With the average level of student debt rising by approximately £4500 per year* and the cost of living going up too, it’s easy to see why there has been an increase in the number of students turning to debt advice in a bid to sort out their finances.

With tuition fees, living costs, student loans and overdrafts all mounting up, many students in the UK have become completely overwhelmed by debt and taken the drastic action of declaring themselves bankrupt.

There are some key pieces of debt advice you need to consider before proceeding with bankruptcy:

• Being declared bankrupt will adversely affect your credit rating for six years
• If you’re nearing the end of your studies, it’s worthwhile noting that many professional bodies will not allow bankrupts to work for them
• It could affect your chances of getting a mortgage once you leave UniversityYour bankruptcy will be in the public domain so your friends and family could find out
• Debts owed to the Student Loans Company cannot be included in your bankruptcy
  

It’s predicted that students who started University in 2008 on average will leave with a debt of £17,500*. So if you manage to get through your course without being engulfed by a wave of debt you could soon need professional debt advice if you’re unable to find a job soon after graduating.

One of the main ways you can avoid a lot of debt as a student is to stay at home during your studies. Clearly this is not an option that will appeal to everyone but it can considerably reduce your exposure to racking up debt so that you start your working life on the right foot.

Student life should be enjoyable but having to seek professional debt advice before you’ve even finished your course will certainly put a dampener on the whole experience. The consequences of living life to the full and borrowing to your maximum limits as a student is one which could come back to haunt you for many years to come.

If you would like more information, ring Debtsolver now on 08000 434 336 (Free for UK residents only) or complete our debt wizard to see if you qualify .

*Source: Push Survey 2008