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How To Stretch Your Student Loan

Released on = September 27, 2005, 9:51 am

Press Release Author = Rachel Lane

Industry = Financial

Press Release Summary = Student loans don’t have to mean student debt, so make sure your finances add up by doing your financial homework online.

Press Release Body = If you’re considering going to university, there is a strong
chance that you’re also contemplating taking out a student loan to fund your
university expenses. Student loans don’t have to equate to student debt and if you
plan your finances, it is possible to get by without student loans and possibly even
profit from them. There are many sites on the internet which provide downloadable
student finance guides and online advice on how best to manage your finances.
Moneynet offers a comprehensive student finance guide (http://www.moneynet.co.uk/student-finance-guide/index.shtml ), whilst the money
section on support4learning is also a popular internet resource. (http://www.support4learning.com/ ).

The first step to avoid financial dependence on a student loan is to consider taking
a gap year to gain experience and earn money. This is a great opportunity to start
saving for university and will give you funds to cover accommodation and bills
without tapping into your student loan.

In terms of managing your personal finances, you could open up a notice savings
account and invest your gap year earnings – alongside a student loan, accruing
interest on the total amount, but being disciplined so that you only ever tuck into
your savings – not the loan itself.

If you’re comfortable that you can timetable it – you might consider a part-time job
to help finance your studies, using your income to cover the majority of your expenses so that you can leave your bank savings alone. There will be times when you may have to make a withdrawal from your savings account, but if you leave the capital there as long as possible – the more money you will make.

If you’re concerned about getting the maximum amount of interest on your loan, you
could try doing a savings comparison search on the internet. Sites such as moneynet.co.uk ( http://www.moneynet.co.uk/banking-saving/index.shtml ) and
reviewcentre.com ( http://www.reviewcentre.com/products2312.html ) allow you to
compare different accounts alongside each other.

If you keep a tight grip on your finances, then it is likely that you will be in a strong position to pay off your loans when you graduate. Whilst studying, you might also be interested in conducting price comparison research for insurance and current accounts to ensure you’re getting the best deals. Don’t be seduced by high street offers of freshers’ fair promotions – collect as much information as you can, so you can make an informed financial decision. It’s also worth setting yourself up with online accounts which you manage through an account aggregation tool. Account aggregation allows you to manage your money online and can save you time, foot leather and bank charges. If you want to find out more about account aggregation, visit the Channel 4 website which offers a detailed guide. ( http://www.channel4.com/4money/banking/features/account_aggregation_161204.html )

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Web Site = http://www.cashzilla.co.uk

Contact Details = About Rachel:

Rachel writes for the personal finance blog Cashzilla.

http://www.cashzilla.co.uk