Time to think about student loans

Summer is the time when many scool-leavers are thinking about university education and most of them have to learn how to manage their own finances and pay their own education bills.
However, as education fees and everyday expenses keep soaring, planning a budget can be a hard task for students and most of them will graduate from the university with huge personal loan and credit card debts, let alone their student loan debt.
Although one can take out a higher amount of student loan than before and its terms are generally attractive to borrowers in comparison with other loan types, a student loan cannot cover the cost of living in full while a student is at university. Hence, most students are likely to request extra funding like overdrafts, unsecured loans and credit cards.
The average graduate debt is about £25,000 today and it is expected to increase soon because tuition fees and cost of living are bound to increase. Thus, students will need to shop around for the cheapest student loan deal to avoid getting into a debt trap when they leave university.
 


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