Student Debt
Student debt is nothing new. For many years it’s been well documented how difficult it can be to fund your way through a University or College course. With the advent of the credit crunch, student finances are being squeezed even further in addition to overdrafts, tuition fees and student loans. Here are just some the areas of student life being affected:
- Cost of living – The retail price index showed that in August 2008, food inflation had reached an incredible 13.7% - the highest level since 1980. With recent gas prices rising as much as 35% depending on your supplier, it’s easy to see how students trying to survive on a limited income will be badly affected.
- Studying closer to home – A survey by Push, an independent University guide recently discovered that students starting University this year will typically have debts amounting to £17,500 by the time they graduate. With the ever increasing financial pressures on students, choosing to stay at home while you get your degree could save you a small fortune and drastically reduce the overall debt you accrue. A recent Lloyds TSB report into this issue found that 27% of people starting University in 2008 were planning to stay at home.
- Think before you borrow – Just because loans and overdrafts are made available to you doesn’t mean you should take them up. Rather than borrowing for the sake of it, getting a part time job to make some extra money is a good way to stay clear of debt and also get some invaluable work experience on your CV for when you graduate.
- Your credit rating – In order to establish a good credit rating you first need to have had some credit and shown you can manage your repayments. If you’re staying at home then you could transfer the phone bill for example into your name which will help to build up a credit score for you, as will opening up a student bank account.
- Life after University – If you’ve struggled financially throughout University life then unfortunately things may not get any easier once you’re working for a living. The pressure of student debts such as loans and overdrafts needing repaid can leave many students insolvent or even facing bankruptcy.
At Debtsolver we are experienced in dealing with student debt and if you’re finding it hard to cope with your debt repayments, we could find the right solution for you so that your student finances don’t disrupt the rest of your life.
Call Debtsolver for Free, Expert & Confidential Advice now
on 08000 434 336 now and take the first steps on the road to becoming debt free.
