Decisions.. decisions.

LegacyUser

I am due to go into my final year of college and would like to quit my job so I can focus on nothing but. For the past 5 years I've been in college weekdays and work weekends, but this year is incredibly important to me as I really want to do as good as I can. I also absolutely hate where I work and cannot stomach the thought of staying there any longer, as I've been there since I started college. It's a dead-end job and I think I'm at the now or never position - where either I quit there now, or I'll be stuck there.

Unfortunately it is looking increasingly like I won't be able to get the grant this year so I am faced with the following decisions:

1: Continue working this year and differ my place in college until next year, when I will be guaranteed to get the grant.

2: Take out a pretty hefty student loan (in the region of €6,000 - €7,000) so I can pay my fees, rent for the year, but also have some money for living expenses

The problem with option 1 is that, as I've said earlier, I've been in college for a few years (due to false starts) and just want the whole thing to be finished so that I can finally start my proper career.

The problem with option 2 is that I've managed to go all of those years completely debt free because I've been working so much. So I would really like to not have to start my proper career having to pay off a debt.

However, that being said, I may be able to acquire some projects on the side to generate a small amount of income, which I can then save up. I'm going to apply for the grant still, but it's likely that I won't get it in time to pay for the fees, so I would be better off getting the loan so that if I do get it, I can use some of the money from that towards paying off my loan.

I just hate trying to make these important life decisions. It should also be said that I have no idea whether I can get the loan or not - this is something I'm going to check out today.

niceoneted

Here is what I think.

Your fed up working where you are working but glad that it has helped you on the road to your qualifications.
You are dying to finish college.

I would see if you could work perhaps half the time you do normally during college tim at least until say end Oct/ Nov. Means you have a small bit of money coming in.
Apply for the grant who knows you might just get it. Push for it by whatever means you can.
If you have to get the loan you have to. It is only small in comparison to the number of years you have spent in college. Don't beat yourself up about having to take it.
Look at it this way once your qualified hopefully that will open all sorts of doors and higher earnings. travel opportunities and so on. You will have the loan paid off in no time.

piby

I'd take the loan if I were you. In the grand scheme of things €7,000 isn't really that much. I know plenty of people who amassed that sort of debt through college either because they had to repeat years or they needed money to get through final year etc. and it hasn't been an issue paying it back since they finished. Look at the UK where the average student debt is £20,000 because they all go to colleges miles from home for the full three years!! Concentrate on your final year, get the grades and then get yourself a decent job. I paid back a €2,000 loan this year on part time wages so with a good full time job you'd have that paid off within a few years.

Chuchoter

Take out the loan. Get college over and done with so you can start earning real money. When you get the proper job, 7-8 grand won't be too much to pay off. I think you'd be doing more harm than good, which you said will be important, not doing this year properly. See if you can generate a but of extra cash doing something like setting up an ebay shop or doing grinds for leaving cert students/younger years to you, as you might make quite a bit of money that way and it wouldn't take as much effort, and you can start paying off the loan that way.

tenchi-fan

A study in the US found that students who work get higher results.

I think you should compromise, if possible. Work until Christmas. That way you'll only need a €3k loan!

You have plenty of time to study in the evenings after college so don't worry if you don't open your books all weekend.

D-Generate

Take out a loan. Your results aren't worth compromising just so you can be debt free as a graduate. I know plenty of people capable of 2:1s and even first class honours but decided to work and as such ended up with 2:2s and Passes. Its really not worth it.

LegacyUser

Thank you for your replies. I'm going to go into the bank tomorrow and inquiring about taking out the loan. I should probably say that from January - March I worked two part time jobs and still managed to get just below a First in my Ordinary degree.. It's just that I really want to be able to apply myself this year and get the best mark I can get in my Honours degree. That and I want to have my weekends back, which I haven't had in 5 years!

LegacyUser

So I called into the bank and the loan is looking pretty possible. However I have to get one of my parents to fill out some forms as an indemnifier (or something), yet the only thing is that my parents are pretty damned unreliable with these things - it could take them a few days, to a week, to actually get around to doing it!