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31 August
Till Debt Do Us Part? UK Students Face New Challenges
Student Finance Reality Bites Back.
by
SoftwareGuru
For all of the well constructed articles on
student debt that you're likely to read, the most insightful
information can usually be gathered from the
approved comments from graduates on the BBC News site (education section).
In fact, for anyone going to university or college this year the
best piece of advice you'll receive will most likely be from those who have
just gone through the process themselves.
The media may present estimates of student finance trends as
fact but the reality can sometimes differ greatly.
How closely students monitor their own income and expenditure
could have a far greater impact on their post-university lives
than they had imagined.
For the internet generation, the truth lies in the wealth of
information available to those who seek it.
It's simply a question of whether the next generation of 3rd
level students have the will to take on the full responsibility of
their own financial futures, or bury their heads in the sand and
expect to be bailed out by someone else.
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Our Purpose In Life
The previously mentioned comments section provides some
excellent insights into student debt and the reality of
post-graduation financial pressure.
One student's experience described on the BBC site stood out as
being fairly typical and worth highlighting here:
"I have graduated from university this year, and am lucky
enough to have found myself a job but I owe over £20,000 to the
Student Loans Company, plus interest. I also have a £1500
overdraft in a student account (now a graduate), which is maxed
out, and am £200 into another overdraft on another account. The
summer before starting university I managed to save over £1000,
which is a good idea. But four years on, saving is impossible as
I have debts up to my eyeballs." - Kelly, Huddersfield, UK
It is a message that will ring true to thousands of graduates
across the country.
In turn, this can cause graduates to turn their focus away from
where their true abilities, skills and interests lie and instead
lead them into other industries for the sake of a paycheque.
Obviously, this can be advisable in the short term but there is
always the danger later on that you feel too entrenched in a
particular role or business area to move away for it.
There is also the pressure that comes after you get married,
start a family, or make other big financial commitments. Then it
becomes less likely that you'll wake up one morning and decide
that it's time to quit your steady salaried job to pursue your
dream career!
Therefore, keeping student debt to a minimum throughout our
university years can have a much bigger impact that we could
ever possibly imagine.
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Does The Loan System Need To
Change?
The current severe recession and subsequent lack of employment
opportunities has resulted in some students regretting that they
used the student loan facility.
On the other hand, according to Martin Lewis of
MoneySavingExpert.com, student loans are the cheapest loans that
will ever be available to you when compared to high street
lenders such as banks and building societies.
Therefore, the value of the student loan itself is not in
question, it is the value of what the loan is spent on that
should be carefully examined.
If GCSEs and A-levels were not as intensively stressful, would
third level students still feel they needed an extended holiday
from regular life at the cost of over £20,000 which, as an
additional benefit, may help their employment opportunities in
the future?
Is the need for the university lifestyle an expensive solution
to the flaws in the second level examination system?
Lifelong learning must be encouraged and to do so, the negative
aspects of learning must be continuously monitored and
addressed.
The student debt issue is no different and is part of
a larger education puzzle which has yet to be solved.
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Posted by
admin
at
09:10
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Read more about UK student issues at Software4Students.