Help!!

[Gaz2k21]

hey guys

i need some advice if possible its mainly financial i am a 22 year old former student and 3 of my friends recently dissapeared to australia for a year!! after seeing the photo's i really wanna join em i was gonna go originally but decided to stay to try and further my career but have now realised im unlikely to get another chance!!

so what i need to know is this basically ive got regular monthly re-payments of a graduates loan as well as a hefty overdraft i'd like to shift! but i wanna go out to oz in august to join em im more than willing to take on another loan to get me out there and more than willing to work when im there! just need to know if anyone have ever been in a similar situation and how they succeeded

any help would be appreciated!!

also if ya know the basics of what i need to go to oz that would be great to

[bluepea]

I'm not exactly sure what the issue is here - is it mostly needing money to get there or your accounts? You can contact your lender to see if you qualify for a forebearance or deferrment (hardship, unemployment). If not, you can consolidate your school loans and get an online account and make payments while you're gone.

I'm not exactly sure what an overdraft is. If it is what I'm thinking, you could again get payments set up online and pay while you're gone.

Another option would be to take on an extra job. You could put all of that money into paying off your loans, or at least saving so you can have X amount of months worth of payments saved (say your payment is $200, save up $1000 so you have 5 months worth of payments).

You may also want to start a savings account for your plane ticket and whatever other costs you'll incur (housing, food, etc). There is a page here of creative ways to make money!

Then, when you get to Aussie, you can look for employment and have a blast with your friends!

[beergal]

well im guessing your british using the term overdraft...do you have a grad load already or was it the basic under-grad loan? one possible option is taking out a credit card to cover your loan with the bank, one that has a 0% balance transfer etc, however personally i wouldnt reccommend going on a trip to aus with out getting rid of this hanging round your neck as you will only be coming back to it!

[mr-turisty]

I owe the students loan company probably about 10grand by now - thats covered 3years of living expenses.

Not sure what a grad loan is - is that seperate from a normal student loan that you pay back from your pay? Dunno if its wise to take out other loans (prob with higher interest) to get rid of it. Maybe sort your situation a bit before going out there, whats another year? Fair enough those mates wont be there but would save alot of hassle coming back.

Coming back to reality from a great trip is hard enough with out having to worry about shit loads of debt.

[Canadian Dude]

What country are you in?

[Gaz2k21]

im in the uk and already took out a graduates loan!!

im thinking of taking a large loan out that will clear my current debts and put them into one payment i can hopefully get one with a 4 month payment break before repayments start and will be in aus for about 8 months so shouldnt be to bad and if i budget right i could leave enough in my account to cover the first 4 months payments im just wondering if its a good idea its a big responsiblity to take on but i wanna do something before i pursue a career!!

Cheers for the help guys

[beergal]

I owe the students loan company probably about 10grand by now - thats covered 3years of living expenses.

I owe the student loans company £12645 and thats without the interest so i reckon about £13000 and that has covered 3 years of living expenses including accomodation, going out, course books and a semester abroad in Hungary. I think i have been a bit more sensible then other students and havent needed to take out the student bank account so im pretty much set for when i grad this year ...

Have you tried Egg credit card?

[Gaz2k21]

ive been thinking of credit cards ive got a bit of time to weigh up my options im also lucky in that i know at least 2 companies that would employ me within hours of climbing of the plane!! so coming back to money issues is not tooooooooooooo much of a worry plus i have some fairly good prospects for employment behind me

[kingcrazylegs]

Why not do something in the middle. Get an extra job or save some money somehow and go for a month. That way you are not breaking the bank and still can get back and pay your debts. Or re-finance the loan and make it for a couple grand extra and use that for the trip. Main thing is to do your traveling without neglecting your existing debt.

[lauren313]

This isn't really related, but I'm so mad that we have to pay interest on our student loans. Luckily, I only qualified for the smallest loan amount, so when I graduate this summer, I'll only owe just over 9 grand. But who knows when I'll start earning enough to pay it back?! I'm taking a year out, so who I assume that means a year of interest. Bah.

Gaz, I would only take out an extra loan if you feel 100% confident that you will be able to pay it back as and when required. If you don't think you'll be wise enough with the money, don't do it!

[Gaz2k21]

yes this is my only downfall i am not fantastic with money and although i dont doubt i will be able to get a job that would cover it i still have a weakness for lifes little luxeries!!! once again much appreciated for all the advice