To consider taking out a loan I might not pay back?

[berrygirlie]

So first off, yes I probably am BU (I know) and I'm not seriously considering this because I know it's shitty.

I'm in full time education right now, which just so happens to amount to about 2 days a week 9:30-2pm most of the time. I'm keen to do a 3 month course starting in January that's an evening course and I could juggle both courses easily enough as this shorter course is only on every Tuesday night.

However, the payment upfront is £125 - if I don't pay it, they can't enroll me properly and there's no payment plan scheme. I'm on a very low income at the mo and I could potentially save it if I absolutely scrimped and scraped it together, but it would be very uncomfortable. However a mate of mine is advising to just take out a student loan - with the issue being I'm disabled and there's not a definite guarantee I'll be able to work in the future and may never get to the income where I'd need to pay it back.

Very keen to do the course and have something to focus on given my area is going into Tier 4 lockdown and I'll be bored to tears without enough to do, but it's tricky given I have essentially no disposable income right now (mostly spent on the vitals).

I'm in Scotland and already getting a bursary due to my low income, but this money is really keeping me afloat at the moment. Desperate times and all that. I probably won't do it but interested in opinions.

@itsgoodtobehome Not if I can't work and have to rely on benefits, no I can't rely on the fact that I'll be able to do that.I'm really hoping that isn't the case but I have to be realistic that it might be.

I don’t approve of the people who do courses just to keep themselves busy and never intend to pay it back. I work hard to pay my taxes snd I don’t mind if someone does it with the intention of working but not otherwise

However I’d do it if I was you. It’s not a lot of money and it’s not youre not working because you’d frankly rather not.

@fundamentallyfucked
I must have fucked something up along the way. I'll do it again hang on, might have mistyped

@maybelou

The limits on how/when people pay back student loans are there for a reason - if you never hit them, you never do. That's fine, there's a minimum threshold for a reason and some people won't ever manage to pay back but that doesn't mean you should not be entitled to education imo.

Exactly in effect the repayment is means tested. So I don’t feel you’re doing anything wrong personally OP.

Just do it op. Might surprise yourself and end up with a job.

@vanillandhoney OP is disabled - disabled students can claim extra years of funding.

Good point though for others who may not be aware (I'd forgotten!)

I would do it, it's for education for goodness sake, not crack.

FWIW I'll probably never pay back even half of my student debt of 20k 🤷🏻‍♀️

Does the college itself (that’s running the course you want to take) have a student hardship fund? It might be worth speaking to someone from the finance office at the college because you might be eligible for something like that.

@FundamentallyFucked Yeah I typed one of the numbers wrong but it says this -

Student finance
You could get per year:

£1,285 Tuition Fee Loan to pay for your course

£8,816 Maintenance Loan to pay living costs

I don't know if that's right or wrong, but that's what the site says.

Of course you should do it OP, it's only £125. There are millions of people who will never pay back student loans eg graduates who become SAHMs and older people who do degrees in retirement, also people who never earn over £25k.

@berrygirlie

Are you sure you are using the right site?

@HollyandIvyandallthingsYule I don't think so - I've not seen any applications for it or references to it on the website where the info is. I could fire off an email to Student Support though I suppose

I'm using the gov.uk one @FundamentallyFucked. I'm probably being thick, I don't know...

@TeachesOfPeaches

Of course you should do it OP, it's only £125. There are millions of people who will never pay back student loans eg graduates who become SAHMs and older people who do degrees in retirement, also people who never earn over £25k.

OP wasn't borrowing £125, OP is asking about getting a student loan, the amount will be based on her circumstances, and using some to pay for the smaller course.

@berrygirlie

I'm using the gov.uk one *@FundamentallyFucked*. I'm probably being thick, I don't know...

It's for England.

Why not take up an online course on something like coursea and it would be free and keep you busy

Oh shit okay I'll find the Scottish one. Sorry bit slow on it tonight

That's a good idea @MummyShah369. Assuming you can't put Coursera on your CV though / get any qualifs?

Definitely do the course. It's not like you're intentionally going to stay on a low income so as not to pay it back. I'm sure you'd prefer to be a millionaire if that was an option.

Gosh, I thought part of the deal with student loans was that they're only repaid if the individual makes money after graduation.
I'm taking out a postgraduate loan and because of my age I might not pay it back. That's just how it works, government takes the risk on them because it's right that everyone has the opportunity to study without risking being burdened with debt and it's in the interests of society to have a well educated population.

I've just found out SLC owes me over £900, have done for years!

Personally I'd absolutely take out the loan and feel zero guilt if you don't repay it.

Meh. I still dont earn enough to pay back my student loan. I have a young child and work part time around him, which leaves me under the threshold.

It doesn't matter, and it didn't affect me getting a mortgage at all. I'd do it.

@Gwenhwyfar If anyone has any millionaire jobs going this way, I'm keen

As someone who made bad choices when they were younger there is nothing worse than being riddled in debt and constantly owing money.

My advice would be to always save and pay for everything outright unless its an emergency or will increase your income.

"I don't personally feel that it's fine just because loads of other people don't pay anything back. It's pretty obvious the system can't sustain that situation. "

But that's how it was set up! The govt knew that when they came up with the system. It's not OP's fault!

@itsgoodtobehome

Surely you will be able to pay back £125 at some point? That’s just saving about £10 per month for a year!

You don't have to pay back student loans if you're under a certain income.