How To Avoid Creating A Huge Student Debt

Having a lot of debt is considered to be a part of the student experience. You have to take into account the recent general election for this, when news broke that student debt has now exceeded £100 billion for the very first time. Of course, it isn’t hard to understand why. When you take a look at the way we live, borrowing money is easy when it’s for university and a lot of people don’t even think about their financial situation after their studies have been completed. This is because they are far too focused on their financial situation right now but there are certainly ways that you can try and avoid this. You need to do some damage control before you take out the loan and this can reduce the amount of debt you actually get into in the first place. We’ve collected a couple of ideas for you to get started.

Get a Job

You can easily supplement any studies that you have with a job. You can take out a part time study while working and this can help you to supplement your income. It doesn’t matter whether you are at college or whether you are at university because there is no reason for you to wait until after you have completed your course to start bringing in some money. You can start planning this while you are at high school and this is a great way for you to plan ahead and stay ahead in the game.

Use Funds that you Have Now

It is an incredibly common misconception that everyone who studies have to take on some student loan. If you are lucky enough to have the chance to fund your education in full, whether you are using your savings or even your inheritance then you should do this and then you have no reason to use any credit that you have so make sure that you keep that in mind.

Live at Home

A lot of students want to flee the nest and they don’t want to have to stay at home. Financial times are now harder than ever and there has never been a better time for you to stay at home and even find a university that is closer to home either. You can cut down on expenses and this includes accommodation and this even includes travel and utilities as well.

Buy Anything You Can Second-Hand

When you think about your studies, you will have a list of textbooks and you will also have a list of equipment as well. This can come with a very demanding price tag and the expensive books can easily be found second hand. Think about it, how many people will have purchased these books before you? You can even ask around to see if students have any second-hand books when they graduate.

Study Overseas

This depends on the course you have, but sometimes grants are available for you to fund your overseas trip and you can even waive your tuition fees as well!

Learn While On The Job

If you know what you want to do, look for an internship, training scheme, apprenticeship or anything else. You can get paid a very small wage to help out and even train while working.

‘Overpay’ lenders

If you borrow money, don’t beat yourself up thinking it is going to follow you around for decades. The repay rate is low usually, so make additional payments when you can. This will drastically cut your debt and you would be surprised at how helpful it can be.

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