A 30-year-old PR professional shares his struggle with student loans and the impact it has on his financial situation and ability to save for a house.
The 30-year-old, who works in PR, has two different student loans . The first, for his undergraduate degree in French and International Relations, means he has to pay backTom has a large loan of around £80,000 as well as an extra career development loan he took out to fund his living fees during his masters degree. He says his working class background means he didn’t get much parental support financially, which meant he had to take out a large loan to cover expenses while studying.
But he says despite the hefty monthly cost, the high interest means he will never pay his loan off, and anticipates paying it for the next two decades, until it is wiped.It comes after a BBC report found the highest outstanding student debt in the UK is more than £230,000, with the largest repayment a graduate has made topping £110,000. Tom says the repayments are making it hard to save towards buying a house, because the repayments are taking away money he would otherwise put into saving
Student Loans UK Debt Repayment Financial Struggle Savings House
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