Tan Kin Lian's Blog: Avoid incurring a large debt

Saturday, September 27, 2008

Avoid incurring a large debt

Hi Sir
I'm a student currently studying in college. I am keen on going overseas to the UK to read law after my A levels but I have qualms about the cost.

I understand that the fees would cost about S$100 000. But with the cost of living considered, the amount would probably triple to S$300 000. I was hoping you could shed some light on bank loans or other possible avenues that would allow me to realize this ambition. Hope to hear from you soon.

REPLY
I usually advise people not to incur big debts, even for education. I did not go to university and can still do well in my career. If not, I am happy to have a more modest career.

5 comments:

Weng Mao Fa said...: I agree with Professor Tan Kin Lin. Creative Technology Founder Mr Sim Wong Hock is another good example. Both were not U graduate. The 1st Foreign Minister was a U dropout in London. Microsoft Founder Mr Bill Gate was a Harvard U dropout. 行行出壯元 Excellency in all profession.

One million U graduates in PRC each year. Many graduate from Top U in China can not find a job. They join our employment market.

Many Philipine graduates work in Thailand, Cambodia & Vietanam as English Teacher. Some working in Singapore as a domestic maid !

Why don't study in Singapore and not indebted? Importantly, a Polytechnic Diploma/Local U Degree are RECOGNISED and easly get a job and earn $36k per annum instead of indebted with no guarantee future. You may study and work here 2 years and migrate to check if other country of moon is larger!

Life is more than a piece of paper and $$$.; September 27, 2008 2:13 PM
Anonymous said...: Do your London Law degree at a local school and then your bar exam in one of the Inns in London. This will reduce your expenses very substantially and take a lot of pressure off financially.
$100K is a lot o money let alone $300K.
You can also do on a part time basis.; September 27, 2008 3:25 PM
Anonymous said...: external LLB may not be admitted to SGP bar...; September 27, 2008 9:36 PM
Yong Kiat said...: My View:

The best companies will employ the best graduate to do the job. Of course, the starting salary is much higher.

What about those graduate who are not among the best?

Those who are the better ones, who will still get a job in their relevant industries, and may not get their desired salaries.

Others may not get a job in their relevant industries. They may end up in contact or temporary positions, which have a "underpaid yet overwork" work life. Some will end up in Sales and Marketing that people will run away from.

The overseas universities and/or external degree graduates, expect the Ivy League ones, will also up end in the "Better ones" and "Others" categories.

This kept me thinking, if upgrading to a degree doesn’t not bring me a better income, what for?

My polytechnic results are not good enough to get into a full time course in the universities. Overseas universities are too expensive and may end up like the situation described above.

If I want to upgrade, I can only go to part time courses, in local universities or take up an external degree course.

This will cost me about $30,000, but is studying for a degree really increase my monthly income? If this does not happen, this is really wasting my money.

http://ykbean.blog.friendster.com/2006/11/lifeissues-nov-06-mid-20s-issues-part-1/

http://ykbean.multiply.com/journal/item/62; September 28, 2008 2:31 AM
Anonymous said...: S$300,000 cost work out to be about S$400,000 after tax money and if you gross up the expenses of earning this amount, it may be S$500,000 to S$600,000 gross to save this amount after tax and expenses.

From experience, a degree only get you the first job. The rest of your career is based on your ability and performance on the job. So I agree with Kin Lian that you should not incur this type of cost in getting your degreee unless you are on scholarship.

Try the local university.; September 28, 2008 7:31 AM