Making the most of your student bank loan

If you are a student then you will know only too well how expensive getting an education is these days. As well as fees, there are books, supplies and travel costs to factor in. This is all before you have even thought about your day-to-day living expenses, such as rent and utility bills. Working, even part-time, can be difficult for a student, especially if you are on a high-pressure course with lots of work to complete. There are plenty of government grants available, but these are rarely enough to sustain the average student for any length of time. This is why many students turn to their bank for a personal loan. It is important, once you have one, that you make the most of your student bank loan.

There are many companies out there willing to take advantage of students who have exhausted their entitlement to Government grants and who already have a personal loan with their bank. These companies will offer further finance but rarely with reasonable interest rates. Rather than leave yourself with no option but to borrow money you can not afford, you need to try and make the most of your student bank loan when you first receive it. This means making some spending cutbacks and thinking before you buy things.

Rather than purchase brand new course books, look into borrowing them from your local library. Many will order in books if you request them. If you can't do that, look into buying them on MP3 or E-reader format as these are much cheaper than your average book. You can also purchase secondhand from eBay and other internet auction sites. Rather than eat in the University canteen, take a packed lunch with you everyday. While you will still need to pay for your packed lunch supplies, this will be much cheaper than buying food each day. You can also look into getting a small job online, many crowd-sourcing websites out there are looking for educated writers, editors or proofreaders for a variety of small tasks. While the pay is fairly low, it all builds up eventually and many places pay daily into a PayPal account.

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