As many of us know, student loans can turn into a huge burden. But with a record number increase in applicants by 16.7% in the U.K this year, make sure you're not one of the unprepared that fall into difficulty with student loan debt. Follow these simple tips to a successful student loan.Top 5 Tips
- Apply for as many grants as possible. Why not keep your options open, right?
- The good old saying 'look before you leap', rings true here, do your homework! What's right for one person might not work for you.
- Never borrow more than you absolutely need. The latest technological release, or an expensive dress, don't quite warrant the risk of a bigger debt.
- While working can ease the pressure, make sure it doesn't affect your grades, by sticking to no more than 15 hours per week. Insuring you still graduate with flying colours and not dark circles under your eyes and a poor performance in school!
- Commonsense before commitment. Be informed of the full terms and conditions of the loan before you sign those papers!
The popularity or perhaps necessity of student loans, already being proved by the statistics, was a first this year. Also being a first was that student's tuition fee loans, maintenance grants and maintenance loans have been processed entirely by Student Finance England, run by the Student Loans Company (SLC).
From the Student Loans Company, Derek Ross said, 'Almost one million students have applied this year.' An SLC spokesman added,'Already we have approved over 830,000 applications, which is 40,000 more than this time last year.'Once Your Loan is Approved
Set up a budget for yourself. As obvious as it might be, how much you have left at the end of the month is the sum of what you had to start with minus what you have spent. 'Ok, really insightful!' I hear you say, but it really is that simple! You have two main options, increase the amount of money coming in either by working or borrowing, or apply a budget to restrict your spending.
Avoid credit cards while you've still got your student loan to pay off. Adding any extra financial stress than absolutely necessary is not worth it. You don't want to be struggling to pay off a max-ed credit card as well, one debt at a time!
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