A Loan With My Thoughts

Choose study. Choose a programme. Choose a lucrative career. Choose skills. Choose knowledge. Choose a University. Choose a clichéd Trainspotting poster in your halls of residence. Choose prospects… Choose crushing student debt?

Issues surrounding the growth of student debt are familiar internationally: would it surprise you to hear that the UK has – on average – the highest annual tuition fees? Perhaps not. But it may surprise you to hear that in countries with low-to-no tuition fees, student debt can be just as high; students in tuition-free Sweden borrow as frequently as those in America, whilst countries such as China have comparatively lower fees, but prospectively lower ROI.

Most of us study with the hope of securing our future. We accept loans to cover the cost of tuition, and aim for a career which affords us better quality of life. In an ideal world, the villainous student debt is defeated by the mighty salary of your intended career. However the average debt amongst students liable for repayment sits at £32,000, with an estimate that only 30% will repay them in full.

Government-owned Student Loans Company (SLC) currently has £100 billion of loans due to be repaid by approximately 6 million students. As we slowly emerge from the last financial crisis, the burden of student loans continues to weigh on the economy, with amounts loaned in the UK expected to ring in at £1 trillion in the coming years.

Counterintuitively, those with the smallest debts may suffer most, as those who study longer often reach higher paying positions, and resolve their debt with greater speed and ease than those in lower-qualified jobs. Furthermore, many means-tested grants were reportedly later converted to loans, meaning some of the poorest students now face the deepest debt.

As is often the case when rising costs are involved, many students have chosen to shift their studies online in order to reduce their potential levels of debt. Despite the appeal some find in the ‘student lifestyle’ which accompanies campus life, growing numbers are taking advantage of better tech which makes distance learning more accessible, more engaging, and far less costly.

Online students face lower tuition fees, whilst you will also save the cost of relocating to a different city (or country). This allows you to reap the full rewards of studying with your institution of choice, although the benefits of studying with The London School of Business and Finance are not just financial – our quality assured postgraduate programmes offer far greater flexibility than those studied on campus, but with the same emphasis on industry-accredited targeted content.

Whether you’re a working professional with a busy schedule, experience limited mobility, or simply have a strict budget, our entrepreneurial Global MBA, fiscally-focussed MA Finance and Investment and Dual MA and MSc Finance and Investment, and forward-thinking Dual MA and MSc Strategic Marketing are great choices to prevent your finances from becoming derailed.