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Student Tuition and Debt

| October 17, 2011 | 2 Comments

University tuition fees are on the increase, and many students are finding it increasingly difficult to afford Higher Education. Student fees and indebtedness are rarely out of the news these days, and it is a fact of life that most young people in the UK today find that the only way to get through university is to accumulate frightening amounts of debt.

Student Loan

Latest figures show that the average student debt could be £50,000+ for 2012 entrants. This may seem a daunting prospect, butStudent Loan remember that your student loan does not need to be repaid as soon as you have finished your course. Unlike a normal loan, you do not need to begin repayments until you are earning over £21,000 per year.

 

Other Debt

If you finish university with other debts to pay off, then you may be tempted to take out credit cards and other short-term loans to help meet your financial needs. You may have an overdraft that needs to be cleared, along with your standard student loan. If you have accumulated a number of other debts, such as credit card bills and other unpaid expenses, then your monthly repayments will soon mount up, and you may not be able to afford them all. If you find yourself in this situation, then one option to consider is consolidating some of these repayments into one affordable monthly repayment. There are a number of debt consolidation companies that will offer this service and they may be able to help ease the burden of post-graduation debt. Think very carefully before you go down this route; it is essential to get some good advice from your Bank. It’s no good simply adding to your borrowing without a clear plan of how to get out of debt.

Whilst you will inevitably finish university with a student loan to repay, with some careful planning before and during your studies you can avoid getting into even further debt.

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Category: International Student Guide

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