stressing about it, because the price is the price, and you’ve just got to think positively!
Here is a little article I found about myths and the facts of student loans, check it out because it really teaches you a lot about what the real facts are: Loans.