Student Debt

What do you do now?

I'm a researcher at a thinktank that focuses on international security. I specialize in nuclear weapons and disarmament. I studied Physics at Imperial for 3 years and I graduated in 2008 with a 2:1. I moved from a 4 year course to a 3 year course because I wanted to do a different masters and I didn't want to waste my money on doing the masters at Imperial.

Did you have a good idea of how much debt you were accumulating at university?

I was very aware of the cost of my degree when I was at Imperial. I was assisted by my parents and I was also sponsored and so I wasn't under any illusions about how much debt I was accumulating. I was very grateful for the support that I had. If I had lived off my student loan only I would have had a very restricted university experience.

How big an impact does the debt repaymnet have on your life?

I haven't been able to afford to start paying back my student debt yet. Even though I have a good job and I earn more than the average salary, the repayments would mean I couldn't afford my rent. I don't have an expensive lifestyle, I don't drink or smoke and I don't spend a huge amount on clothes. I've tried living at home to save on rent but because of high rail fares the savings were relatively small and I was spending 3 hours traveling every day. The problem is that London is an expensive place to live and work, and I haven't gone into a career which immediately pays a large salary.

How has your debt affected the decisions you're making?

Anyone looking at the system rationally would be motivated to take a high-paying job rather than a low-paying job that is worthwhile to society. If I had less debt I could take more risks and take a less certain, more difficult but more fulfilling career path.

What do you think of the government’s proposals?

I think that a progressive graduate tax would be the fairest solution. It recognizes that students benefit financially while also recognizing that some benefit more than others. The main problem that I have with the changes is that I don't want future generations of able students to be forced to go into the highest paid professions at the cost of wider society.

Would you have been deterred by the increased fees?

I wouldn't have been deterred but I'm not certain that I would have come to London with the new fees. I think that people are understanding more and more the significance of the debt that they are taking on. Before the financial crisis, in prosperous times, it would have been relatively straightforward to find a highly-paying job and pay off your student loan. Now that people are less and less certain that they'll find employment after graduating, I think that they'll start to reconsider entering into the amount of debt that one incurs from a degree; even under the current system never mind with the new proposals.

Do you think that you will pay off all of your debt?

Yes I will. I'd feel bad if I didn't pay it all off because I do think that students should contribute to their education. I'm hoping to pay it off within 10-15 years. I'd love to pay it off next week.

Have you found that your debt affects your dealings with your bank?

I haven't had any problems and my credit card company treats me no differently. In fact they're worryingly generous…