Since starting university back in 2009…I have accrued a massive and ever growing student debt… Australia is good in a way, that people with low income can still be able to go to University and to do further study. But, as a kid, no one told me how expensive it would be to finish a course… let alone for someone like me who jumped around doing three different courses over the first 2 years, because how are you supposed to know what you want to do when you are at a ripe age of 18?
While it is great that we can borrow the money for our student debt, but it is a bit depressing to see how much money we owe to the government and the increasing interest that is charged on it.
When I was younger, I did not think much about the debt…but now that I have become more interested in my financial position, I realised I still have this massive 50k unpaid student debt…and each year they are charging another 2k worth of interest….!! *EEK*
But, do I really want to use all my savings to pay for my student debt? Not really…I need that money now…but sadly I foresee that debt is going to be there for the long term. 😦
Was it worth accruing that massive debt for the benefits from studying to become a registered pharmacist? I am not sure really. =s
The Australian government will automatically deduct payments from our salaries once our income reaches a certain threshold…However, until recently, my income has been lower than that amount…I wonder how long until I can be debt free? To be honest, even though I have paid off some of it this year, the interest that keeps getting added to it means that the payments aren’t even touching it :(.