Student Debts
Student Debts
If you can, the best way to deal with student debts is to not accumulate them in the first place. You can do this by making a budget, getting a part-time job while you study and during vacation periods, and getting funding from the government and your university, which will usually have bursaries for students experiencing financial difficulties.
Some tips on how to avoid accruing student debts and getting out of them include:
- Having a budget and sticking to it, cut back unnecessary spending
- Making your grant, loan and bursaries stretch, without clocking up big credit card bills or overdrafts
- Only have one bank account and overdraft. Your bank is within its rights to demand repayment of overdrafts at any time, so having one to worry about is more than enough
If you already have a lot of student debts, then there is advice and help available to you. Talk to the student advisor at your bank or your university’s financial aid office to see what help and advice they can offer. Also contact your creditors and explain the situation to see if you can work out a manageable repayment programme for paying off your student debts and reduce the interest you’re paying.
