Getting into debt to study at 35

[flowerlover1990]

I’m 35 and I hate my job. It pays ok but as family with fairly decent salaries between the two of us, we are still living pay cheque to pay cheque. I’ve wanted to study at CNM (College of Naturopathic Medicine) ever since my son was born and had terrible reflux/colic. We worked with a Naturopath for the first year of his life and it literally changed my life and his and I’ll forever be grateful! Ever since then, I’ve wanted to re-train, change my career and hopefully be able to work for myself and earn more money for my family.
I managed to pay off £10,000 in debt last year and we are finally living a debt free life (apart from our mortgage) If I want to re-train and take this course, it’s going to cost £12,000. The monthly re-payments on the loan will be very tight and the course is 3 years and will probably take me at least 5 years to pay the debt off. I’ll be able to open my own practice 2 years into the course and will be able to start helping clients. I’m desperate to do it, but the thought of getting into debt again to be able to pay for the course makes me feel so sick and nervous. What if it doesn’t work out? I’m so stuck on what to do but feel like doing nothing makes me feel trapped. I want more for my family, I’m tired of being skint. What would you do?

Is it £12k in all, or £12k each year? If it’s only £12k I think do it - sounds like you’re really into it.

If you’ve paid off £10k in the last year, could you save up £10k over the coming year and then start the course?

It’s £12k in total. My income has reduced since last year as I am now part time so I won’t be able to save before doing the course. I spent most of my twenties in debt so it feels so good to be debt free now! Ahh such a tough decision

Hi @flowerlover1990 how much do you forecast or expect to earn in the new career? I imagine it would be "as and when" and that you will spend a lot of unpaid time drumming up business or networking? Obvs dont get paid for that part of self employment).

You may need an additional income and the naturopath as a sideline, realistically? Can you save £4,000 a year as that would equate to course?

Best wishes with your decision

You may not know that MN has a dedicated Mature Study and Retraining board:

https://www.mumsnet.com/talk/mature_students

where many, many people (often a fair bit older than you) recount their experiences of, or uncertainties about getting into debt to study. But often they’re starting a degree or postgraduate degree - using a Student Loan. (Which covers both tuition and maintenance at undergrad level but only tuition at postgrad.) This obviously has the advantage that graduates (at either level) don’t have to start repaying the debt until they reach a particular income threshold.

I know nothing about the course you’re considering - or whether a student loan would be available to do it. I would completely understand anyone feeling cautious about undertaking such a commitment outside that ‘regulated’ structure.

I hope there are people here with the right information and knowledge to help you.