Thursday, June 26, 2008
Useful Tips For Students in Debt
The average student leaves university with approximately £12,000 of debt and this can be quite hard to get rid of during the first few years of working life. When you leave university you will inevitably have a large amount of debt to cope with and the fact that your wages will start off low will mean you can not really make large enough dents in the amount.
At the end of the day, you want to be able to pay off your debt as soon as possible and with interest rates raising you may soon find your debts get out of control. There are a few things students can do during and after university to ensure you give yourself the best chance of eliminating the debt that you would have accrued.
A good idea for students is to get a part time job whilst at university; this can give you some extra cash when you need it and will save you having to dip in to your student loan all the time. Many students have debt problems at university; you are not the first and will not be the last. There are grants that are available depending on your circumstances and these grants can be as much as £1000 and you do not have to pay them back.
It may not be something you think about when you are at university but debt is a normal thing for graduates and you should not panic. When you come out and have a degree under your belt you do not start paying back the loan until you are earning a minimum of £15,000. Depending on where you work (London, Birmingham and Manchester wages will naturally be higher) will have an effect on your wage but if you are on less than £15,000 then this will give you some time to save up.
There are various debt solutions available to students and you can find the best of them online and remember do not panic at the sight of your debt but be wary of it and plan ahead so you do not end up with insurmountable amount of debt.
Students will normally generate an amount of debt during university. They should plan ahead and try and budget so their debt problems do not escalate, with various debt solutions available you will get rid of the debt.
At the end of the day, you want to be able to pay off your debt as soon as possible and with interest rates raising you may soon find your debts get out of control. There are a few things students can do during and after university to ensure you give yourself the best chance of eliminating the debt that you would have accrued.
A good idea for students is to get a part time job whilst at university; this can give you some extra cash when you need it and will save you having to dip in to your student loan all the time. Many students have debt problems at university; you are not the first and will not be the last. There are grants that are available depending on your circumstances and these grants can be as much as £1000 and you do not have to pay them back.
It may not be something you think about when you are at university but debt is a normal thing for graduates and you should not panic. When you come out and have a degree under your belt you do not start paying back the loan until you are earning a minimum of £15,000. Depending on where you work (London, Birmingham and Manchester wages will naturally be higher) will have an effect on your wage but if you are on less than £15,000 then this will give you some time to save up.
There are various debt solutions available to students and you can find the best of them online and remember do not panic at the sight of your debt but be wary of it and plan ahead so you do not end up with insurmountable amount of debt.
Students will normally generate an amount of debt during university. They should plan ahead and try and budget so their debt problems do not escalate, with various debt solutions available you will get rid of the debt.
Labels: Useful Tips For Students in Debt