Image Credit: Pixabay
University debts can really suck, here's what you could spend that money on!
Unless your parents are supporting you all throughout university, handing money over to you whenever you want, then you will end up in loads of debt. If you have to take out a student loan you must know that you will be paying it back for years, even into your 50’s. On average a student will leave university owing about £35,000 to £40,000. Some of this could be written off if you fail to repay it within thirty years but the chances of that are lower than you might think.
Say you leave uni with a starting salary of £20,000 and your pay increases normally, you will end up having paid back over £90,000 once your loan is written off. Even if inflation means this or worth less in the future than it is now, that is a hell of a lot of money!!!!
You would have to be earning a £60k starting salary to comfortably pay off your loan, and that it is pretty unlikely! Remember too that as you go on through life you will be faced with even more expenses such as mortgages and childcare, but your student loan will not go away.
If you’re not sure you want to go to university and all the talk of debts is putting you off the idea, you may want to consider other options. If you decide not to go, there are hundreds of things you could spend the money on instead. So what else could you buy with £40k??
A Range Rover Evoque
Image Credit: Land Rover MENA/ Flickr
Who wouldn't want one of these bad boys??
A nice holiday in Hawaii
Image Credit: Wikicommons
Pretty nice holiday wouldn't it be? Probably could stay there for a week or so!
37 Macbooks
Image Credit: Benjamin Magel/ Flickr
Don't know why you would need 37 Macbook's but it's nice to know if one breaks you have 36 other laptops available.
A 2 bedroom terraced house in Rotherham
Image Credit: Zoopla
Again not something you would really want!
13,333 footlong sandwiches from Subway
Image Credit: Tony Alter/ Flickr
This would only be helpful if you were funding a small sandwich convention.
About 280 trampolines
Image Credit: Wikicommons
I feel like this is a reasonable amount of tramponlines to want, I would totally get this!
4 nights in the Royal Suite of the Burj Al Arab
Image Credit: Jon Rawlinson/ Flickr
Only do this if you have more money than sense.
268 Nokia 3310s
Image Credit: Wikicommons
Iphone broken? They're basically the same phone except on a Nokia you get the snake game.
5000 packs of new baby nappies
Image Credit: Wikicommons
Helpful if you have a really poopy baby, or going on a massive night out!
10,666 boxes of Coco Pops
Image Credit: Vincent Li/ Flickr
Breakfast sorted for the rest of your life.
11,461 copies of Harry Potter and the Philosopher's Stone
Image Credit: Wikicommons
Probably not much use, unless you're a bookworm who literally eats books.
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