The lowdown on student debt

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The lowdown on student debtSince student grants were introduced in 1962, universities got their biggest shake-up in the form of tripled fees and lower teaching funds. If the government didn’t increase tuition fees, many of the universities in England and Wales would have closed due to lack of funding. If you are a student struggling with debt, here are some tips on how to cope better.

It’s obvious but it works

Firstly, try not to spend your money on unnecessary things such as going to the pub with your friends. Don’t let your peers pressurise you into spending money when you don’t want to or cannot afford to. It takes real strength of character to say no, and this is important if you wish to reduce your debt problems. Almost every student worries about not affording to repay his or her debt, and this is coupled with the pressure of exams and paying household bills, which can all eventually take their toll on you.

As a result, it is little wonder that money issues are one of the main concerns students face. Most of the time, students struggle to fund their daily expenses and have to find ways to finance their accommodation, food, and studies. Therefore, the need to work with a set budget throughout your academic years is a necessity.

Take care with credit

With the ease of qualifying for credit cards, it is no wonder students make use of this form of credit and as a result many can find themselves facing serious financial problems. The high tuition fees also play a major role in dragging students further into debt. Aside from tuition fees, unexpected expenses, and there is often many of these, can also lead to further financial problems. In addition, without a regular source of income, it can be a nightmare trying to cope with increasing debt.

To plan your budget, you should allocate your money on the most important needs such as housing, food, and education. If you are left with a surplus, then consider using it to pay off any of your outstanding debt. It may also be a good idea to get a part-time job to fund your living expenses. Take a look at your university’s job listings to see what they can offer you.

Debt problems

If you are already facing financial problems then you need to consider what your options are to resolve things. Don’t let the problem lie as it will only get worse. You need to take action and the best thing to do first of all is some practical research to find out how to best sort the situation. Once you have this information and have a basic understanding of what it all means then you should check out the range of debt advice organisations that are available.

There is a wide variety of debt solutions available to students with financial problems and these can range from debt management plans and debt arrangement schemes to more formal solutions such as going for an IVA or registering a trust deed. If your debt problems are substantial and you are considering an IVA then make sure you get proper advice from an IVA company as this is an important decision to make.

Best advice is always to make sure you speak to an expert debt advisor who will take a look at the extent of your debt problem and advise accordingly.

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