Student Debt Management
Student Debt Management
There is no national student Debt Management programme available at the present time, but there are several things you can do to effectively manage your debt, and various places from which you can get advice and support. Your student union or financial aid office should be able to provide you with information about any bursaries available to you, and your bank will also be able to advise you on how best to manage your money.
Some things you can do to practice effective student debt management include:
- Prioritising your debts and paying off the highest interest borrowings first, such as credit and store cards
- If you have any savings, use them to pay off your debts, as there is no point having them when your debt is costing you a fortune in interest
- Contact your lenders and explain that you are having financial difficulties. Often, they will allow you to set up a realistic repayment schedule and even reduce interest rates for you
It is important to have some sort of student debt management plan in order to become debt-free and make it more likely that you can get the best deals on mortgages and other borrowings you may need in the future. You can get help and advice on how to manage your debt from the charity CreditAction