Financial Times

September 27, 2007 9 Comments

When I went into further education I did so because I didn’t have a clue what I wanted to do, so instead of taking a gap year I just went straight on and enrolled in a business administration course thinking the year I was there would give me the chance to decide what I wanted to do.

Towards the end of the first year, I was still unsure what I wanted to do and so opted for one more year on the same course. At this time a few course mates persuaded me to sign up for the degree which would be 3 years long and would give mt the option of being signed up for it, and at the same time I could leave mid way through if I wanted to do so.

I stayed for three years of course - as I still had no idea what I wanted to do.

The same course mates also convinced me to get a student loan…each year. I’m easily persuaded, and so I did get the max I was allowed each year - even though I didn’t need it. It went on stuff like a PC, CDs, DVDs, and th usual things that money goes on.

Of course there was the possibility that I wouldn’t have had to pay it back depending on earnings, and in a small town in the north of Scotland you can live well on a meagre salary.

I hadn’t planned on moving to London.

Arrive in London, get a job, and then you’re suddenly earning enough to pay back that loan you thought was free money.

I received my annual statement from the Student Loans company the other day, and have £493 left to pay.

Wow. That’s a tiny amount - I won double that playing poker the other week. I’ve also lost double that playing poker - so it’s easy come easy go I guess.

As a Christmas treat I might try and remember to give the Student Loans company a call and just ask them to take the payment as a one off to clear the balance.

I’ll start 2008 debt free. No loan repayments, no overdraft, no credit card.

No home-owner, no girlfriend and no savings - true. But debt free is a start.

Posted by murphyz | Filed Under murphyz